Mike K intro SE Michigan

6 Replies

Well...I read Rich Dad Poor Dad a while ago. Since then I have wanted to use Real Estate as a investment/cash flow investment but haven't approached it as a business. I am ready to make that turn.

I currently have a home in Jacksonville, FL that has been rented for the past 6+ years. It was more out of necessity than preference. I was way underwater.

I recently bought a home in Warren, MI that is up for rent. This is the start of my Real Estate for cash flow endeavor. It was a totally rehab project that should be a BRRR hopefully. I haven't done that yet but that is my plan...

I also own a home in the Rochester, MI area that I am thinking about renting and buying another home in the same area. This would offer me the ability to fully realize my equity that I have build since 2012. Not sure how this would work or the stipulations that a lender would place in me...

My background is homebuilding and building materials but the finance and investing is new to me.

I am looking for a CPA recommendation in Southeast MI before I get to far down this path. I might sell my FL home since there is actually some equity there now, too. A 1031 exchange might be my path.

Well. We shall see go this goes.

Mike

@Mike Kratz welcome! Best of luck on your journey! How are home prices looking in the Rochester area?

Also I've posted recently gathering interest for a BP meetup in the suburban Detroit area. Let's connect to network and see if you are interested.

@Mike Kratz , with all those puzzle pieces in play you're absolutely right to think about some strategic use of the 1031.  Your accountant will need to help you process through the long term tax planning ramifications of different tactics.  Your QI for the 1031 can help you decide what actions are appropriate using that tool and how best to get where you want to go.  The location of your accountant can have some bearing in that they'll need be be versed in state law for where you reside/pay tax.  From the 1031 perspective location isn't so important.  Any QI with a national footprint can put those 1031s together however you need.

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