Posted by Jon Richards on November 27, 2000 at 20:22:56:
Rob
You are wise to question the use of IRA funds. It would sure be devasting if the IRS disallowed your pension for some technicality. You need better advice than I am prepared to give.
We use Mid Ohio for our IRA and for our subscribers. Call them. Their president, Dick Desich, will be the key note speaker at our June Convention in Orlando, FL.
Mid-Ohio Securities offers a free booklet on IRAs and other self-direct retirement accounts. He can help you save money and retire early. Visit their web site for more useful information. Or call them at 440-323-5491 for a complete package of information on using notes in your IRA.
I would like to buy a property where the seller carries a first. He would also created a second that my IRA would buy at closing thus giving him his downpayment. If the loan is paid through a servicing company does this violate the rules of the self directed IRA since the note would be secured by property that I happened to own? Would the timing make any difference? (IE buy the note first, then record the transfer).