A few months ago I started purchasing houses under 50,000 that are livable and need minimal work in the Cincinnati area. I am looking for investors that would want to possibly use a self directed IRA to fund the purchases as I find houses. I put a qualified Buyer in the property that will fix it up as the owner. I create a note with the buyer at 10 percent interest on a 30 year amortization schedule. That allows for almost all interest in the beginning of the loan. Walter Wofford has spoken on how he has done this in his area and made huge improvements to the area. I am excited to try this out and I would be happy to meet with anyone or have a conversation about the process. Please let me know if you are interested.
In my experience I find these investors through networking and networking events. I attend a lot of local meetups and real estate investing groups.
Networking in Cincinnati area works well; some investors ( like myself) are lenders also. Real Estate Investors Association of greater Cincinnati is excellent
Can you explain why you want investors to use a self directed IRA? Why does that matter?
@Scott Lyons SDIRAs for Real Estate is supposed to be used for passive income which this model fits. Also, it doesn't require a lot of knowledge or work on the part of SDIRA owner vs saying owning a rental property. So ultimately, your IRA is getting a 10% return either tax free or tax deferred secured by real estate with minimal work.
@Stephanie Skinner I've been doing something similar in the Cincinnati Market. We should talk.
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