Posted by Carl L. on July 01, 2001 at 14:18:44:
Look into Mid-Ohio Securities Corporation. www.MIDOH.com
Sammy - Kiss my ?? - Posted by Baron
Posted by Baron on July 01, 2001 at 11:48:09:
Had an idea while I was zoning on my treadmill today. Just recently found your web site so don?t know if its been covered before.
I?m thinking about turning my wife?s 401k from a job she recently quit, into a Roth IRA. Go ahead and take the tax hit on it now, then, sell my notes to the Roth IRA. That way, when we turn 59½ and its worth millions, take this job – and Uncle Sammy kiss my grits, you don?t get a dime of it!
Sounds too good to be true. Well — is it?
Baron
Don’t pucker up yet… - Posted by Tim (Atlanta)
Posted by Tim (Atlanta) on July 02, 2001 at 06:14:05:
The problem with doing what you propose is that it is not allowed. You can convert the 401k to a Roth IRA, and make that IRA self-directed. The problem is selling your notes to the IRA. The IRA cannot purchase anything that you own. Not your house, not your rental properties and not your notes. It is considered a “related transaction” and is forbidden by Uncle Sammy.
You can however set up the IRA like you said, and start buying mobile homes with funds from the IRA. This is not a related transaction, since you do not own the property, the IRA does. This is a great way to build your retirement nest egg. You can also buy notes or partials from other unrelated parties.
Re: Sammy - Kiss my ?? - Posted by Baron
Posted by Baron on July 01, 2001 at 13:54:21:
Have since found companies that will act as custondian for this very thing. But, don’t know anything about them. Anyone know any reputabale companies that work with self-directed IRA’s.
Re: Don’t pucker up yet… - Posted by Baron
Posted by Baron on July 02, 2001 at 09:26:07:
Thanks for your advice. I felt like it could be done; just needs the proper structure.