All Forum Posts by: Account Closed

I want to thank everyone for their help. A lot of good points. I appreciate everyone's time and thoughts.

@ Brian Eastman

Thanks Brian. Keep it in perspective is such a great line. I appreciate your response and agree with you 100% about being ahead of most IRA plans.

    Hi Everyone, I'm new to bigger pockets but I'm not new to real estate. I'm just new to doing things as smart as y'all... 

I bought my first rental property in 2000 for a relative and before I knew it he had paid for the house. Long story short, I ended a 34 year career in semiconductor manufacturing in 2016 with 6 rental properties and a lot of money in a 401K. I didn't want to depend on the stock market so I set up a self directed IRA LLC and bought 6 more rental properties here in New Braunfels Texas. The problem is I have too much equity in the properties because you have to do NON RECOURSE loans inside a self directed IRA LLC and the banks that I have found that will do NON RECOURSE only do loans at 50% LTV. 50% of my IRA LLC is equity that is just sitting there. I can only find hard money lenders that are willing to go more than 50% LTV and I'm not willing to pay the 3 points and 8.5% ARM rates that I'm being offered. I'm not ready to stop at 12 doors but I'm strapped for cash and can't pull the equity out of my self directed IRA LLC. Does anyone have any suggestions?

@Miranda McKenzie

I live in New Braunfels and own several rental properties. Let me know if I can help in any way. I can answer questions about what is happening locally.

Britt, I have 5 houses in my self directed IRA LLC. North American Savings Bank (NASB) has the best interest rate I've found so far at 5.3% fixed rate. They are easy to work with and easy to find online. The next best rate I've found other than them is 6.2% but that is with buy down points and higher origination fees.