More Ways of Making Money in Your Roth IRA (individual Retirement Account)
A canny fellow I know saw that a particular piece of commercial land was up for sale. It was in a good location and knowing that a chain store was in the market for land for a new store, he put the piece of commercial land under a purchase option in his self directed Roth IRA. He then approached the chain store management and after some negotiation sold them the piece of land. On closing day his IRA custodian received two sets of documents, one for the purchase of the property and the other for the sale of the property. He made a reasonable amount of money for his self directed Roth IRA and he was quite happy with the deal. A note of caution though, if the property had been flipped inside his IRA, he would have been liable to pay 'unrelated business taxable income' or UBIT taxes on his gain. Even if he had had to pay taxes on the deal, he still would have made a good amount of money on the deal.
Another friend of mine made money for his self directed Roth IRA, by buying a house that had partially burnt down. The insurance company had written it off and paid the owner full settlement. The owner was now selling it at the lot price, as he had bought another house. My friend knew a fellow that rehabbed houses, and he got in touch with him. The fellow said he was interested, but he was in the middle of rehabbing a house, and he wouldn't be able to buy another house to do up, until he had sold the house he was working on. My friend said this would be OK, and agreed to keep the house until this fellow was ready. In the end my friend had to wait six months before the fellow was able to buy it. But the wait was worth it, my friends self directed Roth IRA made a nice little profit on the house. And that was another occasion that my friend walked away rubbing his hands together with glee.
Buying and selling property is not for everyone, if you would like a simpler, more TURNKEY solution to buying real estate, by using an IRA. Go to the url at the foot of this article, from there to my website. You will find much more information there.
Related Tags: self directed roth ira, array roth ira
Gordon Hall is an active participant of a national network of professional writers who advocate socially conscious real estate investing through the use of retirement vehicles such as IRAs, 401Ks and other retirement assets. For more information, or to get involved, please visit the following http://www.double-your-ira.com
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