Seeking Advice-Step by Step SDIRA + HML

[Jenni Rivera]

Hello BP Family,

I am currently a W2 newbie trying to get started. I am in the research stage and trying to figure out how to fund a deal. I have decided to use about $10K in a SDIRA along with some funds from a HELOC for my "skin in the game"

I am looking for a step by step of how to get this done from anyone who has had similar circumstances. 

My thought process is this; use SDIRA and HELOC funds towards the required 15-20% that the HML require. Then borrow the remaining for the purchase price and repairs. Am I correct with this line of thinking? Do I have to come out of pocket for closing fees o ris that something that can be rolled into the HML? I have spoken with a few HML and am still not clear on this whole process. I was hoping someone who be so kind to provide a step by step for this type of scenario.

Thanks,

Jenni Rivera

Melboure, FL

[Brian Eastman]

@Jenni Rivera

What you are looking to do is not feasible for the IRA. You are a disqualified party to your IRA, and may not transact with, benefit from, or provide benefit to the IRA personally. Combining funds between the IRA and yourself personally to seed a personal project that will involve additional debt-financing is going to create a self-dealing, prohibited transaction in all likelihood.