Updated over 9 years ago on . Most recent reply
Borrowing short term from SEP IRA
Hey guys and gals,
I found a SFH that is foreclosed and needs some work. I am interested in purchasing it and keeping it as a rental after I do the needed repairs and fixes.
Here is my issue...
In the last two years I have bid on several separate properties in my area and I have lost all of them. It seems to be all cash buyers with quick closes. The last property I was told that the bank even took a lower bid than mine that was all cash.
With that in mind...
I have the funds to buy the house outright with my SEP IRA. Is it possible to borrow the funds from my IRA (I believe I have 120 days) and then replace them in some other fashion? Such as, home equity loan from another property or refinancing the purchased property into a 15-30 year traditional loan?
Appreciate any feedback. Thanks in advance!