7 SECRETS TO REAL ESTATE INVESTING - PART 37 -- Secret #5 (Selecting An Accountant)





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Published on Feb 7, 2011

Female: how will an accountant will help me in my real estate investing?

Male: an accountant main concern is to monitor the financial aspect of your investment and to reduce your risk simply about taxes your accountant in bookkeeper should definitely be a part of your pre-sale and pre purchase phase after the property is up and running you can use a manual or computerized bookkeeping system to keep you up to date accountant can handle cash handle funds prepare your budgets and forecasts determine your breakeven point prepare your financial statements provide tax advice on complete required only an individual returns.

Female: how many types of accountants are there?

Male: in Canada he will be dealing with three groups one chartered accountants certified general accountants three certified management accountants.

Female: what are some of the methods I can use to find a professional accountant to join my real estate team?

Male: one obtain referrals if you need to find an accountant use referrals from your associates your realtor bank and lawyer these people often works with individuals they trust from professional and personal standpoint one advantage is that you already know these individuals have a solid track record of working with investors contact professional associations you can also call the professional associations to locate casts cousin committees many of these professionals will provide you with a free initial consultation three to come on you can also conduct an online search to someone who specializes in your type of a real estate investment.

Female: whatever necessary preparations when I want to find an accountant?

Male: prepare advance questions once you find a suitable accounted prepare a series of questions go for meeting think about your particular investment strategies level of risk an expected return ask the accountant about fees and costs how much do they charge the charge on the flat monthly basis for a bookkeeping services does the charge per hour always ask well forehand and be diligent.

Female: thank you who is another person that I need to know how to select

Male: your lender individuals we will look at next time

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