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Message
Self directed Ira real estate question
Posted on 12/10/23 at 9:22 am
Posted on 12/10/23 at 9:22 am
I currently live in a twin home, I would like to rent it out and purchase a single family home.
Is there a way to work this with a self directed Ira?
My thoughts were take out a helo on the existing for down payment on the new. Then pay off the helo with the self directed?
If anyone has any advice TIA.
Is there a way to work this with a self directed Ira?
My thoughts were take out a helo on the existing for down payment on the new. Then pay off the helo with the self directed?
If anyone has any advice TIA.
4
Posted on 12/10/23 at 10:13 am to dillpickleLSU
quote:
I currently live in a twin home,
What's a twin home?
quote:
My thoughts were take out a helo on the existing for down payment on the new. Then pay off the helo with the self directed?
How quickly would you be able to pay back/down the heloc?
Posted on 12/10/23 at 10:56 am to dillpickleLSU
My dad owns a duplex, one half in his SDIRA (no third party debt allowed) and other half with traditional mortgage.
Posted on 12/11/23 at 9:52 pm to dillpickleLSU
quote:
Then pay off the helo with the self directed?
Paying off personal debt with ira funds will be deemed a distribution.
You can’t personally have anything to do with the property owned by the self directed IRA
Posted on 12/13/23 at 4:14 pm to dillpickleLSU
I'd have a tax attorney set it up.
Your IRA can invest in real estate but self-dealing is prohibited.
Your IRA can invest in real estate but self-dealing is prohibited.
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