All Forum Posts by: Cha Yang

Thank @Aaron Merriman. I sure will check with my CPA. Still would like to know if anyone else has tried this or at least thought about it and how it turned out for them.

Hello BP,

I did some research and couldn't find if this has been tried before. I have my first flip under contract but I wanted to run this strategy (I thought of last night) by the BP community to see if anyone has tried it before, or if it is even possible. Here is the situation, I am flipping a property under my llc but I also want to take the equity out so I can pay back my investors and avoid a big tax bill. Then once I refi, I would do a lease option on the property for 3 years, then 1031 exchange if the tenant actually bought the property and pay off the refi. In my head it sounds like it would work, but I would like to know what others have tried.

Thanks,

David

Thanks everyone, great advice. I will go ahead and throw an inspection contingency in the offer. I knew they were common in retail buys, just wasn't sure about flipping.

I am a relatively new investor. Started in multifamily buy and holds in 2014. Decided this year to do my first flip. I found a deal that I want to put an offer on, but how do I structure the offer? For me I would be offering all cash and 7-14 day close, but how do I protect myself in the offer? Do I put inspections or any other contingencies? What is the typical structure of a flip offer in the minneapolis market? Any insight would help. Thanks.

Thanks for your service Joseph. Great to see other marines getting into real estate. I was sort of in your shoes. I got out in 2010 and didn't really start investing until 2014. Just let me tell you that you have a super super awesome tool that many investors don't have, and that is the VA home loan (just be very careful how you use it). If I knew what I know now when I was still in, I would have started investing when I first joined the corps. Let me know if you have any questions and I can try my best to answer them.