Dallas/Fort Worth Real Estate Investor Club

IRA : purchasing home

  • 18 Nov 2017 8:59 AM
    Message # 5592579

    I have a question:  Can I purchase a home from an existing IRA?  

  • 19 Nov 2017 10:43 AM
    Reply # 5593499 on 5592579

    Yes.  You have to convert it to a self-directed IRA if it is not already.  My attorney sets these up for his clients, give him a call:

    Robert Miller

    Let him know you got his contact info from me.  He is very helpful.

      Neil Aggarwal
      NSA Partners, Ltd.

  • 15 Dec 2017 11:26 PM
    Reply # 5630502 on 5592579

    I do not have much information about it but I think, you can consult a tax lawyer. I found on this website about a lawyer who can help you out. A professional will advise you in the best way and so you can find a solution for your problem.

  • 16 Dec 2017 12:31 AM
    Reply # 5630531 on 5592579
    You need to set up a "Self-Directed IRA with Checkbook Control" account with a custodian. The custodian will file the required IRS documents but you control all of the expenses and income. An LLC will be required as the IRA account holder. You can create an LLC using an attorney or by using an online legal service. A google search should answer your questions and direct you to possible custodians.
  • 17 Dec 2017 7:57 AM
    Reply # 5631358 on 5592579

    Hi Linda

    I have been using Equity Trust "https://trustetc.com/" for years for buying houses and lending money.  Be sure to research them all "Self directed IRA" before deciding on how they charge you and what you get for the money.

    Once you have decided, next you MUST learn how to use it so you don't break any IRS rules and your protection/benefits of the IRA.

    Hope this helps.

  • 27 Dec 2017 4:43 PM
    Reply # 5650296 on 5592579

    Hi Linda,

    Small world.

    I use Equity Trust for my IRA real estate.

    Let me know if you have questions. 

  • 30 Dec 2017 11:59 PM
    Reply # 5653851 on 5592579

    Open account with accuplan. Most of banks won't let you use your IRA to buy real estate but Accuplan. Their phone number is 1-866-454-2649. Call them to ask more information. Good luck.

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