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Buying Real Estate with 401I am curious about this topic and I am looking into what they call an unlimited IRA. Now to my understanding is that you can buy real estate in this IRA but all expenses must be paid from the IRA and of course all profit goes into the IRA. When I mean Real estate I mean anything that pertains to it, including land. Also from reading I see that you can never use the Real Estate for personal use, it must be for investment purposes only. Also another benefit from it is that you do not pay taxes on any of the profit, bc it all goes back into the IRA. However like I stated before, you must pay property taxes, repairs, management fee,etccc out of the IRA. Has anyone ever done anything like this before, know of anyone who has done it, or put me in contact with someone? I believe as the market continues upwards and Real Estate in the opposite direction this could be a useful tool in the future. What are your thoughts?? |
Author
Scot Thrapp Coastal Palmetto Realty Conway, SC Office Phone: (843) 349-1220 Cell Phone: (614) 284-4608 More information... Contact Scot Thrapp |
