All Forum Posts by: Mark Welp

Hi @Will Foster.

As long as the withdrawals are from a Roth IRA and are from your contributions (not earnings), then there is no tax or penalty. This makes sense as contributions to a Roth IRA are made with after tax money, so those contributions have already been taxed. Just make sure you keep a excel spreadsheet of your contributions ($5,500 max annually) from year to year, so you really know that you are taking withdrawals from contributions and not earnings; in case you ever got audited. Not all brokers will do this for you; especially if you switch brokers. I have used this strategy for down payments on my rental properties. Thanks!

Alex, Yes I did everything online with Hondros. I got my license for the same reason as you; for my own deals and access to MLS. The key is to find a broker that is ok with you doing this so you are not paying a ton of office fees. PM me if you have any more questions. Thanks

Also, I would never put a piece of real property inside a self directed IRA. That is putting a tax shelter inside a tax shelter. Keep real estate outside an IRA and use a self directed IRA for notes, tax liens, etc.

Will, Are they in an individual Roth IRA? You can withdrawal your own contributions from a Roth IRA tax and penalty free as long as you have had the account open for 5 years. You could use that money for a down payment.

@Josh Saul late to the post, but I am in the application process of doing this with my primary residence so I can access funds to buy more properties, and not have equity just sitting there.

I have talked to the replaceyourmortgage.com people. Good people, and I like the concept, but I don't need to spend $2k on their course to figure it out. I did find my own lender who will do the HELOC with no closing costs and a great initial rate. Biggest risk with this is the variable interest rate, but the HELOC I found has a fixed rate option. Thanks!

Tracy,

Thank you for your response.  That is fast.  Talk soon!

Tracy, I am interested in this note but I do not see it on the website. Please advise. Thanks!

Kevin, Please send me info at [email protected] Thanks,

Hello, I am looking to network with private lenders for my buy and hold purchases or my BRRRR purchases. Looking for someone that requires low money down and would do a term for 1-3 years, obviously at a higher than market interest rate.

Peter, could you email me your rates and terms for more info? I buy properties in Columbus Ohio.   [email protected]    Thanks