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Updated almost 10 years ago on . Most recent reply

User Stats

190
Posts
36
Votes
Nick Stango
  • Contractor
  • Temecula, CA
36
Votes |
190
Posts

Borrowing money from my brother

Nick Stango
  • Contractor
  • Temecula, CA
Posted

If I'm borrowing money from my brother's self directed IRA and paying back with interest for my first fix and flip, do I need to open a LLC or can I do it as a personal investment? My accountant told me I don't need to open a LLC and that it could be more difficult to sell the property from a LLC. He also told me to do a simple mortgage between me and my brother and that I don't need to report the deed if it's a flip. Does this sound like sound advise? He is a CPA, I've been using him for my home improvements business for over 17 years and in my opinion is very good at what he does. Thanks, Nick

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