Property Accountant

[adm]

Hi all,

I have a few questions regarding an account I?m hoping to get some information on.

Who do you use? And are they specifically a property accountant? As I?ve heard having a property specialist can be very important?

At what point did you bring in your accountant, when you purchased your first rental? Or as your portfolio began to grow?

Thank you for any answers you can give! It will be much appreciated.

[Keys]

Before you purchase. Get one who personally owns residential rental properties.

[Anthonyacat]

Hi Adam

I answered you on the Facebook page too, but will copypaste for anyone who is here who isn't there.

Property is a niche area of accounting and tax, with a few fish hooks. A lot of clients would be served fine by any old accountant (though best to find a CA!) but if you happen to be one of the situations where it matters, you dont want mistakes made! A specialist property CA helps reduce the chances of mistakes significantly.

As for when to get one, you want your structure set up right, from the start. Bright Line has made restructuring afterwards a real problem. No reason not to start a good accounting relationship early on. The fees we charge are nothing compared to the benefits of good advice.