Foreclosure University Forum

IRA use (General)

by tere, Tuesday, April 01, 2014, 07:31 (1454 days ago)

I was told the following: "You can not buy your own home with your IRA, however you can lend money of your IRA to a house rehabber who could then lease the house to you on lease option. You become the bank on the property that you are maintaining. It can't get any better."

Is this possible, legal, risky? Any info appreciated.


IRA use

by foreclosureuniversity ⌂ @, Wednesday, April 09, 2014, 22:12 (1445 days ago) @ tere
edited by foreclosureuniversity, Wednesday, April 09, 2014, 22:15

I would say it's possible, leaning towards not legal, and definitely very risky! This is not a good idea because it is self dealing. You are too close to dealing with yourself and as you know this is a no no. There are penalties. Why would you want to destroy the tax shelter of your personal residence? Use your income producing investment properties where someone is giving you rent. The payments you pay are not deductible.

Good Luck

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