New Florida Member Selling Home to Finance Flip

[Athena R.]

Hello BP! My husband and I are new to the forums, and are steady listeners of the BP Podcasts. We are both currently employed in the corporate sector, and are highly interested in getting into real estate investing. We currently do not have any children, have a good mindset and handle on our finances, have read the Rich Dad Poor Dad series along with other real estate books, are continuously talking about our business plans and strategies, and are just about ready to take the plunge in!

We are thinking of selling our house (an accidental flip) within the next couple of months (taking advantage of the 121 Exclusion) using the equity to pay off our debt, and the remaining to purchase an investment property (fix and flip) as well as a buy and hold for us to live in, and taking advantage of the 1031 exchange when we are ready to sell and purchase up.

We will be interviewing CPA's next week, likely creating our LLC, S-Corp or C-Corp within the next month or so, and looking for a real estate investor in our area that we can learn from.

Any thoughts/recommendations on our plan of attack and the type of business structure we should create would be greatly appreciated!

Thank you!

~Athena

[Gerald Harris]

@Athena R.

Welcome to BiggerPockets

From the sounds of it you have it all figured out.   I biggest thing I can stress is to continue to take massive action.   There are plenty of tools on this site to get you started and get you going in the right direction.  There are thousands of people who make serious money every year that know very little about real estate.  They just take action, fail forward and get back up again.  

Good Luck!