All Forum Posts by: Mark Elder

Does it have to be specifically a 401k account or are all IRA accounts eligible for the CARES act distribution allowances?

Thank you @Mitch Messer @Brian Eastman and @Steve Morris for following up. I certainly don't want to put my IRA at risk. I'm just trying to find a way to avoid Hard Money interest rates on properties I need to purchase with cash when my accessible money is depleted or tied up in current deals. Are there any other creative ways to do this or am I going to have to just pay the high rates?

Here is my issue: I have money in my IRA, but I want to be able to invest and utilize the cash flow generated now. I believe if I self direct my IRA to invest in real estate all the profits have to go back into the IRA.

My thought is this: I have an IRA and I have a friend that has an IRA. Can we both make them self directed and loan each other money to be able to invest in real estate? They would be separate, but identical contracts that work independent of each other.

Is this legal and if so has anyone done something similar?

Or does anyone have any other solutions to what I’m looking to do?

@Heshel Mangel thank you for your advice. I don’t think I’m brave enough to go out of town on my first property. Probably doesn’t matter but I’d feel better about the deal if I am able to see it myself. Maybe as I gain more confidence I can move in that direction.

@Paul Sian thank you for the reply. Hadn’t heard of the Joe Fairless meetings. I’ll be sure to check that one out too. 

@Courtney Rollins Thank you! Just checked in on the Cincinnati REIA and plan on attending. Appreciate your response!

@Justin Polston lol, no s. Appreciate the reply!

Looking to invest for passive income in Cincy. I'm brand new to this and can go in any direction at this point. I'm educating myself on different paths and it seems like there are many directions to go and be successful. What market (Buy & hold single family/multi family, storage, mobile home, etc) would people recommend that isn't over saturated and would not be overwhelming for a brand new investor?