IRA and Foreclosures

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Real Estate Agent with Frank Rubi Real Estate
Just saw a story about IRA's and foreclosures.  You can actually use your IRA to buy a foreclosure and do a lease purchase back to the renter/buyer.  The money is still in an IRA so you can't write off any loses.  You also can't do this for a immediate family member.  The man in the story had bought his friends house and was leasing it back to him until he could get a mortgage and buy it back.  Be careful as you can lose a good friend if things don't work out.
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Rainer
80,702
Jeffrey Dolfinger
24/7 Realty Inc. - Poughkeepsie, NY
NRBA Member
Using your IRA for RE investments is a great tool, but you have to know the tax law to use it well.  You will get awesome apprication n your IRA tax free if you put the cash flow back into your IRA.
Dec 24, 2007 02:50 AM #1
Rainer
103,309
Armando Rodriguez
QUEST REALTY SERVICES - Orlando, FL
Orlando Homes 4 Sale, Real Estate Broker-GRI
I could be a way to make untaxed gains for your IRA. You've go to set it up properly though.
Dec 25, 2007 02:53 PM #2
Ambassador
938,446
Frank Rubi
Frank Rubi Real Estate, LLC - Metairie, LA
FrankRubiRealEstate.com
John, It what I always say. Tell me what the rules are and I will play by them.
Dec 26, 2007 01:14 AM #3
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John Walters

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