Let your IRA own property - The Park Record
#1 Mar 4, 2011
"Experts agree:" hahahahahahahahahahaha you stooge.
#2 Mar 5, 2011
As far as I've ever heard, you need to pay for the entire property in cash out of the IRA because the property can't be used as collateral for a mortgage, thus no mortgages allowed, not to mention the annual fees and potential transaction fees to the trust company (read ENTRUST) who is acting as custodian as your self directed IRA, not to mention the loss of any tax deductions, not to mention that all costs associated with the property need to continuously be paid out of the IRA, not to mention that gains are now ordinary income vs. capital gains, not to mention possibility of unrelated business income tax, not to mention all of the other prohibited transactions that can blow up your IRA and stick you with an enormous tax bill for your disqualified IRA on which you have to pay ordinary income.
So if you want to drain your IRA and go completely illiquid with your retirement funds, knowing that all of the income that you were going to take out is going towards utilities, property taxes, HOA dues, and insurance, etc. then this is a great idea. After the seminar, maybe you can buy some juice from deep in the jungles of Southeastern Mongolia that have until now only been known by the locals who have just barely begun sharing their secret with a select few individuals and you can be one of the first to know about it...if you can get 10 other friends to buy some too. Genius!
#3 Mar 5, 2011
I could not determine whether this piece is an 'article' or an advertisement. It seems the 'reporter' has embellished a one-sided sales pitch from a financial agent with talking points cut and pasted from the agent's corporate website.
The author suggest that an IRA holder can immediately fund an IRA by 'adding a home' to the plan. That is incorrect according to current tax code. You cannot add your current home to your IRA. Neither you, your spouse, nor your family members (other than siblings) may have owned the property in question prior to its purchase by your IRA plan.
Retirement is a serious issue for most Park Record readers. IRAs are a necessary component of anyone's retirement, unless you belong to one of the few unions around that still has a viable pension program. Depending upon Social Security is naive and wishful thinking given that the entire program will be insolvent within twenty years.
For this newspaper to give away adspace to a real estate investment scheme without any critical understanding of how the Entrust Group profits as such is journalism that is lazy at best and collusive at worst.
#4 Mar 5, 2011
With a diversified IRA, I own a few properties in a self directed IRA. There are many caveats, but also many benefits, especially to cash buyers in a depressed real estate market.
One thing for certain though, the WORST thing you could do is buy UTAH property managed by someone other than yourself. Time and again, the legislature has failed to protect investors by allowing management companies to comingle and otherwise steal outright funds belonging to owner investors. The lodging lobby has politicians ears.
Don't be a fool, don't use a management company or nightly/weekly or even monthly rental management companies in UTAH. They have a contract to STEAL your money in Utah, with virtually no recrimination.
If in doubt, just read past copies of the PARK RECORD over the years for the multiple companies that have easily stolen investors money with no retribution. I got that T shirt years ago, and have learned my lesson. Sadly, authorities remain non plussed by the millions of dollars siphoned off.
#5 Jun 10, 2013
It is your IRA. Manage it by yourself.
Add your comments below
|11 Movies We're Excited to See at Sundance (Mar '17)||Aug '17||Anonymous||8|
|Iconic Park City figure faces felonies - The Pa... (Jan '09)||Jul '17||MamaPamela||7|
|Hoffman offers fine art, autos and aircrafts - ... (Jun '11)||Jul '17||Homewreckedbyioni||2|
|These Are the Wealthiest Small Towns in America||Apr '17||srhino||2|
|Woody Harrelson gives up smoking pot after '30 ... (Mar '17)||Mar '17||Duuuh||1|
|Redford avoids politics as Sundance opens on ev... (Jan '17)||Jan '17||Rev Cash Dollar||1|
|Canadian films bound for Sundance festival incl... (Jan '17)||Jan '17||hjdutjdt||1|
Find what you want!
Search Park City Forum Now
Copyright © 2017 Topix LLC