All Forum Posts by: Carl Fischer

@Marija Sparano

I understand that you want to find a custodian that is honest, transparent, and secure. The fact that you are an investor who is asking these questions makes you an excellent candidate for self-directed investing, as it shows that you are willing to do the work and research required of a self-directed retirement account holder. I am in the self-directed business, and therefore I cannot make any specific recommendations so as to adhere with BP guidelines.

Finding the right custodian can be a tedious process, as there are many to choose from. Many lists will include custodians that run the gamut, so understanding that you have to put in the time to determine the factors and services that will work best for you is the first step. BiggerPockets provides a list of self-directed IRA custodians for you to reference on this site. You can check out that list here. Once you have chosen several providers that you believe to be a good fit, speaking with people who have been around for a while, getting recommendations, reading referrals, and doing your due diligence is all very important. Being able to speak with providers will help inform your decision by giving you a true sense of the custodian’s service, knowledge, and team. I also suggest you call around, and see how easy it is to get ahold of someone who can answer all of your questions. Best of luck.

@Jack Stryc think about leaving it in an inherited Ira, otherwise a withdrawal will most likely be expensive-taxes unless it is a Roth. You can use your IRA or your inherited IRA to invest in real estate and you have 10 years before you have to pull it out. so you can distribute money out over those 10 years and potentially minimize the taxes. Talk to your cpa and checkout self directed IRAs.

@Jack Stryc

Will the inheritance funds be coming from a retirement account such as an IRA or 401(k)?

@Brian Miller

I like taking action. You are not promised tomorrow. I would ask your partner for his/her thoughts so you know where you stand one way or another. I would work on improving your credit so you can borrow easily at better rates. 
@Steve Hyzny makes some good points - Minimize risk is good but you can’t eliminate all risk when you grow and move beyond your comfort zone. If it’s a good deal the money shows up -if not the project never happens. Make it happen!

@John Dennis

Congratulations on taking the first step, and welcome to bigger pockets! I agree with the other posters that learning is the best thing you can start with. BP has some awesome podcasts for all levels of investors. They also have experienced investors write books with them, you could look into the books and podcasts available as great starting material.

The other thing you should be doing is connecting and growing a network of people who can guide and help you with your deals once you get started. I'm not sure where you are located, but there are many real estate investing groups across the united states. Normally they meet in person, but since Covid, most are meeting online. Try connecting with some investors in your local area and see what groups they like to attend.

@Brian Miller

Do you have any investors, entities or retirement plans you could partner with on a deal? A Partner would help you get the cash you need for the deal, and could help guide you through your first deal. Another option if your connections do not have that amount of cash available, they might be able to use their retirement funds to invest in the deal in the form of a slf-directed IRA or 401(k).

If you choose to go with the latter option, there are many other investments you can do in the short term to keep your money working for you and growing faster. Have you considered private lending? 

@D Turner

Thank you for the input- I am trying to look forward because I got hurt in 2008/9.  I would like to know what moves you made in past years or did you just keep finding good deals and adjust as required. 

@Henry Lazerow 

What statistics are you referring to?

@Eamonn McElroy

Thank you -do you think Biden will bail out the states or will the states be forced to raise taxes? Government always tries to get money from the rich but it falls short and then go after everybody. Business owners, land owners, bank and brokerage account owners seem to be the usual targets. 

Has anyone come up with strategies or ideas of what they would do differently if Biden wins the election?

Will property taxes increase? Would you sell or buy properties? Hoard cash or buy assets?  Borrow more or pay off debt? Etc. Any ideas or strategies would be appreciated.