Are you looking into opening a real estate IRA, but don’t know which IRA services to work with? This is understandable, seeing that there are so many IRA services to choose from. So which IRA service can help YOU the most with a real estate IRA? This article will explain how to decide which real estate IRA service is worth your time.
First of all, how well are you familiar with real estate IRA investing? Do you understand a lot about real estate transactions and the taxes and costs that come with owning real estate? Do you know how to find the best deals and how to find a qualified buyer? If you’re not too familiar with any of these things, then taking part in real estate IRA investing can be a bit tricky, especially in the beginning.
If you have a pretty good understanding of how a real estate IRA would work, then you may want to choose the IRA service that offers the lowest fees. All you’ll really need them for is to hold your funds and make sure all the necessary paperwork is filed correctly.
However, if you know very little (or nothing at all) about real estate IRA investing, then I suggest you take a different investing route.
To start, there are different kinds of IRA services. One type of IRA service is a custodial service. This kind of service provides you with a IRA custodian that is responsible for holding your funds and taking care of all the paperwork and reports that come along with real estate IRA investing. IRA custodians cannot legally offer their clients with any sort of real estate IRA investment advice. This type of IRA service is the most popular. And unfortunately, these type of services cannot help people along the whole real estate IRA process.
Then there’s another type of IRA service- one that can make real estate IRA investing a whole lot easier for you. This is an IRA service that finds you a suitable IRA custodian to manage your funds. But they also involve you in a program that their company exclusively runs. This allows them to hold your hand through the whole real estate IRA investment process. But don’t get the wrong idea- you are still in total control over what happens within you real estate IRA account.
It’s just that with this kind of IRA service, they find the real estate property AND the best deals to take advantage of. Then, you can purchase and hold these properties using your real estate IRA. Some will even make all the repairs and renovations if the property is not in a livable condition, and even find you qualified buyers/renters for the property! This will save you the time and money needed to hire a contractor/realtor.
Sadly, there are very few companies that fall into this category. These kind of IRA services are newly available to investors due to the potential that real estate IRA investing currently provides, and in light of all the foreclosures that have flooded the market. Now is a great time to scoop up property at ROCK BOTTOM PRICES and either flip them quickly and repeat the process over and over or rent them out to tenants and collect rental income until real estate values increase.
There is one IRA service in particular that specializes in a “hands-off” approach for real estate IRA investors, like explained above. However, there’s a lot more to the program than just IRA investing. Not only does it provide a huge benefit and opportunity to real estate IRA investors, but it also benefits working class families and communities that have been neglected in the past.