I have a self directed IRA that owns real estate.
I only have one condo in it right now but am considering buying another one.
The first one only gives me around $300 right now in profit because it has a mortgage on it.
I'm thinking of buying another property for around $90K that would give me around $1200 in monthly gross rental and net around $800.
So that $800 and $300 would be $1100 a month.
If I paid uncle Sam his $330 a month 10% penalty and 20% tax that would leave me around $770 a month to use to pay some of my housing expenses.
I'm hoping that the properties would continue to appreciate for future sale.
Has anyone done anything like this?
Taking cash flow from your self directed IRA?
Can this be done monthly or do you have to do just one yearly transaction?
Thanks.
I only have one condo in it right now but am considering buying another one.
The first one only gives me around $300 right now in profit because it has a mortgage on it.
I'm thinking of buying another property for around $90K that would give me around $1200 in monthly gross rental and net around $800.
So that $800 and $300 would be $1100 a month.
If I paid uncle Sam his $330 a month 10% penalty and 20% tax that would leave me around $770 a month to use to pay some of my housing expenses.
I'm hoping that the properties would continue to appreciate for future sale.
Has anyone done anything like this?
Taking cash flow from your self directed IRA?
Can this be done monthly or do you have to do just one yearly transaction?
Thanks.