All Forum Posts by: Pat Bahn

i will be surprised if i have 5 months.

Hey

I'm looking at buying a MFDU (Multi Family Dwelling unit), and trying to establish it as condo's so, i can buy some units iwth my Roth IRA and some with my own Cash.
I need a Tax Attorney to issue me a "Opinion Letter" so i'm not going to get killed.
anyone know a budget tax attorney?

forget it, it will grind out the pipeline, worry about new offers.
Jon is right, you offered, they countered, you recountered (Due to the paperwork errors)
and they pulled.

offers are like soap bubbles. they pop easily.

I am with jon.

Tell the tenant, they have one shot to get that stuff.

It's just less Trouble that way and does it cost you much?

Tie it to a trip to fixup the punch list and it's less inconvenient.

a good contractor is worth a lot.
I found it generally better to stick with a known contractor as long as the work remained high. I dumped my HVAC guy when he stopped doing my work and sending apprentices. Nice kids but they were screwing up details.
My plumber i kept until he retired, because he always did first class work.

this is a hypothetical, but suppose
you were interested in a small 10 unit MFDU.
that can get a little pricy of an investment, so, you
want to create the unit as a condo, so it's 10 units,
and the SDIRA buys say 6 of them and you buy 4 of them with
cash funds.

would this pass muster with the IRS? if you kept clean books and the IRA got it's rents and you did with your 4 units as you see fit?

i'm not trying to make the rules, i'm trying to understand the rules.

what i meant jon is that when i'm 59.5 my IRA can make a distribution, so, the reason i'm looking
at a quadplex is i figure it would be a nice place to live in when i'm 60.

it's hypothetical.

now i am 48 and in 11 years, it won't matter, but, i was wondering about the in between.

my understanding is the IRA owned property is allowed to pay you a normal management fee,
so i figured if you rented but paid the same rent as the tenants, then it would be okay,

now it's a ROTH IRA if that helps any.