Private Loans for rental properties

[Mike Nelson]

Has anyone here ever had a rental property financed by private funds through a retired persons IRA, 401k, etc? I have a neighbor who is recently retired and was complaining to me about how his returns this year were next to nothing. He knows im into real estate and was asking if I could present him with alternatives. Well I have been wanting to start building a rental portfolio, and so far no bank will lend to me. I would be interested in having him possibly fund my properties, but I would want to finance with 30 year terms. Being that he is retired at 67 is this just not an option with someone like him? When interest rates do rise the note will be worth less, so I was wondering if anyone has pulled this off before?