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Updated over 4 years ago,
Defaulting note in SDIRA - no funds for property rehab in SDIRA
I have a defaulting promissory note in my SDIRA. It seems like the house could be a decent rental, but the property needs rehab and I have no funds in the SDIRA to pay for the rehab to get it rental ready.
I do have an outside IRA, but the funds in there might not be enough.
I have a 457 plan through my current employer, but that does not allow me to transfer funds to the IRA.
My employer also does not allow me to contribute to an outside plan.
Do you know of any other options on how I could get funds into my SDIRA to rehab the property?
Someone said I could get a non recourse loan for the SDIRA. Does anyone have experience with this or could recommend a lender?
Thank you.
Anja