sdira purchase - Posted by pam

Posted by John Merchant on May 21, 2003 at 20:44:06:

Your SDIRA could buy the 1st, but couldn’t legally buy YOUR 2d, as it would constitute self-dealing under IRC & Regs.

Might be possible for you to sell that 2d to some 3d party entity and immediately have the SDIRA buy it from that 3d party.

If I were you I’d talk to one of the customer service folk at MidOhio (now Equity Trust) @ (440) 323-5491

They are very helpful, and though they won’t/can’t give you “legal” advice, they will be glad to tell you if they will do the deal and make suggestions as to how you might do one that’s tricky.

The question I always ask them is whether they have done this kind of deal in any other of their SDIRA accounts, if so how, if not why not. This they can answer & will give you as much as they know about how such a deal was done in a similar situation if they’ve done it before.

sdira purchase - Posted by pam

Posted by pam on May 20, 2003 at 21:49:41:

I have a 2nd on a house that has gone into bankrupcy. Can I use my SDIRA to buy out the first mortgage and resell the house to pay myself (2nd) off? Or is that considered a personal interest?