Using retirement funds to purchase property at Red Frog

Has anyone out there used retirement funds to purchase all or part of your property? We have, but at the time, Legacy Benefits was the buffer between us and Pillar Panama so I have no idea how they handled the documents.

To date, I am still trying to get IRA money out of our Entrust account to pay for a percentage ownership of the slip we bought. My problem is trying to fill out the Buy Direction letter, particularly with regard to the percentage of ownership. I think I know, but I want to be sure!

If anyone else has gone through a similar experience I would love to get some feedback. A small percentage of personal funds were put up for the reservation fee, and now the balance is coming from the IRA. Sure could use some help!

Mick @ Lot 83

Updated 7/25/07
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When we purchased the boat slip, we put up cash from our personal funds for the reservation fee.

• Total slip price 100% - Introductory price of $79,900 (of which 50% due for down payment)
• Initial cash for down payment was about 15% of total slip price - $12,550
• Balance due 35% of total slip price - $39,950 which will come from the IRA

I'm really good at math, but what confuses me is this; when we create the minutes of the meeting designating percentages of ownership in the company is it based on the percentage as it appears in the downpayment or of the purchase as a whole.

• Initial cash down is about 15% of the total slip price, but over 30% of the down payment!

See my confusion? I am working with JJ at Pardini to get the new subscription documents. I'll let you know what we find out.

Mick O.