Using Your IRA To Purchase A House?
Hello,
Alright I have a complicated question. I am partnering with a family friend to purchase a rehab project. We are wanting to use his IRA and my fathers IRA to fund this deal. Does anyone have any idea exactly how we should move forward doing this? Should the two IRAs loan the money directly to my partner and I? Or should we set up a LLC and they loan the money to the LLC?
Any help on this subject would be greatly appreciated...
Alright I have a complicated question. I am partnering with a family friend to purchase a rehab project. We are wanting to use his IRA and my fathers IRA to fund this deal. Does anyone have any idea exactly how we should move forward doing this? Should the two IRAs loan the money directly to my partner and I? Or should we set up a LLC and they loan the money to the LLC?
Any help on this subject would be greatly appreciated...
Comments(0)
You have to insturct the custodian of your IRA to purchase the property. The title must be in the name of the IRA. Otherwise it is not considered an investment made by your IRA.
See this link. http://www.trustetc.com/real-estate-ira/real-estate-ira-faq.html#how
I have spoken with this company a few times and the are very knowledgeable in this particular area.