met with an accountant yesterday - Posted by Tom Kirby (PA)

Posted by E.Eka on September 13, 2004 at 09:04:13:

That sounds about right. Have a reason to have a “team”. One thing to remember, finding deals is not like a snowball effect. YOu don’t do one and then everything gets rolling. It happens like any other non-cyclical business. Just focus your energy on finding deals and the rest can be taken care of later.

met with an accountant yesterday - Posted by Tom Kirby (PA)

Posted by Tom Kirby (PA) on September 12, 2004 at 11:09:16:

Talked to him yesterday for about 2hrs. Found out he’s the president of a estate planning group. He also basicly understands what I want to do. He also has a book keeping service and is certified for Quickbooks. I told him I was looking into buying a chart of accounts plugin for quickbooks, he said don’t bother I could set it up for you.

So,the question is: Do I buy Mike Butler investor books or John Hyres Kiss or let my acountant set it up?
Thanx, Tom

Re: met with an accountant yesterday - Posted by John

Posted by John on September 13, 2004 at 15:54:12:

Two comments.

1, RE investing is not that complex. There really are not that many
different categories for tracking the expenses. Hence a chart of
accounts might be pretty grand way of saying there some ways to
group the expenses.

  1. I use an account. I suggest you pick one that is a RE investor or has
    many clients that are investors. It is not so much the chart of accounts
    that matter. It is about how to push things so that you do not take an
    overly passive or timid stand in what you write off. It is the advice and
    knowing the grey area rather then bookkeeping.

John

Re: met with an accountant yesterday - Posted by M. Martin

Posted by M. Martin on September 13, 2004 at 15:21:20:

Tom,

I have been at it for 3 years. I have John Hyres course and use it on Quickbooks pro. I track 42 rental units and do several rehabs and flips per year. I did all of my own books and taxes for an S Corp and an LLC. This year I am turning everything over to a CPA I know that has started his own firm. He worked for Earnst and Young for 14 years on real estate accounts and has a good understanding of what I need. My advice to you is to start with a course like Hyres and learn what it takes to keep good books for real estate investment. When you get large enough to hire an accountant you will know exactly what they will need to provide for you.

How did you find an accountant like that? - Posted by EC (MD)

Posted by EC (MD) on September 13, 2004 at 24:19:32:

How did you find this guy? I am looking for someone who can help me with the same things… chart of accounts, book keeping, and general tracking, as well as basic taxes.

So far, every accountant I’ve talked to acts like what we do is the same as any other business. They’ve wanted to set me up as a real estate “dealer”. (Other investors have said this is bad) It seems it would be better to find someone who has either done some deals himself (or herself), or at least worked with other real estate investors.

I have done several deals, and am a little confused how to keep track of everything, so any advice or help in finding a GOOD accountant would be appreciated.

Thanks,

  • Eric

Re: met with an accountant yesterday - Posted by E.Eka

Posted by E.Eka on September 12, 2004 at 14:49:32:

Do you have any deals yet?
Although it’s important to have your support set up, some people over do it or over analyze things. Spend time also looking for deals. There’s no point in having an accountant if you don’t have any business income coming in.

Re: met with an accountant yesterday - Posted by PR FL

Posted by PR FL on September 12, 2004 at 14:04:14:

let your accountant do the job…

Re: How did you find an accountant like that? - Posted by E.Eka

Posted by E.Eka on September 13, 2004 at 14:52:35:

Your investment strategy will determine whether you’re a dealer or an investor.
If you flip and wholesale, then you’re a dealer in the eyes of the IRS. If you buy and hold then you’re in investor.

Re: met with an accountant yesterday - Posted by Tom Kirby (PA)

Posted by Tom Kirby (PA) on September 12, 2004 at 17:35:05:

Yeah, I know. But I don’t want to start looking for my team when I start rolling.Matter of fact, the account told me to do a couple of deals first, then come back.
Tom