Think you can't buy a home as an investment? Looking for a creative way to take advantage of the #2 in US foreclosure market here in Tampa?
I attended a 3 hour seminar the other day that was great!
Here are some different options you have to buy a home, land or to get a downpayment for a loan using tax deffers IRA'S AND 401K's.
Your tax deferred and possibly tax free investing choices are:
- land, (raw large parcels or single lots)
- A resale or builder inventory home (use as rental only)
- Commercial property that you lease out.
The most important thing to remember is that you cannot live in the home. It has to be an investment, therefore a rental home, or vacant land are some of your options for purchasing. You can't even use a beach house for personal use. It has to be a rental property under the guidelines.
How do I use my 401K to buy real estate?
Move your 401K to a Self Directed IRA. Can only be done if you no longer work at previous job.
Need a downpayment of to get a Conventional or FHA loan?
You can borrow 50K or 50% whichever is less from your 401K
You can also use your business partner or spouse's IRA for a downpayment or to pay cash for a property. You have 50K, they have 150K, save closings costs from lenders which can be 3-6% of the total purchase price.
Right now in Pinellas, Hillsborough and Pasco Couties there are 7,309 properties that are 200K or under, 3 bedroom 2 bath.
If you have been thinking of buying land or rental and commercial properties in the Tampa Bay Area please give us a call to discuss your options. 813 784 7744 Rae. Emai: firstname.lastname@example.org
All information is believed to be accurate. Always consult your financial advisior and CPA before making any changes to your assets!