newbie living in VA , buying in Michigan

11 Replies

Hi,

I'm Jeff Winslow. I am excited to learn from these forums. I have been listening to the podcast for a while. I have contemplated, (but not followed up on ) investing for years, but this time I jumped into a REO in Traverse CIty.

I am a construction equipment mechanic in Chesapeake, VA. My daughter has moved to Michigan and she is renting an apartment. I hope to put her into or maybe in charge of the property. Maybe I can get a tax break for going to visit!

I feel like I jumped in way over my head, but I started. The distance is scary. Even wiring the earnest money is intimidating. (Maybe you remember the feeling!) Maybe in 6 months the word will be exciting.

Hi Jeff

Welcome to BP! Nice to meet you. I am a broker/investor from Seattle, WA.

Perhaps your daughter can help you look at homes on your behalf.  It's always good to have somebody see the homes in person.  

Best of luck!

Hello and welcome to BP! I recommend picking up NOLO Every Landlord's Tax Deduction Guide to become more familiar with how taxes for landlords work. Congrats on your first step!

@Richard Ball , where can i get NOLO?  is it available here on BP?  also could use a recommendation for a good CPA that really understands real estate investing.  luve in Fenton but glad to travel 30-45 minutes in any direction for a quality CPA.

@Cory Mccarthy Hello! You can pick it up on Amazon or anywhere books are sold. NOLO is a publisher that has a niche on publishing legal and business related books. I bought the 2012 version, I need to buy this years version as a lot has changed since then. It is kind of dry but if you love business and keeping your money it doesn't hurt to at least know what you don't know so you can ask a professional, if that makes sense.

@Richard Ball thanks for the great tip!  Looked it up on Amazon and appears most recent version was published in Jan 2015.  Bought it for kindle.  Can't tell you how much I appreciate it.  If you ever get over to my neck of the woods, a little south of Flint, please let me know, I'd be happy to buy you dinner to say thanks and talk a little real estate.  Take care and best of luck to you!

@Jeff Winslow I live in Traverse City and started investing in rental properties in 2002. I've bought and managed rental properties while living and working out of the country. I've also managed properties for others. Please be in touch if you need any assistance managing the property or if you would like to acquire other rental deals or flips in the area. 

@Jeff Winslow , I lived in the TC market for six years until I moved to Grand Rapids earlier this year. I maintain a rental in the city limits of TC and still consider myself to be new at this, but I'd be happy to offer any info you might need!

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