Saving up for retirement doesn’t always mean working double shifts or having other jobs. Sometimes, all you need is knowledge on how to use your retirement funds to build a new source of income – rental properties.

In this episode, Brendan Walsh joins me and discusses how you can use your retirement funds as an investment for a rental property.

Stay tuned!

Chapters:
[0:00] Introduction to Brendan Walsh and Rocket Dollar
[5:46] Two types of IRA
[9:47] Timeline on when you will get access to your IRA Funds
[14:00] The structure of Rocket Dollar Services
[24:20] Rocket Dollar and advisory services
[36:20 ]How do you choose a lucrative, cash-flowing property
[38:00] Prohibited transactions

READY TO START YOUR OWN SHORT-TERM RENTAL BUSINESS?

Suggested Video: Tax Advice for Real Estate Investors with CPA Michael Leonard

Suggested Tool: Quick Estimator Repair Sheet

YouTube Video URL:

#realestateinvesting #retirementfunds #rentals…(read more)

LEARN MORE ABOUT: IRA Accounts

TRANSFER IRA TO GOLD: Gold IRA Account

TRANSFER IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

Investing in rental properties can be a lucrative way to grow your retirement savings. And for those who have a self-directed IRA, the option to use those funds to purchase rentals can be an attractive choice. A self-directed IRA allows you to have more control over your retirement investments by enabling you to invest in a wider range of assets, including real estate.

When it comes to buying rentals with self-directed IRA funds, there are some important considerations to keep in mind. Here are a few key points to consider:

1. Eligibility: Not all IRAs are self-directed, so before you can use your IRA funds to purchase rental properties, you’ll need to make sure that your IRA is set up as a self-directed account. This will allow you to invest in real estate and other non-traditional assets.

2. Prohibited transactions: While self-directed IRAs offer a wide range of investment options, there are certain restrictions when it comes to using the funds for personal benefit. For example, you cannot use the rental property for personal use or let a family member live in the property. It’s important to be aware of these restrictions and consult with a qualified tax or financial advisor to ensure compliance with IRS rules and regulations.

3. Due diligence: Just like any other real estate investment, it’s crucial to thoroughly research and analyze potential rental properties before using your self-directed IRA funds to make a purchase. This includes conducting a thorough financial analysis, evaluating the property’s potential for rental income, and assessing the local rental market. You should also consider the ongoing maintenance and management of the property, as well as any potential risks associated with the investment.

4. Custodian involvement: When using a self-directed IRA to purchase rental properties, you’ll need to work with a custodian who specializes in this type of investment. The custodian will handle the administrative tasks associated with the investment, such as processing rental income, paying expenses, and ensuring compliance with IRS regulations. It’s important to choose a custodian who has experience with real estate investments and can provide the guidance and support you need.

5. Potential advantages: There are several potential advantages to using a self-directed IRA to purchase rental properties. This includes the ability to diversify your retirement portfolio, potentially benefit from rental income and property appreciation, and take advantage of tax-deferred or tax-free growth of your retirement savings. However, it’s important to weigh these potential advantages against the associated risks and ensure that the investment aligns with your overall retirement goals.

In conclusion, using self-directed IRA funds to purchase rental properties can be a powerful way to grow your retirement savings. However, it’s crucial to do your due diligence, seek professional guidance, and carefully consider the potential risks and rewards of this investment strategy. With the right approach and careful planning, buying rentals with self-directed IRA funds can be a valuable addition to your retirement investment strategy.