Newbie from Metro Detroit

New Member Introductions
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Newbie from Metro Detroit

Scott B.
Investor · Chelsea, MI · Member since 2013 · 29 posts · 4 votes

Hello everyone.

First I thank you all in advance for your help.

For the last few years I have been reading, and analyzing real estate investing, but due to economics and family circumstances, it just wasn't an option.

Now, things are changing. My wife and I have transitioned into our roles as parents, I've had a couple of nice promotions, and I am almost done with grad school (MBA).

My background is in accounting. I am a CPA, and spent the first 4 years of my career working of a large regional firm. In 2009 I left the firm and joined two former partners in starting a firm that worked the way we wanted to. Typically we service closely held companies, ranging from $100k - $100M in annual sales. Our clients are generally concentrated in Construction, Real Estate and Transportation.

As far as real estate is concerned, I've always been interested in creating assets that create wealth. During my undergrad I read about about investing in small multi-family properties and though "this sounds like the thing for me", only it wasn't the right time.

I think that time is now, and see no reason to wait longer, except for the right property.

If I've learned anything this far in life, its that "I don't know what I don't know". I came across this site and though it would be a good place to lurk, ask questions and possibly get some guidance. My career and education has me mostly covered with the financial concepts, I'm hoping PB will help me find people to network with, guide me in how to find "the right" properties, and allow me to help others with my background.

If there are any accounting or tax related questions I can help any of you with, please don't hesitate to ask.

Looking forward to connecting and interacting with all of you.

Sincerely,

Scott Baker

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  • Akiva L.
    Dallas, TX · Member since 2013 · 31 posts · 3 votes
    12y

    @Scott B. , welcome to BP. Looking forward to seeing you at the 2nd BP meetup in early December.

    0Reply
  • Cuong Le
    Investor · Houston, TX · Member since 2013 · 228 posts · 30 votes
    12y

    Hi @Scott B. and welcome to BP! Good to see that you've decided to take action and do something toward getting your first property. Your background will definitely help you and BP will get you the rest of the way.

    Many people have this and that excuse on why they can't started or get analysis paralysis and end up doing nothing. It is a bit scary getting that first property but this is a good thing because this keeps you alert and learning. So many experts in their own field coming together to create this wonderful community where no one judges anyone. Experienced investors know how it was when they first started and they wouldn't be where they are now without someone's help.

    Do you have your "why" written down? You may have it but the first step is to have this down. When life gets in the way or the process gets tough, this "why" will pull you through.

    You're about to venture into a wonderful, challenging journey of real estate and we are all here to lift each other up every step of the way. Looking forward to see your success. See you around!

    0Reply
  • Brett Russell
    Investor · Chelsea, MI · Member since 2013 · 350 posts · 138 votes
    12y

    Hi @Scott B. , welcome to BP.

    There is a ton of information here and lots of great, helpful people. Last month we had our first SE Michigan meeting and a December meeting is in the works. @Aaron Yates and @Tom A have been coordinating.

    0Reply
  • Ned CareyPro Member
    Moderator
    Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
    12y

    Welcome to BP @Scott B.

    0Reply
  • Geof Greeneisen
    Investor · Howell, MI · Member since 2011 · 202 posts · 52 votes
    12y

    @Scott B. Welcome to BP!

    0Reply
  • John Knappmann
    Landlord · Flat Rock, MI · Member since 2011 · 179 posts · 26 votes
    12y

    Welcome, @Scott B. No doubt your education and background will help you here. Set up some keywords to alert you when your areas come up (i.e. Detroit, Royal Oak) in discussion. There are some great people on here from Oakland County and I am sure they are going to chime in with welcomes as soon as they digest their turkey dinners.

    Don't be afraid to ask questions. You are smart to start doing this comparatively young. You've already taken risks in your career that paid off, here is another avenue to take a calculated risk that will pay off.

    0Reply
  • Aaron Yates
    Investor · Macomb, MI · Member since 2013 · 654 posts · 115 votes
    12y

    Hey @Scott B. , everyone here is correct. Lot's of people to connect and learn from here on BP.

    0Reply
  • Steve Grace
    Professional · Phoenix, AZ · Member since 2013 · 14 posts · 8 votes
    12y

    Welcome Scott. It should be an exciting year for you in 2014.

    A tax question for you. Is the income from a Charitable Gift Annuity exempt from income calculations for Medicaid long term care payments?

    0Reply
  • Mary B.
    Real Estate Investor · Lansdowne, PA · Member since 2013 · 1k+ posts · 656 votes
    12y

    Happy holidays and welcome to BP, Scott.

    Kudos,

    Mary

    0Reply
  • Tom A.
    Investor · West Bloomfield, MI · Member since 2009 · 358 posts · 306 votes
    12y

    Welcome to BP @Scott B. ! You'll learn a lot here. Try to hit some local REIAs in order to meet fellow investors, and join the local BPers at the monthly casual meetup that @Aaron Yates and I coordinate.

    0Reply
  • Scott B.
    OP
    Investor · Chelsea, MI · Member since 2013 · 29 posts · 4 votes
    12y

    Thank you everyone for the warm welcome!

    0Reply
  • Scott B.
    OP
    Investor · Chelsea, MI · Member since 2013 · 29 posts · 4 votes
    12y

    @Akiva L. Sounds good to me, where do you usually hold it at? Do you do it on a weeknight or weekend? If I can make it in December, I'll be there. Congrats on the Ph.D. Where did/are you doing it at? If you want to grab coffee/lunch in Royal Oak or Southfield sometime, let me know.

    0Reply
  • Scott B.
    OP
    Investor · Chelsea, MI · Member since 2013 · 29 posts · 4 votes
    12y

    @Cuong Le

    I really appreciate the encouragement. From your profile description it sounds like we have a lot in common from a property type standpoint. Hopefully I can draw on some of your experience in the future.

    How did you and your wife locate, gather a downpayment, and fill your first unit? It seems like the first one is going to be the hardest, but maybe its just doubt on my part.

    Right now were looking at leveraging a 401(k), bridge financing via a minority interest in another property or taking on a partner. None of them really feel that ideal, but you have to start somewhere right?

    0Reply
  • Scott B.
    OP
    Investor · Chelsea, MI · Member since 2013 · 29 posts · 4 votes
    12y

    @Brett Russell

    @Brett Russell

    This place was just what I was looking for. In the past 24 hours I've found someone threads filled with great information. I am really looking forward to trying to attend the December meetup with you, Tom N. .

    Do you work out of Jackson, Ann Arbor or Detroit? I only ask because I find myself in all three of them at least every other month visiting clients. If I can't make it to the December meeting, I'm always game for coffee or a drink.

    Looking forward to meeting everyone soon.

    0Reply
  • Scott B.
    OP
    Investor · Chelsea, MI · Member since 2013 · 29 posts · 4 votes
    12y

    @Ned Carey

    Thanks! Hopefully I'll get a chance to check out your blog this weekend!

    It seems like you guys have some really active Mod's on here, always a great sign :)

    0Reply
  • Scott B.
    OP
    Investor · Chelsea, MI · Member since 2013 · 29 posts · 4 votes
    12y

    @Geof Greeneisen

    Thanks Geof!

    I live right in your stomping grounds, let me know if you want to grab a coffee or lunch next time your in the Ferndale or Royal Oak area. I'd love to pick the brain of someone who really knows my neck of the woods.

    0Reply
  • Scott B.
    OP
    Investor · Chelsea, MI · Member since 2013 · 29 posts · 4 votes
    12y

    @John Knappmann , Thanks!

    I'll defiantly have to set up some key words, seems like its probably the easiest way to catch the threads that are most relative to me.

    I figured there was no time like the present, and I'd rather put the hours in now anyways. Hopefully we can pull it all off :)

    It's really nice to know that there are so many open-handed local people on here, I hope I'm able to give back as much as I receive.

    0Reply
  • Joe Delia
    Involved In Real Estate · Rochester Hills, MI · Member since 2010 · 812 posts · 178 votes
    12y

    Scott welcome to BP. I've done a lot of business in royal oak recently, that market is on fire. I'm speaking at renegade real estate investors meeting in december if you're interested, look it up on facebook or meet up, it's the first tuesday in december. I hope you can make it and meet face to face, several in this thread attend it regularly.

    0Reply
  • Scott B.
    OP
    Investor · Chelsea, MI · Member since 2013 · 29 posts · 4 votes
    12y

    @Aaron Yates

    Thanks for the welcome.

    I can't wait to absorb as much information from all of you pros.

    If I can make it to the next meet up I will defiantly be there. Any idea of where or when it might be?

    0Reply
  • Scott B.
    OP
    Investor · Chelsea, MI · Member since 2013 · 29 posts · 4 votes
    12y

    @Steve Grace

    No Doubt!

    As for the tax question, I don't know off the top of my head, its not a common issue in my practice, but I can look it up for you this week when I get back into the office (maybe sooner).

    I love senior the plan you have laid out in your profile. Maybe we can chat through PM in the near future? I have a few questions (personal curiosity) as to how its all set up.

    Not that I have any one off hand that would fit the profile, but I work with several elder law attorneys in the area who may have clients in the situation you described.

    0Reply
  • Scott B.
    OP
    Investor · Chelsea, MI · Member since 2013 · 29 posts · 4 votes
    12y

    @Account Closed

    Thanks so much, there really is a ton of information. Everytime I hit search I find something really interesting to read.

    0Reply
  • Scott B.
    OP
    Investor · Chelsea, MI · Member since 2013 · 29 posts · 4 votes
    12y

    @Mary B.

    Thanks, and happy holidays to you too!

    I hope you had a great thanksgiving and didn't get hit too hard by the storm that moved through your neck of the woods this week.

    0Reply
  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    12y

    Hey @Scott B. welcome to the site! If you haven't yet- be sure to setup some "Keyword Alerts."

    See you around the site!

    Podcast Guest on Show #92
    0Reply
  • Scott B.
    OP
    Investor · Chelsea, MI · Member since 2013 · 29 posts · 4 votes
    12y

    @Tom A.

    Thanks!

    If I've learned anything its to "Network, Network, Network".

    I dove past your Gardenia last week (?). I can't wait to see the final product. We bought our residence between 12 & Catalpa at about the bottom of the market, so all these new construction homes have really helped our property value.

    If your going to be out there in the near future, I'd love to swing by and introduce myself.

    Happy Thanksgiving!

    0Reply
  • Scott B.
    OP
    Investor · Chelsea, MI · Member since 2013 · 29 posts · 4 votes
    12y

    @Joe Delia

    Thanks for the heads up. I found it, liked it and added it to my interests. All the updates should show up in my facebook feed now.

    It looks like all the events are right down the street from me, I live off 12 Mile and work off 11 Mile.

    Really looking forward to it.

    0Reply
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