IRA question - Posted by Karl (Oh)
Posted by Karl (Oh) on February 27, 2002 at 09:11:34:
Below is a cut and paste from a post awhile back. Using the method below, the title is in my buyer’s name, my trust is listed as the lienholder.
Here’s the post…
I?m currently doing mobile home deals through an IRA with MidOhio. I explained to MidOhio what I wanted to do, and they suggested doing deals within a trust. I created a property trust, with the help of Bronchick?s land trust course, named my mobile home business as the trustee, and my MidOhio IRA as the beneficiary. Then I directed my IRA custodian to invest my IRA money in the trust. The trust then purchased mobile homes, and started doing Lonnie Deals. As the trust earns back the start up money and makes a profit, it will continue to buy more homes and do more deals.
The benefit of the trust is that I don?t have to direct my IRA custodian to cut a check everytime there is a bill to pay or a home to buy. I pay for everything out of the trust funds.
I?m doing these deals right along side of my regular business deals. I was able to jump on several deals that I would have had to pass over due to lack of funds. And I?m pretty excited about what this IRA will be worth when I retire.