Posted by Garrett Sutton on July 28, 2005 at 17:53:17:
I’d check with Equity Trust. Some hold that management must be separate from the IRA owner. In situations I have dealt with the Trust company has hired an independent mangement company to handle the day to day matters.
Buying with IRA - Posted by John
Posted by John on July 24, 2005 at 24:38:34:
I am sure this has been asked before, but I can not find it answered in the archives.
I am buying a property with my IRA, my first property bought like this. I went thru Equity Trust company. Can I manage the property, as in collecting rents, cleaning between tennants? Or do I have to hire a property manager company for this. If I do this will hurt the cash flow. The financing has a 2 year prepayment penalty so I would like to hold 2-3 years. I know some of you have done this so I appreciate the info you can provide.
Re: Buying with IRA - Posted by John Merchant
Posted by John Merchant on July 31, 2005 at 11:13:23:
You can act as the day to day manager just as long as you don’t put the rents in your account, or sign anything in your name.
You can also do whatever minor repairs are needed, etc…but again, have nothing done in your name.
The rents should be promptly submitted to ET and marked as rents because they then will account for same as UBIT, which rent is, being business income from the SDIRA’s investment.
Any major things done on property should be paid for by ET for your SDIRA so they will have perfect record of what’s been paid into and out of the SDIRA account.
This is