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Education & Training |
RAINER 5,877 |
| Thomas Phelan | ||
| location_on Miami, FL — IRA Choices | ||
| insert_link IRA and Individual 401(k) Specialist | ||
| web Thomas Phelan's (tomfishphelan) Blog | ||
Get to Know Thomas Phelan
Testimonials
| IRA Choices Testimonials |
| 05/17/2014 |
| “Thank you very much for the information. Our accountant has been telling us this is impossible (buying real estate with an IRA).” K. M. “Good info ... I tried to do something similar (buy real estate with her IRA) 5 years ago but couldn’t find anyone who even knew what I was talking about so I gave up.” C. T. “I too have been asking my accountant for quite some time. I thought the very words ‘Self-Directed’ should allow me to choose the components I wanted to invest in ... Real Estate was my top suggestion and the vehicle of choice. He (accountant) totally discouraged me by implying there were too many complications to such a thing.” L. K. “Thank you for the information that you presented about Self-Directed IRAs. Let me tell about what we want to accomplish. There are about 8 of us who have $500,000 + in our accounts. We want to invest in income producing real estate but we do not have the CORRECT information ... One of our members has his account with Merrill Lynch and they state that we cannot invest in real estate. One of our CPAs agree (with Merrill Lynch).” C.G. “If you’re asking for a personal take on real estate investing, I just want to say that’s where all my retirement savings are – rentals in my own town where I can check on things and know the tenants well. I’m 68 now, and am expecting no problems.” K. W. “My Accountant told me I have to hold property with a stranger (arms length) in a LLC through the IRA and they have to own 51% of the ownership! Man Wall Street has totally tied our hands on what to invest in and I am so mad I could spit.” M. T. “I even spent $200.00 to see a so-called financial lawyer, who told me it (Self-Directed IRA) was such a gray area and providing enough arm’s length all around the transaction was too difficult.” R. S. “I understand that reporting costs associated with holding real estate in a Self-Directed IRA is prohibitive.” P. C. “My accountant indicated that Real Estate was not an option for my SEP Account tax shelter. Have I been putting $40,000 a year into my SEP account and using it for Mutual Funds in ignorance.” J. P. “I just read your article and a light bulb went off. I did not know I could do that (buy real estate with an IRA). I can’t wait to change my IRA (traditional) and buy another property. I will contact you when I find the right property to get information on a non recourse note.” K. V. “Read your statement on Early To Rise (internet newsletter), and was very surprised to find out that people don’t have control over their money. I guess it’s true even for me. I like the idea of a self-directed method of investment, but I don’t know enough to do it. What’s worse, nobody will tell you. I have talked to all kinds of people from my insurance man at Allstate to the Bank to people at Fidelity etc., but everyone wants me to sign up and give them my dough. I’m 47 now so I don’t have a whole lot of time on my side; I need to make some right decisions fast.” R. M. |