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Old 06-19-2003, 02:50 PM
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Default Loans for IRA's - who does non-recourse loans? - Posted by Rob
Posted by Rob on June 19, 2003 at 14:50:22:

Has anyone bought rental property with their self-directed IRA using a loan? IRS rules say any loan must be non-recourse, and that seems to eliminate 99% of all mortgagors. If you've done this, can you tell me what lender you worked with?

I want to buy single family residences, rent them out, and have the rents pay down the mortgage, the property mgt fees, etc. etc. I know of several good properties, and I've got enough in my IRA for several downpayments, I just can't seem to find the lenders (I have no interest in buying free in clear - want to use the principal of leverage)
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Old 06-19-2003, 09:54 PM
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Default Re: Loans for IRA's - who does non-recourse loans? - Posted by ken
Posted by ken on June 19, 2003 at 21:54:51:

try owner financing Iam doing one now $5000 down and $25000 loan.Her attorneysaid no to $2000 down so i said $5000 down and non recourse loan and they said ok and i decided to do it in my ira
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Old 06-23-2003, 10:15 PM
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Default Re: Loans for IRA's - who does non-recourse loans? - Posted by Lisa
Posted by Lisa on June 23, 2003 at 22:15:43:

WHAT is a non-recourse loan?
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Old 06-27-2003, 12:07 AM
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Default Re: Loans for IRA's - who does non-recourse loans? - Posted by John H.
Posted by John H. on June 27, 2003 at 24:07:33:

I can't find any bank financing and the folks who deal in self directed IRA's cant find any. I developed a pro-forma using a down payment from my IRA and financing with a standard bank loan. The IRA owns a prorato undivided interest as do you. If you structure the deal right, your portion of the proceeds will cover the mortgage payment plus you can take a prorata portion of the depreciation on your personal taxes and ALL the interest deductions because they are being paid from your share. Email me for more. What part of the USA are you doing this as this will affect the formula?
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Old 06-27-2003, 01:41 PM
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Default Re: Loans for IRA's - who does non-recourse loans? - Posted by Rob
Posted by Rob on June 27, 2003 at 13:41:40:

I live in California, but I'm planning to buy rental property in Texas where I know I can get positive cash flow income properties quite easily. I'm not sure I understand your description.... are you saying that both you AND your IRA own shares of the same property? I'm having a tax attorney check into a few IRS regulations for me, but i'm wary about all the "arms-length" rules the IRS has... are you sure you can mix your personal cash/interest with your IRA???? Please explain more. Thanks
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