I have 100000 in an ira/llc and am wondering how one can use nonrecourse loans to by multiple properties specifically how/can you use the part of the ira for down payments on multiple properties and get a loans for the remainder of the principle(non recourse). Is this done and is is a good strategy. Any info would be helpful as I want to make the most of that 100000.
Hi @Richard DiGirolamo ! The local bank I work with allows any commercial loan to be non-recourse for a few additional basis points. So, for something like a % higher interest rate I can take those loans in my SD IRA.
Another idea would be to be a limited partner on a deal with the funds in your Self Directed IRA (you bring cash through your IRA, they do the deal, your IRA gets the returns and grows tax-deferred).
Great questions to be asking here, Richard! There are some fantastic resources on self direction out there and I hope you find a simple and efficient use for your IRA money!
Conventional lenders will not be able to help with your request. You need a lender who specializes in this space, here is a list of lenders who do:
Typically, they will require 30-50% down. Review the list, pick one who will be the best fit for you, contact them to get approved for the loan, then find the property and close on it.
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