Real Estate IRA Custodians
Hello BP community. As a newbie in the fix and flip market, many lenders I have contacted are requiring interest up front and are capping at 80% acquisition. As such, I am looking for references for a reputable company experienced in real estate IRA to roll a portion of my retirement account for use as liquid assets. I appreciate any info and appreciate all of the outstanding points of view and experience found on this site!
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@Kevin Garrity
Your IRA is not allowed to give you a loan. You can take a distribution from your IRA and you may pay a penalty and taxes depending on the type of IRA, your age and reason for withdrawal.
Banks will consider your IRA as liquid if you're going to get a loan because you can take it out at any time with the worst case being penalty and taxes. That also includes self-directed IRA's as well as standard IRAs. If the bank doesn't do it that way -cash in your Ira, put the cash in your bank account and later return it to your Ira within 60days.