Hi All,
My husband and I are new investors. We have set up our Self-Directed IRA account and we are ready to go. The "frustrations," if you will, are abundant and we need some experienced direction. For obvious reasons, we would like to buy new builds, more specifically, pre-builds, preferably duplexes, tri-plex, quads. We cannot go through the custodian bank for this process. They will refi after it is built, but won't do a construction to permanent loan. The custodian bank also will not do loans on things that need full rehab. Essentially, to use this money, it has to be an existing building, and in good condition, which reduces the money making part of this venture.
The obvious solutions would be - take out a traditional loan(s), which defeats the purpose of the SDIRA, get a HELOC on our personal home (we can't as it's in the middle of a remodel right now), use private or hard money. With my limited (newish) networking sphere, and lots of research, I am unable to locate any hard money lenders that will do non-recourse loans.
Thank you to any and all for your insight!
