Is there anyway that my grandmother and I could team up and invest in RE with her IRA account?? I have an LLC and didn’t know if I could just make her a partner in the LLC and do it that way or something like that… Just trying to think of a way that her IRA could be profitable for the both of us…
Any advice is appreciated!
Shaun
No deal. You are a disqualified individual.
So could she pay me a finders fee from her IRA account for the properties she buys?? Or how about paying me to rehab them and property manage them for her??
I sure hope you know exactly what you are doing. You’d have to be a real jerk to lose your grandmother’s retirement money.
Maybe you should practice with someone else’s future instead of your own grandmother’s.
This wouldn’t be my first deal. Any she came to me wanting to invest one of her IRA’s. She wants to start small and work her way up. Was just trying to figure out how I can profit from this also…
And she has PLENTY of money. She just put ALL of it in IRA…
I think you are nuts to even have thoughts of investing your grandmother’s money or for that matter, anyone in your immediate family! Any bumps in the road (which there will be) will create unwanted issues in your family!
Having said that, grandma can buy/sell real estate, mortgages, notes, and the like with her IRA. You need to study the IRA rulings regarding dealing with non qualified individuals, specifically family members. Look up Ed Slott on the web and read his material.
Rob
Your grandmother’s IRA cannot do business with you or a company you control in any manner unless you receive no compensation. You can find her deals, but you can’t profit from them. Look up the term disqualified individual and prohibited transaction to learn what you can and can’t do in an IRA.