Power Team Question Series # 1: CPA - Certified Public Accountant

Power Team Question Series # 1: CPA - Certified Public Accountant

As you build your Power Team you may want to have several questions that you ask each potential member.

This series that we are starting should help you get on track to ask some questions that are very important to you as each of you build your Power Teams. So, please feel free to add more questions to each of the upcoming discussion strings to share and help others along the way.

There is not an exact script to interview your CPA, Certified Public Accountant, but here are several questions you can consider asking your CPA:

1. Do they work with many real estate clients?

2. Can they give you an example of how they recently helped save money for a real estate investor?

3. Do they open all year round and not just tax time?

4. Do they use computer programs and email?

5. How do you normally bill or charge for your services?

6. Do you have experience working with multiple business entities such as LLCs?

7. Are you more conservative or aggressive?

8. Do you have experience representing clients with any IRS audits or issues?

9. Who does the work in the CPA office? - All CPAS or a mixture with use of clerks, etc. Does the bill reflect different rates for different experience level of service.

10. How often during the year will we communicate with each other?

11. Are my real estate investments structured properly from a tax perspective for today? How about for the future?

12. Do you own any real estate investments?

13. How can I organize my record keeping to make things easier for me and still be able to provide you all the information you may need on a timely basis?

14. What services do you offer?

15. Will the same staff members always be working my account and whom do I have access to if I need to call?

16. Do you see any conflicts of interest working for me?

17. How long have you been in business?

18. Besides being a CPA what other designations do you hold and do you often attend classes for continuing education?

19. Based on my real estate business, what business structure(s) do you recommend for me? Why?

20. Can you register any of the business structures we may need?

21. How can you assist us in the various phases of real estate investing such as the acquisition of real estate through the sale of our real estate?

22. Do you specialize in tax strategy that is geared towards real estate investing?

23. Can you help me find other power team members such as an attorney, insurance agents, real estate agents, etc?

There is a huge difference between a CPA, an Accountant and a Bookkeeper. The Bookkeeper usually does not possess a college degree, the Accountant dopes possess a College Degree, but the CPA have studied extensively a wide array of subject information and has passed a uniform exmination within their state.

Remember every day you need to say and repeat...THIS IS MY BUSINESS! Keep working on ways to make your business better each and every day.

Carpe Diem! Smiling - Stacey

Each day do one thing to get you closer to your dreams because if you do today what others are not willing to do, then tomorrow you can do those things that others are only dreaming about doing!

Believe and Achieve! Smiling - Joe

Link to the Power Team Question Series:
http://www.deangraziosi.com/real-estate-forums/property-rehab-fixer-uppe...

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Great Information

Thank you for sharing. I worked with a CPA for the first time this year, but they were quite expensive, I may need to find a more affordable CPA. Great info for me. Thanks!

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www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.


Tammy,

Thanks for the feedback. I am glad you found benefit on the CPA Power Team questions. As they say its often what you may not know that could cost you money. Always be sure to interview at least three candidates for every Power Tema position you fill on your team. Good luck. Believe and Achieve! Smiling - Joe

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YOU TUBE CHANNEL - Follow me on my You Tube Channel at Joe Jurek Real Estate Investing Adventures
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TWITTER - Follow me on Twitter at Joe Jurek CPA
Joe Jurek CPA
https://twitter.com/JoeJurekCPA


Thanks Stacy

You or your husband is a CPA too, right? Great questions and you would know what to look for if so. Thanks!

__________________

www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.


Experienced Real Estate CPA

It does make a difference to have a CPA that is experienced in real estate investing and probably invests themselves. I switched a couple of years ago because my first CPA retired. The 2nd one I got as a referral through my RE club and he totally didn't like some of the things the first CPA told me. Yes, they're expensive, but in the long run can save you money or keep you from getting red-flagged by the IRS.

Just remember, the IRS may not care about you much in the beginning, but the more money you make, the more they will watch what you do. So do it right.


Tammy,

Yes, Joe is a CPA so he does know some of the best questions to ask. With all power team memebers we occasionaly will outgrow some and have to find more experienced power team members as our business does grow.

The other key to consider is even though we can do many things ourselves we should leverag the tiem of others to help us with our real estate business. That way we are truly creating a business rather than another job for ourselves. Carpe Diem! :0) - Stacey

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YOU TUBE CHANNEL - Follow me on my You Tube Channel at Joe Jurek Real Estate Investing Adventures
https://www.youtube.com/channel/UCiko62V79zLKX_owbirAYNA

TWITTER - Follow me on Twitter at Joe Jurek CPA
Joe Jurek CPA
https://twitter.com/JoeJurekCPA


Margaret,

Thank you for sharing some excellent points and your feedback. One we can often get great refferals from others at REI Club meetings. Also, it is worth it to spend money on a qualified power team member because in the long run they should pay for themsleves and even save you grief, time, as well as money. Have a great weekend. Believe and Achieve! Smiling - Joe

__________________

YOU TUBE CHANNEL - Follow me on my You Tube Channel at Joe Jurek Real Estate Investing Adventures
https://www.youtube.com/channel/UCiko62V79zLKX_owbirAYNA

TWITTER - Follow me on Twitter at Joe Jurek CPA
Joe Jurek CPA
https://twitter.com/JoeJurekCPA


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