Posted by Karl (Oh) on February 27, 2002 at 10:07:39:
No, the trust isn’t my IRA. My IRA has invested in the trust, similar to how an IRA might invest in a mutual fund. And the trust names my IRA as the beneficiary.
The name on the trust is whatever you want. ABC Trust.
Karl Kleiner
Tony (VA) and Others - Entrust Question… - Posted by Karen - TX
Posted by Karen - TX on February 26, 2002 at 16:10:17:
How are you keeping your IRA off of the MH title?
I was told by an Entrust representative that if you “assign partial ownership of a MH purchase to your IRA, then the IRA would have to be shown as a lienholder.” Are you structuring your deals differently to avoid having to do this? Please help me sort this out, Thanks.
IRA question - Posted by Karl (Oh)
Posted by Karl (Oh) on February 27, 2002 at 09:11:34:
Karen,
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.
Karl Kleiner
Re: Tony (VA) and Others - Entrust Question… - Posted by Karen- TX
Posted by Karen- TX on February 26, 2002 at 19:36:06:
Partnering with the IRA is what I was discussing with Entrust and was told that the IRA would be listed as a lienholder on the title. Is there a way to partner with the IRA without this occurring?
Check with Karl… - Posted by Tony-VA
Posted by Tony-VA on February 26, 2002 at 19:06:30:
I believe Karl and Ernest use a Landtrust arrangment with beneficial interest assigned to the IRA. You can also partner with your IRA.
Tony-VA
Re: IRA question - Posted by Karen - TX
Posted by Karen - TX on February 27, 2002 at 09:58:25:
Thanks for your response to my question. Does the “Trust Name” reference the fact that it is your IRA?