Need some options for funding my first deal

[Lenzy Ruffin]

I have a property under contract and now I need a funding solution. I have a self-directed IRA that I thought I could use, but I just learned the hard way that there's quite a bit more to it than they tell you when they're promoting them. The property is under contract for $126K, my contractor gave me a repair estimate of $37K, and the ARV is conservatively $260K.

I don't have enough money in my IRA to purchase the property, but I have more than enough to pay for the rehab, closing costs, etc. My plan was to borrow the acquisition money and partner with my IRA to fund the deal. I've since learned that there are recourse loans and non-recourse loans and that it's unlikely that I will be able to use my IRA the way I thought I would.

So now I need to find a solution to fund this deal. I thought I had plenty of money to put into the deal via my IRA, but it doesn't seem like that's going to work and the IRA money is the only money I have.