Subject Tos And IRA's
I went to set up a new roth ira to start putting some subject to's into and the company we had gone to ( Mid Ohio Sec.) had been bought out. Does anyone know much about Equity Trust Company? Pros cons anything?
Thanks
Sire
I have recieved information from both companies with the same persons name giving the presentation. I believe that it is the same company with a new name.
From what I gathered, you can't do any purchase unless it is a full 100% purchase of the property.
The IRA rules state that you can't have any mortgages on the property.
From my research this is what I have found out. I could be wrong since I am not a pro at purchasing with an IRA.
IRAs cant owe a debt through a Land Trust you can take a property in your IRA. In a Land Trust you become a benifciary not liable for the mortgage (debt). This is how it worked with Mid Ohio. Does anyone know about the new company that has bought Mid Ohio out
Sire[ Edited by sire on Date 09/08/2003 ]
looks like equity trust will do the same thing.
"trustetc.com/links/realestate.html"
read[ Edited by Joe_Investor on Date 09/08/2003 ]
Equity Trust and Mid-Ohio are one in the same....they just changed their name to appeal to a national market.
Beachboy
Name change to Equity Trust does not affect company service / policies.
You can do options, etc with the IRA, thus no having to come up with 100% financing