momopi_IHB
New member
^^;; Can anyone suggest a paid professional that I can talk to?
Self-directed IRA
- Thread starter momopi_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
My knowledge in this area is pretty limited. I was looking forward to learning along with Momopi. If I wasn't swamped at work I'd go to the conference in Santa Ana this week.
As I understood it, all income must be deposited to the IRA and all expenses have to come out of it. Imagine if you had a stock or mutual fund that paid a huge dividend, you wouldn't be able to withdraw those before you turn 59 without paying tax and penalty. Rental income from a self directed IRA in RE would be the same.
Oh good, I'll have to attend next time they have one. At least you now have a broad understanding of how they work. I would never blindly trust a professional with my money. Now if you seek out some advice you'll know the right questions to ask.
usctrojanman29_IHB
New member
PM McDonna.momopi said:
Mcdonna1980_IHB
New member
USCTrojanCPA said:
My knowledge in this area is pretty limited. I was looking forward to learning along with Momopi. If I wasn't swamped at work I'd go to the conference in Santa Ana this week.
stepping_up_IHB
New member
momopi said:
As I understood it, all income must be deposited to the IRA and all expenses have to come out of it. Imagine if you had a stock or mutual fund that paid a huge dividend, you wouldn't be able to withdraw those before you turn 59 without paying tax and penalty. Rental income from a self directed IRA in RE would be the same.
momopi_IHB
New member
Thank you to McDonna for the Entrust recommendation. I attended their seminar and it was well worth the $100 fee.
What I learned: self-directed IRA requires professional advice and lots of planning. Do not attempt to do on your own.
What I learned: self-directed IRA requires professional advice and lots of planning. Do not attempt to do on your own.
Mcdonna1980_IHB
New member
momopi said:
Oh good, I'll have to attend next time they have one. At least you now have a broad understanding of how they work. I would never blindly trust a professional with my money. Now if you seek out some advice you'll know the right questions to ask.
momopi_IHB
New member
I have returned from my real estate research trip to North CA.
This is my conclusion:
* You can only make cash flow in bay area if you want to be a slum lord.
* Avoid Sacramento, the place is 10x worse than the slums of Oakland.
This is my conclusion:
* You can only make cash flow in bay area if you want to be a slum lord.
* Avoid Sacramento, the place is 10x worse than the slums of Oakland.