401k -> self directed IRA -> Rental Properties
Hey folks! I was wondering if anyone has a little more info on how you can effectively use 401k funds to purchase my first property. On the podcast they discussed a self directed IRA and it definitely peaked my interest. I've looked more into it and there are several hoops you have to jump through to accomplish this including hiring a custodian, setting up an LLC, and most importantly the fact that I cannot personally benefit from this property until retirement.
That last note let all the air out of my balloon because I'm trying to develop passive income to free up my time for other opportunities and get me out of my 9-5. So my question is this, is this a feasible option to get started and is there any way to legally profit off managing my own self directed IRA to buy houses before retirement?
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Glad you asked these questions...I too, posted with questions. I currently have a sole proprietor LLC thru which I have done franchise ownership and even flipped a mobile home but I am intrigued, as you, with the possibilities however...newby thinks its complex so far.