Updated almost 9 years ago on . Most recent reply
Investor currently in CA
My fiancee and I are purchasing a house in South Carolina. We have about $350 in equity. I am trying to find out how to use the equity, as security against the new purchase. I have 4 other properties, but just a little cash right now. I have an existing $146K loan. I am trying to keep the CA homes as a rental. Originally, I was hoping to cash out the CA property, but the rent makes holding it pretty desirable. I have access to another 200K in an IRA, but don't want to take the tax hit.
Most Popular Reply
If your intention is to buy and hold the SC home, you can roll your IRA over to a self directed IRA and buy the home in side your IRA as an investment.
Keep in mind that all the proceeds as well as all costs associated with the investment have to go into the IRA or paid by the IRA.
Here are two good IRA custodians www.questira.com www.camaplan.com
They have great online education to let you know how to hold real estate inside of your IRA.