Tips on Buying Orlando Real Estate with your IRA
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While most people understand that real estate is an investment, many people are taking advantage of the qualified retirement accounts to purchase real estate as an appreciating or revenue-generating instrument like IRAs.
It’s really important to understand the tax implications, legal ramifications, and various other intricacies of purchasing Orlando real estate within your IRA.
So, lets dive into some tips on buying Orlando Florida real estate with your IRA!
Tips on Buying Orlando Real Estate With Your IRA
If you don’t have a self-directed type IRA… first off… you’ll need to connect with your trusted financial adviser to find a reputable and low fee self-directed IRA. Or, connect with us and we can direct you to some very good self-directed IRA companies we’ve worked with in the past.
Open a Self-Directed IRA
You can own a wide variety of properties within your IRA, including residential, commercial, and industrial structures, as well as unused land. Many savvy investors choose to purchase parking lots, storage unit facilities, and other types of property that require little maintenance, but generate steady income.
Your IRA cannot own any home where you live or vacation. Legally, you aren’t even allowed to spend one night in the property. You cannot avoid this restriction by “renting” the property from your IRA, or renting to your spouse, children, grandchildren, parents, or grandparents, nor can you use an IRA to purchase property from close family. You could, however, rent to property to a sibling, cousin, or friend. A solution that many investors implement is to purchase a home for their IRA, rent it out for income until retirement, then assume residence upon retirement.
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