Do I take this leap involving a wrap around mortgage and Roth IRA

[Luke Capozzoli]

Here’s my situation;

1)I’m a Bartender, can’t get traditional lending

2) came across an opportunity to get 2 properties via seller financing for $200k with tenants in place, but being rented way below market. I would immediately up the rent and aim for about $1000 cash flow per month after mortgage is paid.

3) seller has not paid off the homes so a wrap around mortgage would be in place

4) I have enough capital for the 20% down payment but will require me to pull out about $10k from my Roth IRA

5) concerned about my ability to refinance with a bank later

My motivated spirit and desire to get into real estate tell me to go for it.

The inherent risks involved with this situation as well as the penalty for pulling from my Roth tell me to hold off.

Any guidance would be very appreciated!