How to come up with down payment money. - Posted by Mike

import · February 25, 2002, 9:17pm

Posted by JoeS on February 26, 2002 at 15:21:06:

If you can transfer your IRA into a roth self-directed ira through Mid-Ohio Securities Corp., then you can use that money as funds for investment. You cannot occupy the property without paying a penalty. But, you can buy investment property and all the earnings MUST go back into the ira account tax free! (if it is a roth).

import · February 25, 2002, 9:17pm

Posted by Mike on February 25, 2002 at 22:17:30:

We own a house.
Mortgage is 170,000.
After many hours of repairing it, the house just appraised for 217,000.
My wife and I both have new careers with a combined income slightly over $100,000.
We are in our late 20’s and debt free.

How can we get $20,000 to put as a down payment for a bigger house or rental properties while keeping and renting the current home out.
We would prefer not to use a mortgage broker, and would prefer not to deplete 401k/IRA accounts…

We have thought of credit cards and credit lines from banks, any other methods?

import · February 26, 2002, 10:06pm

Re: How to come up with down payment money. - Posted by Mike

Posted by Mike on February 26, 2002 at 23:06:40:

Thanks to all that replied. The help has been wonderful.

Any other ideas??
Mike