Updated over 8 years ago on . Most recent reply
Moving IRA money to a Self-Directed for Investing
Write Hello BP community! I am a newbie. Joined BP last year and closed on my first rental half duplex this past November. The duplex is rented and is cash flowing almost $300 a month. But - after buying that rental with a conventional mortgage took most of my savings. I am thinking about doing my first flip to acquire capital. Since my savings is now very limited, I was thinking about taking some money from an IRA and moving it to a self-directed IRA for down payment and/or closing costs (about $40K). Since I won't have enough cash to purchase a property outright, I was hoping to use a private lender or hard money lender for the rest of the costs. Can I do this? I could use some advice from the BP community if you think using a self directed IRA is a good way to go if I also need to use a private or hard money lender. Is this a reasonable way for a newbie to do their first flip?