Using an IRA to purchase real estate using an LLC checking account

[Scott Suryan]

Is there anybody out there currently using their IRA to purchase real estate? I have talked to a couple of groups and they are similar in nature. Looking like I would need to create a checkbook LLC and use a non-recourse loan if I was not buying the property as an all cash transaction. Any knowledge that you think would be beneficial would be appreciated. Tips or tricks and examples when it was a good or bad move on your end. I have read the blogs on BP that were recommend and have a meeting scheduled with another company later today.  Thanks in advance.

[David Krulac]

We've bought land, houses, condos, and notes in our IRA. We've never used the checkbook IRA LLC method, buy have borrowed money privietely by individuals or their IRA to fund these purchases with non-recourse terms. I forgot the exact figure but a custodian representative told me that something like a third to half the funds they hold for the IRA are not deployed in an active investment.