All Forum Posts by: Pat Sheldon
Pat Sheldon has started 2 posts and replied 4 times.
ROBS: Rollovers as a Business Setup
Have any of you used this method to tap into 401ks/IRA's to fund a commercial venture?
Would love to hear your thoughts, THNX
Post: Renting out homes in SW Florida
- Posts 6
- Votes 0
I owned a very nice waterfront house in Punta Gorda...lived there 3 yr then rented it out.
The SW FLA real estate market is DEAD. The quality of renters is very low. Your property could easily end up being a meth lab or a crack house. SW FLA went from the "Best Coast" to the worst coast almost overnight.
If you like crime, hurricanes, lowlife tenants and high taxes/insurance rates, it's the place to be. Personally, I wouldn't touch FLA with a ten foot pole
Post: Will Self Directed IRA work in this scenario?
- Posts 6
- Votes 0
Could I still have my IRA own 50% of the commercial land? It would still be a 50/50 split with my Father. I can understand the other no-no's, but is it still possible to at least use the IRA money for the land in this situation?
Post: Will Self Directed IRA work in this scenario?
- Posts 6
- Votes 0
PLEASE ignore my other posts, they were put in wrong place...this one is the CORRECT post!
Hello! GREAT website here and I've combed it up and down (via search) trying to find an answer to a possible scenario, but nothing close came up so thought I'd pose the question(s) on this forum.
I am contemplating going in with a partner (my Father), to purchase a piece of bare commercial property. The price is $400,000. He will simply write a check for his 1/2 (200k)...I'll have to create a Self-Directed IRA (SD-IRA) to come up with the other 1/2, as my assets are currenty in a standard IRA through Vanguard.
I plan to build and operate a retail store on this commercial property (this entity would be it's own LLC) and LEASE the land that the building sits on from my Father and myself. I would also (through my SD-IRA) 'buy out' my Father's 1/2 of property in the future.
Is this a feasible plan? I know there is the issue of prohibited buying/selling with a SD-IRA, (no direct transaction with close relative, 'paying' myself, etc.,) but could this be taken care of by each party - the "Store", my "Father" and "Myself" with each entity having an LLC? Would creating these LLC's free us from the self dealing issues?
I'm not sure I've explained this scenario 100% correctly, but hope it's close. I'm just looking for some feedback and ideas here. THNX in advance!