IMPORTANCE OF A CPA

Boy, your post is good timing. I've been contemplating getting a CPA even though I've only done 1 deal. I'm already working on my 2nd deal though with Sac TownsFinest and I need to get a CPA pretty soon. Don't think I'm going to get a bookkeeper first like you did. I'm going straight to the CPA. Thanks for all the information!

Great move Teresa !! You are on the fast track to being organized and having a vital team member right from the beginning. Believe it or not you have just TRIPLED your efficiency for your real estate business !! AWESOME !! That's great to hear !!

And a CPA makes life easy!

Now you may be thinking how can you afford a CPA when just starting out ?? Well I can tell you that it has COST me more profit than if I would have utilized on in the beginning. If you have a goal of doing multiple deals then you will ultimately need one so why not NOW !! Just like an agent or assistant that will become a must - start building your team FIRST and your success will develop faster and efficiency will come before failure.

Other peoples time is something you should be utilizing and this is one way of using the most professional help to minimize your tax and to steer you in the right direction.It is wise to stay in contact with your CPA BEFORE every deal to maximize exactly what strategy to use- why you need to use this strategy - HOW you need to structure this strategy to fit into your plan at the current status you are at. You are not just hap hazardously investing, you are planning the work and working the plan.

My CPA reconciles EVERY check written and EVERYTHING has to come to the penny. YES the penny !! When I first started investing I didn't even have a book keeper. What a nightmare to straighten things out after 13 deals just in the first year !!! The quicker you get one on your team the more efficient you will be if you plan on CRANKIN the deals out )

Your CPA can graph out visually where you are at with every deal and every property. They can do this with great visual colors and pie charts to show you exactly where you are at with your expenses and income. This is such a great advantage over someone who knows nothing about specifically the area they need to put more money into. Four instance to of your properties may be making tons of money while two of them are in the red because of repairs. When you know specifically what each property is producing you can make adjustments and attune you're investing strategies to that information. I know a lot of investors that do not know specifically if they are making money and how much or losing money and how much. A CPA will keep everything precise for you so you have a finger on your business. You will have control of your business. You will have peace of mind with your investments. And most importantly you will have a team member that you can go to at any minute for information and confidence.