I need to hire a good accountant or lawyer who understands the ins and outs of real estate, and taxes.
What are the pros and cons of an accountant vs a lawyer. How do you choose a good one?
You need a real estate tax expert and a real estate legal expert. The two areas don’t overlap. The best person who knows both will be mediocre compared to the specialist.
As a retired lawyer and RE investor of many years it’s my opinion that the 2 professions do not overlap and you may well end up educating either or both as to concepts and the best route to take to do whatever you’re wanting.
Sure, the lawyer can do legal docs and conveyances, but he’s generally not a creative thinker…and of course the same goes for a CPA who’s almost never any kind of creative thinker.
When in active practice I learned as much from the investor client as he/she learned from me and I picked up tons of good ideas from watching how my clients operated and made money.
And furthermore, there’s no one lawyer who can or will do all kinds of legal practice.
I’ve known guys and gals who were terrific at one thing but total klutzes at some other area of law practice…e.g. most of the great trial lawyers wouldn’t know a trust from a truss and could care less; conversely a great office & doc lawyer couldn’t tell you how to even find the courthouse, much less where. how and why to file a suit.
This is the reaon big law firms are built and work as there are needs for lots of skills taking a number of practicioners to pull together.
So don’t expect to find the great all around lawyer and be suspicious of any who claim to be.