Real Estate Investor · Boise, ID · Member since 2011 · 49 posts · 11 votes
I have one property in my SD Roth IRA that I will be paying off the current Non-Recourse loan at the end of this year. I am looking to leverage this paid off property with another Non-Recourse Loan, so I can use the proceeds to purchase a 2nd property under the same SD ROTH IRA. Issue I see is all of the loan fees from NASB. I live in Idaho (not a rural area)
Anyone deal with anyone else that is reputible and is willing to take a note without huge pre-payment penalties? (So I can paydown the loan $5K a year with my yearly contribution?)
I would suggest calling Kaaren at UDirect. She can likely point you to people currently funding non-recourse product for SDIRAs since this is what she does all day long. If you PM me I am happy to make an introduction.
Oh and of course, the current property has good tenants in it and I have rental history of the existing property for over 3 years. Fully understanding that I would have to leave a fair amount of value in the existing property. The issue I find with NASB is that they will loan 50-70% LTV, and they want you to leave 10% in the IRA (Reserve) Have a PPP for 2 years, charge a 2% origination, plus the 3% for closing costs.
I would suggest calling Kaaren at UDirect. She can likely point you to people currently funding non-recourse product for SDIRAs since this is what she does all day long. If you PM me I am happy to make an introduction.
Bryan, I find it interesting that UDirect will give you a list of their lending clients. Quite interesting. ETC wouldn't do the same thing... and my bank wouldn't divulge their customer list with cash accounts over $100K. I've asked. Maybe I need to move my SDIRA to UDirect.
I'd just like their lender list. Name, email, phone, amount of their account, etc. I still find it astounding that UDirect gives out this information. My banks, attorney, my CPA... they feel like their client lists are confidential.
1. Sunwest Trust is the cheapest up front and has very little customer service if you want to be completely on your own (you are a big boy and can do your own research)
2. Nabers Financial is more expensive up front and has ongoing costs if you need to be tapped into a system with ongoing support
I called Sunwest Trust several times when I was setting mine up and their customer service was pretty poor. One of my buddies got me an inside deal setting things up with Nabers so I basically got it for the absolute lowest cost possible. It was the same deal Sunwest Trust offered on the setup with the annual maintenance fee coupled with it that I will use if I have questions about what to do.
I attended the RENC meeting tonight and apparently Quest (formerly Entrust) offers solo K products too. I'm not sure how those stack up with the two above, but it is hard for me to believe their products would be superior from a value standpoint. I would go with one of the two above. Pick your poison.