Self directed IRAs, especially Roth, are great. I myself have borrowed from a friend in my local REI club. My friend gets a great rate of return, they get a 2nd (because I usually do sub-tos) , they get their money back into their IRA within 6 months when I sell the property, and they feel safe because they know me and we have gone over all of the comps, estimates for repairs, they have seen the neighborhood, etc.
I get a cash partner for low cost. I look at the deal with them and we go at it together. [ Edited by rickpozos on Date 02/07/2004 ]
One question I had from the last thread. Has anyone ever tried contacting the companies holding Self Directed IRA's? And if so, do they give the names out or do they act as a buffer. I think I would be angry if someone gave my info out, but I wouldnt mind being approached by the person holding my monies. Just curious if anyone has gone through the process already.
Also what are the negatives with having a self directed IRA versus a standard escrow account? Just curious.
I went to an IRA mtg where a lawyer was opening up a new office in this city. With that, he invited all the contacts that had Self-directed IRAs to the meeting. There were ~ 10 other RE investors there to discuss the issue of them providing money from those IRAs.
So yes, those people are being contacted. I think you should try to contact your Investment firms in your city that provide that type of IRA and see if they have some types of meetings where you could attend.
Self directed IRAs, especially Roth, are great. I myself have borrowed from a friend in my local REI club. My friend gets a great rate of return, they get a 2nd (because I usually do sub-tos) , they get their money back into their IRA within 6 months when I sell the property, and they feel safe because they know me and we have gone over all of the comps, estimates for repairs, they have seen the neighborhood, etc.
I get a cash partner for low cost. I look at the deal with them and we go at it together. [ Edited by rickpozos on Date 02/07/2004 ]
One question I had from the last thread. Has anyone ever tried contacting the companies holding Self Directed IRA's? And if so, do they give the names out or do they act as a buffer. I think I would be angry if someone gave my info out, but I wouldnt mind being approached by the person holding my monies. Just curious if anyone has gone through the process already.
Also what are the negatives with having a self directed IRA versus a standard escrow account? Just curious.
Kyle
Kyle,
Yes I have searched alot, for other investors. I use some IRA's and they are definitely the best way to go. My closing costs are way way low.
However, I have not had any luck finding any others online.
Maybe we can start a lenders section for people wanting to invest their IRA's with some of us in different states.
I went to an IRA mtg where a lawyer was opening up a new office in this city. With that, he invited all the contacts that had Self-directed IRAs to the meeting. There were ~ 10 other RE investors there to discuss the issue of them providing money from those IRAs.
So yes, those people are being contacted. I think you should try to contact your Investment firms in your city that provide that type of IRA and see if they have some types of meetings where you could attend.
See what else they can provide.
Rene
Yes, I must agree as well that Equity Trust is good.
I mysel fwill bw opening an account in October.
IRA_MAN how did they set up your LLC? Please contact me. I am having trouble with this.
[ Edited by woodsong on Date 09/08/2005 ]