I was skeptical about the legality of owning investment property with my IRA money. After spending 11 years as a stock broker and bond trader, I had never heard of such. The reason is that most larger IRA administrators do not offer any options to own real estate except for investing in a REIT. Fortunately, I found a professional, knowledgeable and reliable administrator in Entrust New Direction IRA, Inc. http://www.newdirectionira.com/
I purchased my first real estate holding with another investor using my 401k rollover in December 2005. We set up an LLC to hold title to the property. My partner is of the age where he can take income distributions on a monthly basis. The income generated for my IRA is reinvested in assets of my choice. Our property has appreciated approximately 18% annually. While we paid cash for the Singletree investment, loans are available through several lenders for this type of purchase. Please contact me to learn more about purchasing real estate using your IRA or 401k money and visit my website: http://www.investinvail.com/ .
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Millennium Trust Company (http://www.mtrustcompany.com/services/ira/real.asp) located in Oak Brook, IL, custodies real estate in self directed IRAs and solo 401(k)s. They can walk you thru the process. Try contacting Sandra Reese at sreese@mtrustcompany.com for more info.
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