i would not have my IRA conected to my house in any other way.
You CAN'T have your house connected to your IRA. If you did, that would be considered "self dealing" and could invalidate the entire tax shelter of the IRA; meaning it all becomes taxable NOW. So yeah, don't connect your house and your IRA at all.
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Sprots Nut, I haven't been active in quite a while, but used to play with the RE thing quite a bit back in the day.
I've always thought the defaulted mortgages thing would be a hell of a market. Where do you find them? I talked to some guys a while back, but they were spread out across the country, it'd be way better to find some local to purchase.
I had mine with Mid-Ohio. Havent done much with it in 5 years or so, so dont know if they are competitive, but at the time they were very easy to work with.
Actually Eq Trust Co and Mid-Ohio are sisters or brothers; connected companies in some fashion. Mid-Ohio may just be the SEC variety of their brokerage company, but not sure. They share the same physical address: 225 Burns Rd, Elyria, OH.
Defaulted mtgs are a good way to go if you have the knack. Of course buying one by paying too much is the worst investment going too. Where to find them... well, it is like the ins agent who is getting a stream of quality leads, he doesn't usually divulge that source... but usually they are commercial or institutional lenders that do not want to own the property via foreclosure. You almost need to have a pretty wide circle, like mine is about 4-500 mile radius, in order to get enough of them to satisfy your needs. So it is really a specialty niche market and not really for the avg investor, truly. I've been fortunate on them though... I can seem to smell the good ones and haven't ever bought a loser, and some of the winners were.... well decent.
By decent, I am talking maybe 1000% return, but then those kind usually aren't a 100K investment; maybe 5K to 50K or 10K to 100K; on that order a few times.
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