Updated over 9 years ago on . Most recent reply
Advice to secure property while setting up SDIRA
I have an opportunity to purchase a Single Family Residence which aligns with some solid investment return. I can purchase myself directly securing financing via my local bank; however, I'd rather purchase inside a SDIRA the problem is I do not have this set up yet and want to secure the purchase. Is there a way I can execute a Purchase and Sale personally perhaps putting a small amount of earnest money but then close under my SDIRA as soon as I am able to get it set up or would that make is a disqualified transaction?
What if executed an option to purchase myself an then assigned that option to my SDIRA?
The purchase is from a private individual and not via MLS if that makes a difference.
I am sure I can set a closing for 30 days out but I need to lock it up before the FSBO sign goes up...I will lose the deal.
The deal should produce two outcomes 1) a rehabbed SFR that I can either flip or rent + although currently it is 1 deed there is a separate adjacent lot included which I would want to carve out and sell/build.
Appreciate any ideas on how to secure this outside a SDIRA but then close inside it.
Thanks, Bernie