Posted by John H on June 26, 2003 at 23:40:52:
You can purchase using IRA funds in a self directed IRA and not worry about the 60 day rollover period. You can later get a mortgage and free up the IRA funds for other investments. Go to www.enttrustadmin.com or www.trustetc.com for ways to set up a self directed IRA and use in realestate. I have attended the entrust seminar and it was excellent.
Financing using an I.R.A. - Posted by Jim
Posted by Jim on June 21, 2003 at 11:07:22:
I would like to purchase a property with two homes on site. I have $20K in cd IRA’s and purchase price is $22K. I would like to use the IRA’s and then after purchase, in the 60 day rollover window, replace the IRA’s with a mortgage. Currently unemployed, and I would then use one house for my real estate business office, and rent out the other to a family. Can I expect to get a mortgage, with good credit and current with all bills, or would there be difficulty in getting such a small loan. I would like to get appraised value at $26-$28K and make improvements or purchase office equipment. Any suggestions are greatly appreciated!
Re: Financing using an I.R.A. - Posted by John W.
Posted by John W. on July 09, 2003 at 23:43:05:
Using one of the houses for personal use would be a “prohibited transaction”.