Posted by Eric (MI) on March 26, 2005 at 17:05:16:
Thanks to you and Tony for the information. I will be looking into all options available. In any case I want to be able to sell a partial to make up my money plus a little for the first handful of deal anyway.
Questions about IRA financing - Posted by Eric (MI)
Posted by Eric (MI) on March 24, 2005 at 11:14:27:
I am just getting started and am wondering how I should approach others about using their IRAs to fund my MH purchases. I want to come across as professional and having it all together so I am working on my presentation to give.
I work at General Motors and work in a factory of about 3000 people that the majority are in their last 5 years before retirement and quite a few have substantial retirement funds and I would love to be able to tap some of that money.
Even though I have about $8k in my account right now I want to keep it there since I am purchasing a home this summer and just like having a chunk of money just in case. There are thousands of MHs in my area and I want to do something similiar as talked about in Making MOney with MHs. I want to use none of my money, sell off the first half of my note to the IRA to get my money back plus a little to stash away, rinse and repeat until I am self sustaining.
I am going through the archives as we speak. Any suggestions are greatly appreciated especially regarding how I should go about the presentation.
Thanks
Eric in Michigan.
Re: Questions about IRA financing - Posted by John Merchant
Posted by John Merchant on March 26, 2005 at 10:38:44:
Most IRA accounts and custodians do NOT allow its IRA account holders to buy anything but the “products” (mutual funds, annuities, etc.) they sell.
But if your retirement plan or IRA is transferable to another IRA Custodian, you could open a Self Directed IRA (SDIRA) account with that custodian, then tell them to buy MHs or RE for you with that money.
The three big SDIRA Custodian companies are Equity Trust in Ohion, Entrust and Pensco.
They all have humongous websites and lotsa info on their services.
Re: Questions about IRA financing - Posted by Tony Colella
Posted by Tony Colella on March 25, 2005 at 16:46:32:
There is a good article here by Hugh Bromma about using IRA’s to invest. Check through the “How to Articles” to find it and others by the self directed IRA experts
Not all IRA’s are going to allow your people to buy mobile home notes as investments. There are only two that I know of (but there may well be others).
Your investors would first have to roll their funds into such an IRA if they wish to hold the notes within their trust.
Tony