Posted by William, Columbus, OH on November 30, 1999 at 01:23:10:
Jay: Since you buy & sell houses, why don’t you finance the sale and carry the paper instead of looking for other’s mortgages to buy?
IRA and notes - Posted by Jay
Posted by Jay on November 29, 1999 at 22:18:26:
I’m currently setting up a self directed IRA for $30k, and was wondering what might be the best way to buy discounted notes. Should I simply contact some of the large note companies or do something a little more creative? I buy and sell houses but am a complete newbie regarding the note business. Thanks
Re: IRA and notes - Posted by Bud Branstetter
Posted by Bud Branstetter on November 30, 1999 at 14:07:01:
I will echo the sentiment of the others that it is best to use the self directed IRA to do your own deals and grow the profits tax deferred or tax free. You could do some hard money lending by contacting other rehabbers in you area. It is difficult to compete for high return notes because there is too much money chasing too few notes and driving the returns down to 9-12%.
Re: IRA and notes - Posted by MN~Chicago
Posted by MN~Chicago on November 30, 1999 at 11:01:37:
Jay:
You have a terrific opportunity to
learn more about notes here and
use them for your IRA. Spend some
time reading the articles to get a
feel for notes, and then use this
site as a resource for getting you
on the right track.
At least you will then know if you want
to do your own notes, or buy from others.
Either way, it would be helpful to be
aware of what is entailed.