Posted by j on June 06, 2006 at 22:28:06:
Go to this site and use them to handle your IRA they know all the ins and outs
Self-directed IRA help - Posted by brian_wa
Posted by brian_wa on June 06, 2006 at 16:25:41:
I recently partnered up with a friend to buy a house. He bought it under his corporation’s name and we’re currently fixing it up right now.
Now he needs about 25k more of his own money to in order to get it fixed completely. I’d like to use my 25k in my Self-directed IRA to lend to him (secured against this property). Is it possible? Is this an ok transaction?
Thank you,
Brian
Re: Self-directed IRA help - Posted by John Merchant
Posted by John Merchant on June 07, 2006 at 14:02:35:
As John Corey says, I’m fairly conversant with SDIRA law re “self dealing”, etc.
But if you’ll give me a shout, I might be able to help you figure this out so as to stay legal yet maximize your SDIRA’s use.
John Merchant (253) 228-2277
Re: Self-directed IRA help - Posted by John Corey
Posted by John Corey on June 07, 2006 at 08:09:31:
Brain,
You can not lend to yourself. Based on how you described things you are a partial owner.
The website suggested is good. I use the firm.
John Merchant is on a few forums here and knows the laws. He is also in WA.
John Corey