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Posted by Bill Woessner on November 28, 2007, 10:07 am
My wife and I are considering a somewhat unique real estate investment
opportunity. I've heard that it's possible to purchase investment
property inside a self-directed IRA. Since this would be purely an
investment property, I think this might be a good approach for us.
However, I have no idea how the mechanics of such a transaction would
work. Does anyone here have experience with these self-directed IRAs?
There are a whole host of complications, as well, which will probably
make this much more difficult. For example, we don't have enough
money in our IRAs to purchase the property outright. So is it
possible to get a mortgage for a property purchased inside a self-
directed IRA? Also, can we somehow combine money from our 3 IRAs (I
have a traditional and a Roth; she has just a Roth) to purchase the
property? These are just 2 issues that I thought of off the top of my
head.
If push comes to shove, we'll just forego the self-directed IRA idea.
I thought it would be nice, but since this is our first real foray in
to real estate investing, it might be better to just keep it simple.
Thanks in advance,
Bill
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