They use to say it couldn't be done, but a local Kansas City lender (NASB) is now offering a non-recourse loan for real estate investing with your IRA.
Property types vary but are typically restricted to single family residential, duplex, fourplex or multi-family (5 or more units).
What does Non-Recourse mean? A non-recourse loan is one in which the IRA account holder is not personally liable for repayment of the loan. The agreement allows no recourse against the account holders or the balances of their IRA funds. In the event of non-payment or foreclosure the lender can only look at the property as the sole source for repayment. The non-recourse lender cannot pursue other assets owned by the account holder or the IRA.
I have been a client of the North American Savings Bank for many years, I have also guided many investors there for help in financing investment and commercial real estate investment. They have always offered competitive rates and great service.
Currently they are offering this non-recourse IRA investment property loan in either a 5 year ARM or a 30 year fixed. Minimum down payment will require that you have at least 30% of the properties value in your IRA. NOI must exceed the debt payments by 20-25%.
So if you are looking to add investment property to your IRA this may be a great opportunity to enhance your retirement plan. If you are looking for investment property in Kansas City then Turn-Key Properties is your one stop shop.
From locating and negotiating the purchase price, to managing and collecting the rent. Turn-Key Properties LLC can do it all. Since 1995 we have been serving investors in the Kansas City area with full service real estate and property management.
NASB is now offering this program in all 50 States! So maybe its time to look into real estate investment for your retirement plan.
Ben Edsall
Broker-Accredited Residential Manager
Turn-Key Properties LLC
816-313-8876
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