Posted by Rodney (AZ) on February 28, 1999 at 17:53:41:
That’s for sure! My rep at Prudential just about laughed at me out loud and generally acted as though I were an imbecile to even suggest such a “risky” thing!
Rodney
Ira money - Posted by Laure
Posted by Laure on February 27, 1999 at 22:48:02:
Hey I did it!! I FINALLY got my IRA money invested in real estate. I made a short term mortgage to my office manager for her first house. I was worried, like the first time I rode a bike… didn’t know how it was going to come off. She wrote the offer when i was out of town, and only gave me two weeks to roll over the money to the new account, write the mortgage, note etc etc etc… and being the first time, we stumbled our whole way through. I told her Thursday… NO problem… we’re closing on time, on Friday. So, Friday we are sitting at the closing table, and I finally admit I didnt’ think there was any way we would pull it all off !!! WHEW ! we are rehabbing the house and splitting the profits. Great deal !
Laure 
Re: Ira money - Posted by Ed Hall
Posted by Ed Hall on February 28, 1999 at 18:15:26:
For a self directed IRA look at the program offered by
Mid-Ohio Securities Corp
511 broad Street, PO Box 44036
Elyria, Ohio 44036
Phone (216)323-5491
Fax (216) 323-4529
E-mail: mioh@mid-ohio-securities.com
These folks seem to have a good program at reasonable prices, great service…
Seems to be created with the RE investor in mind…
Re: Ira money - Posted by Ed Hall
Posted by Ed Hall on February 28, 1999 at 18:15:26:
For a self directed IRA look at the program offered by
Mid-Ohio Securities Corp
511 broad Street, PO Box 44036
Elyria, Ohio 44036
Phone (216)323-5491
Fax (216) 323-4529
E-mail: mioh@mid-ohio-securities.com
These folks seem to have a good program at reasonable prices, great service…
Seems to be created with the RE investor in mind…
Re: Ira money - Posted by MilNC
Posted by MilNC on February 28, 1999 at 09:43:50:
Fabulous! Who is yor IRA with? Not everyone handles self-directed IRA’s…Schwab doesn’t for example.
Re: Ira money (Roth IRA’s) - Posted by Jim - Houston
Posted by Jim - Houston on February 28, 1999 at 23:17:58:
In addition to Mid-Ohio Securities, I have identified five other custodians that permit real estate investments in a Roth IRA. They are:
Sterling Trust Co.
1-800-955-3434 or 254-751-1505
Security Trust
619-239-3091
Lincoln Trust
1-800-825-2501
Entrust
510-587-0950
(advertised on this web site - see link above)
CNA
714-437-4144
I believe that certain investment vehicles, such as gold coins and collectibles, are disallowed by law, but there is no legal restriction to having real estate in your IRA. However, most IRA custodians will not permit real estate but those listed above will all administer real estate investments as part of a self-directed IRA.
I strongly suggest that investors also explore the benefits of a Roth IRA versus a traditional IRA. One of the main differences between the two is that with a traditional IRA, your annual contributions are made with “before tax” dollars while your annual contributions to a Roth IRA are made with “after tax” dollars. In other words, you may deduct your contributions to a traditional IRA from your income taxes but you receive no deduction for your contributions to a Roth IRA.
HOWEVER, the major benefit of having a Roth is that ALL profits are completely tax FREE - not tax deferred!
If you already have a tradional IRA, you can keep it and start a new Roth IRA. You also may convert your existing traditional IRA to a Roth but you would be subject to certain penalties in order to convert. In most cases, it is probably better to leave the existing IRA undisturbed and simply start a new Roth IRA.
Any decision regarding changes to your IRA should be made with the assistance of your CPA. Anyone who uses real estate as a significant portion of their investment strategy should ensure that their CPA is well versed in the tax ramifications of real estate investment and I would also want my CPA to be extremely well versed on Roth IRA’s.
Hugh Bromma, owner of The Entrust Group, has three “How-To” articles at this web site devoted to IRA’s and one article about using your 401K for real estate investment.
Looking forward to meeting you folks at the convention!
Jim Kennedy
Houston, TX
Re: Ira money (Roth IRA’s) - Posted by Jim - Houston
Posted by Jim - Houston on February 28, 1999 at 23:17:58:
In addition to Mid-Ohio Securities, I have identified five other custodians that permit real estate investments in a Roth IRA. They are:
Sterling Trust Co.
1-800-955-3434 or 254-751-1505
Security Trust
619-239-3091
Lincoln Trust
1-800-825-2501
Entrust
510-587-0950
(advertised on this web site - see link above)
CNA
714-437-4144
I believe that certain investment vehicles, such as gold coins and collectibles, are disallowed by law, but there is no legal restriction to having real estate in your IRA. However, most IRA custodians will not permit real estate but those listed above will all administer real estate investments as part of a self-directed IRA.
I strongly suggest that investors also explore the benefits of a Roth IRA versus a traditional IRA. One of the main differences between the two is that with a traditional IRA, your annual contributions are made with “before tax” dollars while your annual contributions to a Roth IRA are made with “after tax” dollars. In other words, you may deduct your contributions to a traditional IRA from your income taxes but you receive no deduction for your contributions to a Roth IRA.
HOWEVER, the major benefit of having a Roth is that ALL profits are completely tax FREE - not tax deferred!
If you already have a tradional IRA, you can keep it and start a new Roth IRA. You also may convert your existing traditional IRA to a Roth but you would be subject to certain penalties in order to convert. In most cases, it is probably better to leave the existing IRA undisturbed and simply start a new Roth IRA.
Any decision regarding changes to your IRA should be made with the assistance of your CPA. Anyone who uses real estate as a significant portion of their investment strategy should ensure that their CPA is well versed in the tax ramifications of real estate investment and I would also want my CPA to be extremely well versed on Roth IRA’s.
Hugh Bromma, owner of The Entrust Group, has three “How-To” articles at this web site devoted to IRA’s and one article about using your 401K for real estate investment.
Looking forward to meeting you folks at the convention!
Jim Kennedy
Houston, TX
Re: Ira money - Posted by Laure
Posted by Laure on March 01, 1999 at 07:49:25:
I went with Security Trust. I like the fact that they are a subsidiary of Chicago Title, and they pulled my deal together in less than 2 weeks. From accepted offer to close ! And that included the rollover process too ! I was impressed !
I’ll let you know how it goes from here.
Laure
Re: Ira money - Posted by Rodney (AZ)
Posted by Rodney (AZ) on February 28, 1999 at 17:53:41:
That’s for sure! My rep at Prudential just about laughed at me out loud and generally acted as though I were an imbecile to even suggest such a “risky” thing!
Rodney