Posted by Dan ( IN ) on April 11, 2002 at 10:48:01:
I would not be qualified to answer your question.
The best advice I could give you, is go to the " Q&A Board" at the website below. You might find the info to be of some help. This website seems to have the most information on the subject of IRA’s and what you can do with them. But it would not suprise me if you could do what your thinking or at least there would be a way to do it . Good luck !
Self-IRA - MHP, etc. - Posted by Kate(MN)
Posted by Kate(MN) on April 10, 2002 at 08:29:48:
Hi - I’m trying to find better things to do with my IRA money.
Can my IRA buy mobile homes, install them in the park my LLC owns, and sell them to individual buyers? Lot rent would go to LLC. Home payments would go to IRA. I’m thinking that probably falls into “self dealing” but I thought I’d give it a shot.
Also, can my IRA finance car deals sold through someone else’s car dealership?
Thanks for your help!
Re: Self-IRA - MHP, etc. - Posted by Tony-VA
Posted by Tony-VA on April 14, 2002 at 12:14:21:
A Self-Directed IRA setup with companies such as Entrust Admin or Mid Ohio, can buy and sell mobile homes as your post suggests.
From the scenario described, there is no hint of self dealing that I can see. It would come into play if you owned the mobile home that the IRA is purchasing. I gathered from your post that this would not be the case, but rather the IRA would purchase the home from some unrelated party and sell to some unrelated party.
Check the “How To Section” here for an article by Hugh Bromma that discusses self dealing and using IRA’s for these types of investments.
Also check for posts by Karl (OH) on how he ads a bit more protection and ease of use into these deals with the use of a Land Trust. It is my understanding that Ernest Tew has used a similar approach. You would do well to email Mr. Tew directly. This is his area of expertise.
Best Wishes,
Tony-VA
ps. The type of investments, such as the car loans you mention, would likely be at the discretion of the company acting as the Trustee of your Self-Directed IRA.