All Forum Posts by: Gina Cresse

Hello,

I used my self-directed IRA to purchase a rental property in the state of Georgia in 2016. I have a California LLC that I registered in Georgia and I file an annual LLC report for it. I also have a rental property in Tennessee and I file both an annual LLC report and a Franchise and Excise Tax Exemption form for TN. I cannot locate a similar tax exemption form for GA and wondered if anyone out there knows if there is a similar form for GA and if so, where I can download it.

Thanks,

Gina Cresse

ok, thanks. So if my sister loans money to my LLC, and we sign a non-recourse promissory note, does that note have to be for a specific rental property that the LLC owns or can it be a general loan, not specific to any house. I know that if I finance/re-finance one of the properties with a non-recourse loan, then the percentage of income is taxable based on the portion of the property that is financed. If my sister's loan is not for a specific property, then do I still have to pay income tax on a portion of the income from my properties? I will be using the money she lends me to fix up one of the properties.

I understand my self-directed IRA LLC cannot accept a non-recourse loan from a parent, but it looks like it can accept one from a sibling. What if a sibling wants to donate a gift of cash to my LLC? Is that allowed?

Wondering if anyone here has experience buying rental properties out of state that need minor fixing--Paint, flooring, appliances--and if so, how do you handle getting that work done when you can't be there to manage it?

Thanks!

Hi,

I purchased a rental property with my self-directed IRA (all cash) in 2013 using an LLC set up for me by an attorney. I recently discovered I can borrow against the property to get cash for down payments on more rental properties. I use Wells Fargo for all my accounts, including the IRA LLC. Today WFB told me they won't let the LLC borrow against a rental property unless its commercial, which mine is not. They will only lend to me personally but not to the LLC which I'm pretty sure will be a problem due to the IRA rules. Is this a typical rule for all banks or just WFB? If it is a standard rule, how does one get lending for an LLC attached to an IRA. Any info would be much appreciated.

Thanks,

Gina

Hi,

I purchased a rental property with my self-directed IRA (all cash) in 2013 using an LLC set up for me by an attorney. I recently discovered I can borrow against the property to get cash for down payments on more rental properties. I use Wells Fargo for all my accounts, including the IRA LLC. Today WFB told me they won't let the LLC borrow against a rental property unless its commercial, which mine is not. They will only lend to me personally but not to the LLC which I'm pretty sure will be a problem due to the IRA rules. Is this a typical rule for all banks or just WFB? If it is a standard rule, how does one get lending for an LLC attached to an IRA. Any info would be much appreciated.

Thanks,

Gina

Thanks Mark Nolan. I'm not self employed but I did read where another investor borrowed from his 401k for an investment so I'm going to look into that.

I learned about self-directed IRAs so I moved a traditional IRA I had over to self-directed and bought a rental with the funds.

Thanks everyone! And welcome to Acton, Nick!