(How) Can I buy my own note with self directed IRA?
Hi all,
I am considering doing a small private lending which would provide me a 1st position note on a property. Closing is expected in 3 weeks.
I'd love to be able to service the node using my IRA money, however it is currently not under a self-directed plan. I am not sure what it takes or how long to convert my current plan to a self directed plan. I am guessing that I would not have enough time to convert it service the loan for closing.
Suppose if I service the loan using my savings for now, how do I buy my own note using my IRA money in the future? I am sure that lending opportunities are not that rare, is this worth all the hassle ?
The loan is at 9% for 44% of the property value, 1st place. Is this an attractive loan?
Thanks for the insights!