All Forum Posts by: Sarah Lyon

Way to go! Been leaning towards that area, it definitely feels like the Triangle area is bare of good deals. 

Thank you everyone! I am going to reach out to you Dmitriy, and see if theres anything we may be able to manage. 

Thanks Daniel!

Hello BP community!

So, I am desperately trying to find ways to leverage my assets in order to pay for a flip in Durham, NC that I think well worth it. However, I am running in to constant walls when it comes to finding ways to doing this.

At first I was hoping to use the inherited 401k for a personal loan, but then discovered that wouldn't be an option as its not my 401k nor my spouses. Then I found out about the SD IRA LLC. I really thought this was going to be an ideal option and I thought I was finding evidence supporting that I could get one for my inherited 401k, however I just got off the phone with Guidant Financial, and the guy basically stopped me when I said I inherited from my mom (who inherited it from my dad) and said they could only do this for spouses.

Does anyone know any company that can set up a SD IRA LLC for a non-spouse beneficiary? Or perhaps even another tax-negated way of using my inherited 401k's (cause I have a couple) for a flip? My mom will have been gone 4 years this coming September, so I believe that only leaves me one more tax year to clear out the account and face the huge tax repercussions.

Super eager for any advice! Thanks so much.

Thanks everyone! I tried contacting Guidant Financial after being directed there by a banker friend, but they said they could only set up a SD IRA LLC for a spouse that has inherited a 401k, not a child. Some BS tax stuff right there.

Honestly dude never let Ashley get a word in if you listen back. I think he liked the sound of his own voice a bit too much to be a co-host. 

I am in search of recommendations for a financial planner in the triangle area of NC who is versed in real estate. 

Currently looking to purchase a multi family with an FHA loan and hoping to convert an inherited IRA in to a self directed IRA LLC to fund the rehab. I have a CPA I'm talking to, but also definitely feel the need to meet with someone who can help me with the decision.

Thanks BP! 

Hello BP!

I have found some similar topics, but wanted to be sure it is possible under my circumstances. 

I have two properties currently. The first was inherited (I had to pay my brother out for the other half) and there is no mortgage on that and it is a rental property that generates a good income. The second is my primary residence that I purchased with a conventional loan and am currently house hacking in (my mortgage and escrow is paid off each month). I considered using the FHA loan in this case, but I live in Raleigh, NC and the buyers market is very competitive at the moment.

My intent is to use the FHA loan in a year or so's time when the market has taken its forecasted dip and I have lived my full year in my current home. However I want to ensure that I am in fact able to pull out my first FHA loan in such a case. Would this completely depend on the lender? Or because it's a government program would that not matter? I am also hoping to find a duplex to do this with.

Thanks for the help everyone and sorry if this is a repetitious topic.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $265,000
Cash invested: $52,000

House hacking with my first home in an up-and-coming part of Raleigh

Thank you everyone for the encouraging words! 

And thank you @Michael Ablan.

I do plan to do that @Padric Lynch but I am currently just trying to educate myself on HELOCs more. Just purchased my first home by more traditional means and plan to live in it for a few years before turning it in to a rental as well. Was time to find my own place in Raleigh, which is where I live now.