All Forum Posts by: Jorge Suarez

@Dmitriy Fomichenko Thank you for your reply.

I had read on https://www.theentrustgroup.co... that for the initial purchase I could partner with a disqualified person or use my own personal savings. (which is the plan)

and if I am understanding you correctly If financing I would have to use a non-recourse loan. 

Assuming the property is $100K I would have to have $30K plus $10K - $15K in reserves for the non recourse loan.

Or take it out of an IRA pay the distribution and taxes and I can use a conventional loan.

Am I correct??

I have a small retirement IRA account from a previous employer (a little over 20K).

I would like to use this money to purchase an investment property along with some savings that I have.

I have been looking to put the money into a self-directed IRA so I can use the money without having to pay a Distribution Fee (the penalty for using the regular IRA funds)

From what I have been seeing if I go with a checkbook control SDIRA I must pay to open an LLC (approx $800) plus the yearly fee (approx $300)

If I go with a custodian directed IRA every transaction (withdrawal, deposit, etc.) will incur a fee. Plus I will have a yearly fee (approx. $300)

With all the fees would it just be better to pay Distribution fee (approx 10% = $2k) and the taxes it will incur?? and im done.

Or is having a SDIRA still worth it??

Thanks!!

Saw this on a listing: This being sold at a low price for an investor. Eviction of tenant who is a relative of deceased owner will require extensive documentation and legal counsel.

Can someone explain a little further what this could mean??

Thanks!!

Can't make it this time,  maybe next time. Is there a way to know when the next meetup is??