If you have a self directed IRA, then you know you can use it to invest in real estate but unfortunately, using it to flip houses may be subject to what’s called Unrelated business income tax or UBIT for short, which would wipe out any benefits. But the thing is the UBIT tax rule is vague as to when it applies so you need to understand the implications, which I’ll explain on this video. But that’s not all…I’ll also show you a little known black hat technique that would allow you to still flip using your IRA while avoiding the UBIT tax.
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Jerry Norton went from digging holes for minimum wage in his mid 20’s to becoming a millionaire by the age of 30. Today he’s the nation’s leading expert on flipping houses and has taught thousands of people how to live their dream lifestyle through real estate.
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Hack Strategy to Flip Houses Using a Self Directed IRA
Flipping houses has become a popular way to make money in real estate. The idea is simple – buy a distressed property below market value, renovate it, and sell it at a higher price. However, funding these projects can be a challenge, especially for those who don’t want to rely on traditional financing options. That’s where a self-directed Individual retirement account (IRA) comes in.
A self-directed IRA is a retirement account that allows you to have complete control over your investment choices. Unlike a regular IRA, which is limited to stocks, bonds, and mutual funds, a self-directed IRA allows you to invest in a wide range of alternative assets, including real estate.
So how can you use a self-directed IRA to flip houses? Here’s a hack strategy to help you get started:
1. Set up a self-directed IRA: The first step is to establish a self-directed IRA with a custodian who allows real estate investments. There are several custodians available, so make sure to research and choose one that suits your needs.
2. Fund your IRA: Once your self-directed IRA is established, you need to fund it. You can contribute to your IRA annually within the allowed limits, or you can roll over funds from other retirement accounts into your self-directed IRA.
3. Identify a property: Once your IRA is funded, it’s time to find a property to flip. Look for distressed properties that are selling below market value. These properties usually require renovations, but with the right expertise and vision, they can turn into profitable investments.
4. Perform due diligence: Before making an offer, conduct thorough research on the property. Check for any existing liens, assess repair costs, and estimate potential resale value. It’s important to be realistic about your numbers to ensure you’re making a wise investment decision.
5. Make an offer: Once you’ve done your due diligence and are confident in the property’s potential, it’s time to make an offer. Your self-directed IRA will be the buyer, rather than you personally, so you’ll need to work with your custodian to complete the transaction.
6. Renovate and sell: After acquiring the property, you can begin the renovation process. It’s essential to stick to a budget and timeline to maximize your profits. Once the property is renovated, market it for sale and aim to sell it at a price that covers all expenses and leaves you with a significant profit.
7. Reinvest your profits: Once the property is sold, the profits go back into your self-directed IRA tax-free or tax-deferred, depending on the type of IRA you have. At this point, you can choose to reinvest the funds into another property or diversify your portfolio with other alternative assets.
It’s important to note that while using a self-directed IRA to flip houses can be a lucrative strategy, there are certain rules and regulations that you must follow. For example, you cannot personally benefit from the property until you reach the age of retirement. It’s crucial to work closely with a knowledgeable accountant or financial advisor to ensure compliance with IRS guidelines.
Flipping houses with a self-directed IRA offers a unique opportunity to grow your retirement savings while engaging in real estate investing. By using this hack strategy, you can leverage the power of your IRA to build wealth and achieve financial freedom. So, if you’re interested in flipping houses but don’t have the capital, consider utilizing a self-directed IRA to help turn your dreams into reality.
You're a flipping genius.
Jerry you are flipping genius King!!!!!
Jerry, I like the idea of having a voice for wholesalers, especially against NAR, but please do NOT ban assignments or require people to DOUBLE CLOSE using transactional funding.
Can you guys at least be willing to listen to some of our concerns as well instead of making your own regulations without hearing the audience?
Jerry..question off topic..if an individual is new to real estate and wishes to start wholesaling..out of the craigslist flipper system and the 100% funding system…which one is the best one to start with?
Jerry you’re a flipping genius! Could you do a video on the systems and structure of a flipper at scale? 80+ flips per year. That would be inspirational .
Hey man I got a nice deal on a house for 8k 3 bed room fixer upper can you help me ? I’m in Texas
Indeed, Jerry you're a flipping elaborate genius.
Question for any experienced wholesalers or anybody who would know … Ok so ,There's a house that has been on market for almost a year now. I wanted to try it as my first wholesale but I'm reading that I should not do it because it has already had eyes on it. Which means it's not going to work, any advice? I'm still thinking about going for it but starting to have doubts after reading about houses that have been on market long term.
Great content. Thank you.
Question regarding wholesaling. When you are talking to a seller and about to sign the contract do you explain that you will probably assign the contract to a different buyer?
And if you do do you then introduce seller to new buyer once it’s assigned?
Nobody seems to cover this part of the process. Thank you.
I have a a solo 401k but, it doesn't allow you to have employees. How do you handle this?
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craziest HAIR IN THE GAME!
Im learning to do this but I need to be taught by someone face to face to really understand. How do I go about that ? Trying to find someone to teach me like that
Does this go for when I want private money lender to lend to me? Do they have to pay that tax?
You're a flipping genius, Jerry!