All Forum Posts by: Kevin Parnella

Hi @Mark Nolan

Thanks for the input. If I have 20% down in my IRA, how can I use those funds as a down payment without acquiring tax consequences? I cannot use my company's 401K so that option won't work. I also cannot do the self-directed IRA because I only have 50K and purchase price is 200K.

thank you sir.

Orange Beach is just fantastic. I love everything about the place. 

FHA has very strict rules for investment properties. In reality, it is nearly impossible to get an FHA loan on an investment property.

Hi all,I 

Good afternoon. I love the board. I've been reading through the posts and have learned quite a bit.

I am in the mortgage industry and know general guidelines. I'm looking to try and figure out ways if using my IRA as a down payment for a rental? I do realize investment properties need 20% down. I have that 20% down available to me in an IRA that was a previous 401K from a previous company.

My goal is to purchase a $200K investment condo on the beach where most of the units are investment properties.  I have three questions. 

First, what kind of options do I have to take that 50K from the IRA and use towards the 20% down to purchase a condo? I say 20% because I am familiar with the conventional down payment of 20%.

Second, with these investment condos, how can I get an good idea on what the cash flow is? Will sellers ever provide tax returns or will the property management company provide rent-rolls and how do I know that they are accurate? 

Third, what are the rates and terms (DTI, downpayment) for hard or private lenders these days? I have 820+ credit. In my business we always looking at DTI, so is this something that private or hard lenders do?

Thank you,

Kevin

Hi all,I 

Good afternoon. I love the board. I've been reading through the posts and have learned quite a bit.

I am in the mortgage industry and know general guidelines. I'm looking to try and figure out ways if using my IRA as a down payment for a rental? I do realize investment properties need 20% down. I have that 20% down available to me in an IRA that was a previous 401K from a previous company.

My goal is to purchase a $200K investment condo on the beach where most of the units are investment properties.  I have three questions. 

First, what kind of options do I have to take that 50K from the IRA and use towards the 20% down to purchase a condo? I say 20% because I am familiar with the conventional down payment of 20%.

Second, with these investment condos, how can I get an good idea on what the cash flow is? Will sellers ever provide tax returns or will the property management company provide rent-rolls and how do I know that they are accurate? 

Third, what are the rates and terms (DTI, downpayment) for hard or private lenders these days? I have 820+ credit. In my business we always looking at DTI, so is this something that private or hard lenders do?

Thank you,

Kevin