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SDIRA LLC - Thank You, BP
Just wanted to say thank you to the BP community for all the great info about SDIRA LLC. About a year ago, I became POA for my parents and took control over their traditional IRA, and at the same time, they moved to assisted living (AL). I discovered their previous IRA custodian was charging extremely high monthly fees for mid-single digit returns. After you guys enlightened me to SDIRA LLC, the lightbulb went on.
Implementing the SDIRA LLC + BRRRR enables me to protect their assets and provides the necessary rental income to offset the AL costs. (Wifey and I have been doing BRRRR for a few yrs prior to this, so it was a natural fit to do that within the SDIRA LLC.)
The SDIRA LLC helped me turn around the situation where we would have previously watched the AL expenses rapidly burn through their cash. And we didn't just slow down the cash burn, we stopped it :) Looking at all their income and expenses, they will be cash flow positive annually. And if I consider the appreciation from the held property, it'll absolutely turn a double-digit profit when it's time to sell. It's been several months now, and things are looking good with the setup.
I am really loving SDIRA LLC as a financial instrument for retirement savings, so Thank You again.