All Forum Posts by: Michael Murray

@George Sass, @Mark Nolan, @Daria B.

Reposting this because the tags didn't work:

Thanks for your replies. Yeah, the indirect benefit is what I'm worried about.

I called Equity Trust Gold support again and ran the scenario: "I'm partnering with someone one a real estate flip. I'm planning on loaning him money via a promissory note from my SDira. He will then use this money to buy into the flip with me. Is that a prohibited transaction?"

Her answer was no - it was not prohibited. She said it was two completely separate transactions and he is not a disqualified individual. I also asked if he could be a partner in my LLC that I'm buying the house with or if I needed to keep him separate. She said he could be a partner, again, because they are two separate transactions.

I ran another scenario where I loaned my sister money via promissory note and that we took ownership of a buy/hold property together 50/50 as individuals (no LLC). She said this was also ok to do.

@Daria B. - Yes - my partner would write checks made out to the SDira and send to me. I forward to Equity Trust accompanied by a deposit coupon. It's very simple. 

@George Sass, @Mark Nolan, @Daria B., - Thanks for your replies. Yeah, the indirect benefit is what I'm worried about.

I called Equity Trust Gold support again and ran the scenario: "I'm partnering with someone one a real estate flip. I'm planning on loaning him money via a promissory note from my SDira. He will then use this money to buy into the flip with me. Is that a prohibited transaction?"

Her answer was no - it was not prohibited. She said it was two completely separate transactions and he is not a disqualified individual. I also asked if he could be a partner in my LLC that I'm buying the house with or if I needed to keep him separate. She said he could be a partner, again, because they are two separate transactions.

I ran another scenario where I loaned my sister money via promissory note and that we took ownership of a buy/hold property together 50/50 as individuals (no LLC). She said this was also ok to do.

I am partnering with a friend on a flip. Part of his funds will come from my SDira. He will be signing a promissory note and borrowing money from my SDira and paying interest. He will then use this money to help pay for the flip - both acquisition and rehab. I will be putting in my own cash as well. Is this ok?

I've run this by my custodian (Equity Trust) and they are giving me the thumbs up but I wanted a second set of eyes.

@Brett Merrill

Time of Event: 12/13/2016 at 06:30PM 

Location: Bertucci's - 45 Walkers Brook Dr, Reading, MA
Fee to Attend: Free

@Justin Silverio - Looking forward to it

Welcome to BP @Marshall Reid

@Account Closed

Welcome aboard!

Welcome to BP Edward! Best of luck.

@Aliana De la Guardia absolutely!

@Aliana De la Guardia. Welcome fellow Haverhillian.