Meet Chelsea Scott | Financial Planner for Real Estate Investors

We had the good fortune of connecting with Chelsea Scott and we’ve shared our conversation below.

Hi Chelsea, can you walk us through the thought-process of starting your business?

The road to entrepreneurship can be a daunting one filled with pitfalls and unexpected turns. It is also one that requires an excessive amount of adaptability. If you are thinking about starting your own entrepreneurial venture, I strongly recommend making yourself a pros and cons list to help you with your decision.

I decided to go out on my own at the end of 2019. What was my mindset when making this choice? Simply put, I believed deeply that I was capable of doing it on my own.

For most people, work is going to a job in exchange for a paycheck that provides security. Being a business owner means going to work for yourself and working to earn a paycheck with less security.

When looking at entrepreneurship from this perspective, how can you be sure that you’re ready and willing to spend each day earning other’s trust and business? The path that led me to make this choice started with honing in on my strengths and weaknesses. I became mindful about what I like to do, what energizes me and how my personal skillset, education and experience would build a profitable business.

While going through this self-assessment, my focus was laser sharp and my decision to execute was quick. In less than 6 months, I went from employee to self-employed. On my pros list, I included things like – I am self-motivated, driven, analytical, professional, detail-oriented and just excited to work every day. On a personal level, I have wanted to build a business for a long time and I was feeling ready and prepared. As for the external factors, the market conditions seemed right, I was in the right life stage and I had accrued a good amount of relevant experience to get started.

In the first few weeks after leaving my job, I started to think about something that I probably should have thought of before I left. I started thinking what if I make the same income as an entrepreneur as I did when I was an employee, why would I make this change? It was a question I was happy to ask myself because it helped me decide if all the headaches, obstacles and challenges of business ownership be worth it? I thought about this a long-time and what I landed on was yes, it would still be worth it. Why? As a business owner, I can find more self-fulfillment, pride of ownership and flexibility to fit work into my life. As I mentioned, I have always wanted to have my own business so reaching this goal is an important part of my life. 

So where has my mindset and journey taken me? Today, I am a financial planner for small to mid-sized real estate investors. I am about to launch my own brand, Corson Advising in conjunction with a real estate investment software platform, Property Llama. Additionally, my financial planning service is tightly tied to the residential real estate brokerage firm. It’s an honor and privilege to be on this path and I’m grateful daily for all it has given me.

Have any questions about being an entrepreneur or real estate investing? Let’s connect!

My Profile | Facebook | Instagram | LinkedIn

What should our readers know about your business?

Corson Advising is a real estate financial planning firm that specializes in working with small to mid-sized real estate investors. That’s a mouthful, which means just getting out my business mission is one of my greatest challenges. Why? This is a newly built professional service that doesn’t currently exist. Getting the market to recognize it and build clients isn’t easy when something is new.

You have probably heard of a CPA or a portfolio manager for your equities portfolio. Yet, have you heard of a real estate investment portfolio manager or financial planner? Probably not. Do you own any real estate investments yourself? A condo, a single-family rental, an AirBnB? If so, then we could work together. If you’re asking yourself why you might need this service then that is my greatest challenge. I can tell you that you need it because when you invest in stocks, bonds, REITs or other similar vehicles, a portfolio manager, asset manager or financial planner is overseeing the portfolio, making trades, tracking the market, looking for up and coming companies that are ripe for investors. However, who is doing that for your real estate assets? Likely just you. Then, who is tracking it? Are you using a homegrown spreadsheet? Probably.

Now, when it’s time to hand over that spreadsheet to an underwriter for your next real estate investment loan, or your CPA during tax season or an estate planner, do they know how your spreadsheet works? Do they charge you money to dig into it and figure out what is going on with your investments or could you be denied for a loan because the lender didn’t have accurate information on your current investments? Maybe. For me, the greatest question that Corson Advising is answering for real estate investors is – are they optimizing their earnings in real estate investing? If you don’t know the answer yourself and you own real estate investment properties, then Corson Advising is here to fill in those gaps and streamline the process.

If you had a friend visiting you, what are some of the local spots you’d want to take them around to?
Week Long Trip to Denver – Must Do List:
Stop for Ice Cream at Little Man Ice Cream
Eat at the Buckhorn Exchange
Catch a play at the Denver Center for the Performing Arts
Play some Candlestick Bowling at the Punch Bowl Social
Check out shopping at Cherry Creek
Go on a tour of the Denver Art Museum, Denver Botanic Gardens, Denver Zoo & Coors Brewing Company
Visit Red Rocks for a hike, bike and outdoor concert!
Day trip to Boulder and have tea at the Dushanbe Tea House (spectacular architecture)

Shoutout is all about shouting out others who you feel deserve additional recognition and exposure. Who would you like to shoutout?
Chris Lopez at EnvisionREA

Website: www.corsonadvising.com

Instagram: https://www.instagram.com/cscott_r.e.advisor/

Linkedin: https://www.linkedin.com/in/chelsea-scott-4a6211/

Facebook: https://www.facebook.com/chelsea.scott2/

Youtube: https://www.youtube.com/watch?v=ZrQwJEtFTd0&list=PLemZAITnDsSW1iiqBXf79sqAgV8BYxFdB

Image Credits
Livvy List & Anna Sawin