How would the value of the IRA be set on Dec. 31st each year. Would they have to pay for an appraisal each year?
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Rental Income to satisfy MRD
The MRD would have to come from the rental income and a reserve set up at the get go to cover this situation.Google Self Directed IRA's. Most are happy to talk if they think they can land you as a client.Comment
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It used to be that the IRS said NO REAL ESTATE and then about 10+ years ago we received a prospectus from a company that said they had figured out a way to invest in real estate. As I understood it, you had to invest in a trust (something like that) where pools of individuals were collected together and invested in the partnership on a limited liability issue. There are multiple problems with real estate (several mentioned) plus the fact that if you own the property in an IRA and you need to make renovations, how do you do it if all the money is invested? Need to rehab the kitchen, how ya going to pay for it? If you work on the property and build sweat equity, the IRS is going to have a problem with it because you've added value beyond your contribution limit.
Even with all the problems, people still advertise you can do it but it's a nightmare from what I've heard.Comment
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Yes, You can hold real estate in an IRA
I have a client that is very pleased with his relationship with Peter Kamel at Equity Trust in Elyria Ohio. Elyria is about 25 miles from Cleveland. I just finished talking to Peter and got his permissiom to post his phone number. 1-888-382-4727 Ex 348
This is not to solict business. A chance to get the questions answered.Comment
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