All Forum Posts by: Dawn Hall

I am buying a property with my SD-IRA. The house I am interested in has a listing price of 60k. Top I can go is $51. Seller owns it outright and I am offerring cash and saying the seller can chose the closing date (she's an old lady with a lot of stuff in the house and may be in a rush but may want to stay through the holidays???). The house is definitely worth $60. But again, i can go above $51 So how to make an offer? Offer $49 or $50 and try to keep her down to $51. Or just best offer from the outset??? What would you do?

If you don't buy it, send me the listing...lol! I also face similar insurance issues in Louisiana (and imagine with two claims on my house how few options I have there!). This sounds like a good deal, why is your interest rate so high? We just closed a similar deal at 4%.

Seller is not budging. I could ask for the seller to carry it, but it seems funny since I have the cash...but can't put it in the IRA.

You are all so great! Glad I found this site!

I am contemplating a property and the total cost may be 2-3k more than what I have in my SD-IRA. Can I loan the money to my SD-IRA or would I have to get it from another individual??? Obviously I could pay it back in January with my next contribution. It doesn't make sense to pursue a bank loan... But I dont't want to make a prohibited transaction.

I am going to buy a property with a SDIRA. Will need to insure it. The IRA is in an LLC. Since I cannot have anything in my own name, the insurance would be written to the name of the LLC. Are there any special considerations or issues?

We own a tax lien on a property in Louisiana. The house has been abandoned since we purchased it. It appears to be a strategic default. The bank was going to foreclose but stopped because the owner is active military. Assuming they pass the redemption period, will we be able to take ownership of this property?

Chris- i think Dan's scenario would be a prohibted transaction.

We are contemplating an offer on a house and the listing says MUST use (Bob Jones) as closing agent. What is up with that? This already smells a bit funny. The house has been used as a rental for a long time and when I asked about disclosures they said they didn't have them because it was a rental....huh....not exemptable. The woman who owns it lives a 1/4 mile from the property. It looks like there may have been a fire in the attic. We are taking a contractor to look at it. Of course, the utilities are off, so what could an inspector find. And the price is ridiculous! This is a long shot, but we'll probably ask about 1/2 of the listing. It's been on the market a while which is not typical for that kind of property here.