How do I find a good accountant - Posted by ScottSC

Real Estate Investing
1

Posted by JohnBoy on October 28, 2000 at 19:43:22:

Actually, I did hear that from someone. I “think” I heard it from one of the guru’s courses, I just can’t remember which one.

2

How do I find a good accountant - Posted by ScottSC

Posted by ScottSC on October 27, 2000 at 13:14:10:

What is the best way or what are the best questions to interview an accountant, who would have the best understanding of this business?

thanks
Scott

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Re: How do I find a good accountant - Posted by Dave_rei3

Posted by Dave_rei3 on October 29, 2000 at 12:14:57:

I would ask other creative re investors in your area who they are using. This is one of the reasons a local re investment club is such a good idea.

I would only deal with someone with a CPA. A CPA, however, does not ensure competence, just a minimum requirement. I have my CPA, but I do very specialized consulting work. As such, I wouldn’t feel comfortable at all giving tax advice with respect to re investments (unless they were very easy and general questions, of course…but who would pay for that?).

There is an excellent book out there called “The Real Estate Investors Tax Guide,” by Vernon Hoven. You can find it on amazon.com.

Hope this helps.

Best Regards

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Re: How do I find a good accountant - Posted by David Alexander

Posted by David Alexander on October 27, 2000 at 18:21:05:

My take is you have to know what your after. Are they conservative, aggressive? Are you conservative, aggressive? Is he really going to go on the line for you? Is he after your best interests or his? Does he know how to deal with different entities, so that you can reduce taxes etc. Your going to have to grab an understanding of this stuff yourself or you won’t know when or what an ancountant is telling you if it will work for your plan.

Good books to help you are Brilliant Deductions, Wade Cook, Inc. and Grow Rich, www.sageintl.com

David Alexander

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Re: How do I find a good accountant - Posted by JohnBoy

Posted by JohnBoy on October 27, 2000 at 14:59:28:

First question to ask him is:

What does 1 + 1 =???

If he answers, “What do you want it to equal?”

Then continue the interview. If he answers something dumb with a silly look on his face like, um, 2? Then run like hell, he’s no good! LOL

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Re: How do I find a good accountant - Posted by TRandle

Posted by TRandle on October 27, 2000 at 14:45:16:

Scott,
I think this is a pretty good one - “How many properties do you own and how long have you been investing?”. I finally found one who did not invest in real estate himself, but he handles all his brother’s accounts and his brother does invest in real estate. I’m a CPA and anyone who does tax returns will have some familiarity with real estate investing, but that’s not who you want to handle your accounts. Try to find someone who’s intimately familiar with the ins and outs. Good luck…

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Re: How do I find a good accountant - Posted by Eric C

Posted by Eric C on October 27, 2000 at 14:42:50:

Hi Scott -

  1. Ask other RE investors;
  2. interview the accountant - be respectful of their time, but never pay for interviews either;
  3. check and see who is attending some of the RE seminars – often some of the best accountants (and other professionals attend these (on their own nickel) to learn more and for their own investment purposes; and
  4. ask other professionals – RE attorneys, title companies, banks.

Good luck,

Eric C

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Re: How do I find a good accountant - Posted by ScottSC

Posted by ScottSC on October 28, 2000 at 09:30:28:

Thanks JohnBoy

Was that a real response?

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Re: How do I find a good accountant - Posted by ScottSC

Posted by ScottSC on October 28, 2000 at 09:27:27:

I should have flipped 3 to 5 by the end of this year. I hope to be into “subject to” transactions soon, and hope to find one that can deal effectively with these.