All Forum Posts by: Loren Whitney

Personally, I'd keep it. Would you be able to put your funds to better use otherwise?

I'll try to be there. I'm interested to learn more about what you're up to.

Linda L. Your brother will need his own legitimate business in order to qualify for an Individual(k).

Yes and no.

The transactions themselves are valid because they take place between non-disqualified persons. However, the end result would be considered an arrangement whereby the transaction was for personal benefit and not for the benefit of the IRA.

To clarify, an arrangement is considered a prohibited transaction.

@Brie Schmidt - Very excited for you!

@Account Closed 

I'm not personally looking for a non-recourse loan (yet). I'm looking to discover new non-recourse lenders that do business with IRAs and other qualified plans. My clients often ask about lenders and non-recourse lenders are usually far and few between.

Thanks!

Hey All, 

I'm looking for non-recourse lenders all over, do you have any regional banks, credit unions, etc. that offer non-recourse loans? Any mentions would be helpful.

Thanks!

Sylvia B. Good tip! I didn't know the ? Trick

Bryan Collins I just tried to pull this up on my iPhone and the Wix marketing wanted me to sign up. I couldn't get past it on a phone, sorry.

Jeffrey Lester Real quick, Brian Gibbons Parents are disqualified persons so they'll never be able to use retirement funds to help you out (without paying taxes). That's just a correction I had to put out there for anyone reading. Anyways, I think what you're trying to do is awesome. I lived with a buddy through college that purchased a house but I was paying most of his mortgage by renting a room. Given the amount of time you spend in college, it would probably work out quite well. You would definitely be in a bind with financing from what I know but you could (in theory) find a private money lender and pay them a premium rate if it's worth your time. They'd probably also want a substantial ow payment (I would). Just throwing other ideas out there in case you haven't already thought it that. Non-recourse loans could potentially be another option but you'd need a great deal and a larger down payment. Best of luck! I look forward to hearing about how this works out.