As a real estate investor, you know that sometimes real estate finds you and not the other way around. You can shop and search and peruse the local MLS all ready to pounce on the next new deal but more often than not you're presented with an investment opportunity that you can't pass up. And financially you're not yet ready for.
Maybe you have your funds tied up in other properties or you have funds on the way but they're not yet in any of your accounts. But if you don't act fast you could lose the deal. Lenders can't work as quickly as you need but you still need short term funds.
Those funds might be right under your nose: your IRA.
For those with an IRA or other investment account you likely have a nice little sum adding up but since you're below retirement age you really can't touch those funds without penalty. Or can you?
A withdrawal can be made from a self-directed IRA to do with whatever you wish but the withdrawal comes with a penalty. Unless the withdrawal funds are for a college education or used to buy your first home, the IRS will not only tax you on the amount withdrawn as income but also impose a 10 percent penalty on the withdrawal in addition to the income tax bite. There are other exemptions allowed for things such as medical expenses and other hardships but those require additional documentation.
However, you can withdraw the funds from the IRA account and if you replace those funds within 60 days there may not be a penalty and you avoid income taxes because you replaced the funds.
These funds are available and aren't for the feint of heart. It's important to be fully aware on how the withdrawn funds will be replaced. If not, it can be an expensive withdrawal. But if you do ทาวน์เฮ้าส์มือสอง have a plan and need to make a quick 59 day loan, the funds are right there in your IRA.
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