Jan 16, 2018
It doesn’t take a rocket scientist to figure out self-directed
IRAs, but it may have before the age of the Internet. Fortunately,
Carl Fischer, a third generation real estate investor, graduated
from Cornell and went directly into rocket science. However, when
his father passed, he dealt with the estate and stumbled across an
investor using a self-directed IRA. That experience led him to
learn more about SDIRAs and he was amazed at how little info was
available at the time. He went on to fund CamaPlan to help others
leverage the power of SDIRA investing. Learn more about how SDIRAs
can serve as rocket fuel to blast up your retirement account.
Key Market Insights
- 3rd generation real estate investor, Cornell grad, rocket
scientist at Kennedy Space Center for 18 years
- Carl’s dad died land rich, cash poor, so Carl helped settle the
estate
- Found someone who loaned money through an IRA
- Called IRS, bank to find out more, but nobody knew about
it
- SDIRA can exponentially increase your options of
investments
- Brokerage firms (Merrill Lynch, Vanguard, Fidelity, etc.) have
self-direct IRAs, but only allow you to self-direct in what they
sell
- Qualified investments range from stocks, bonds, real estate,
notes, private placements, precious metals, tickets, automobiles
and even llamas
- Life insurance and collectibles (coin collections, jewelry) are
prohibited
- IRS tells you what you can invest in, not what you can’t invest
in
- Can not sell property to yourself or your IRA, must be strictly
for investment purposes
- Other disqualified persons to your SDIRA: parents, children,
grandparents and grandchildren; however siblings, uncles, aunts,
nephews and nieces are permitted
- You are not allowed to do your own rehab with an IRA owned
property
- Who should use a SDIRA? People that want control of their
investment
- If you have a 401k, IRA you can roll this into a SDIRA
- The process: Select a custodian, open an account, fill out
transfer papers to fund the account, select the investment, fill
out investment contract (in account’s name) and send to custodian,
proceed with due diligence
- Loopholes to pull out funds before 59 ½ through a 72T
Distribution
- Starting to discuss cryptocurrency for SDIRA accounts as people
are putting Bitcoin into SDIRA, but there may be regulatory
issues
Bull’s Eye Tips:
Winning Your Market: When investing out of market, rent
a place in the area for a couple months and get to know the area,
use Facebook to sell properties
Daily Habit: Write list every morning, review the list
from the day before
Resources:
Best Business Books:
Keep
It by Joe Luby
Think and Grow Rich by Napoleon Hill
Digital Resources
Trulia
DealMachine
Tweet This:
- “Self-direct and supersize your IRA”
- "The IRS doesn’t tell you what you can invest in, they tell you
what you can’t"
- "As Warren Buffet once said, “it’s great to diversify, but
don’t diversify into things you don’t know”
Places to Grab a Bite:
Geno’s Philly Cheesesteak
Connect with Carl:
Website: Camaplan.com
Phone: 215-283-2868
Email: info@camaplan.com
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