Once you have your self directed IRA plan in place, find and contact a mortgage note broker (a note broker is a matchmaker between real estate note investors and real estate borrowers). The typical rate a real estate note investor receives on a note is 12% to 15%.
To begin, ask the broker if they have real estate notes for sale; get the purchase price, the rate of return, and term of the note.
For each real estate note transaction you decide to invest in either a real estate attorney or a mortgage broker needs to draw up a legal contract and promissory note. Both you as the real estate note investor and the note borrower must sign the contract and promissory note to make it a legally binding agreement.
At Asset Exchange Strategies, LLC we have had conversations with potential self-directed IRA clients many thousands of times and the myths continue to live on after 20 years in the business. Some things like Sasquatch or area 51 seem to perpetuate in people’s minds without any substantial evidence the concept is correct or myth. Let’s […]
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