All Forum Posts by: Simmie Douglas

I recently bought 3 sfh's using my checkbook IRA. After re-hab when the property manager is collecting rents how am I supposed to handle that? Do I just have the manager set up to make deposits directly to the llc's checking account? I know that I am not supposed to ever touch any of the funds. The first call I made to my bank about how to handle this didn't end with much clarity. Reading through online instructions and will contact bank again.

Randy, thanks for your reply. I will definitely read your book selection.

Thanks for the replies. I will read the suggested materials and look forward to adding IRA real estate investing to my current portfolio.

I recently opened a self directed IRA and have planned to buy real estate with financing from institutions that specialize in IRA financing. I have found a property that the owner wants to finance $87,500 sales price with $15,000 down at 6%. Can I pay this down payment from my IRA along with closing costs and rehab work? I intend for it to be a buy and hold rental and if I ever sell it it should be to buy a bigger property though I might have UBITI (working on understanding UBITI). Also, any suggestions for reading to educate myself on SD-IRA's. I want to use this to increase my net worth but I need to avoid violating IRS rules.

Thanks

Thanks for the replies. I will do some reading on the forums and educate myself some more before contacting a professional who can help me. 

I had an attorney create a series llc entity for buy and hold single family homes we will be purchasing (we have bought 2 so far). He is telling me that he thinks it would be best if I have separate checking accounts for each house that I place in the llc. Does this sound right?

I want to use my IRA to invest in real estate and possibly notes. Can anyone give me some direction as to where to start or recommend a custodian. Do's and don'ts? I am just beginning to explore this option.

Thanks