All Forum Posts by: David McIlwaine

Just found this thread...in the header you mentioned tweaking the format...wondering what the tweaks are? and are the dates and location still correct?  Looking forward to joining.

Greg Grafner with Colorado Comfort Pros.  I'm happy to share the contact info privately.  

Welcome to BP and investing in general. As a Kansas alum I'm always happy to help my past neighbors.  I'm an investor and agent in Denver and would be happy to answer any questions you have about my market. It's  robust with very low vacancy and tremendous demand continues to provide investment returns.  And there's a whole lot less humidity 😄

I have a great CPA in the Denver area who specializes in investment clients.  Reach out privately and I'll be happy to share information.  I don't want to post openly because I'm not sure how much more business he can handle.  He has a very robust practice.  

Want to join this meet up...but I went looking on Meetup and couldn't find it....what's the name there? I love the way they integrate the meet ups into my calendar. 

Thanks!

Welcome Courtney!  There is a ton of information here for everyone.

@Chris Sukala When investing in a self-directed IRA you have a 3rd party intermediary handle the actual cash payments and movement of money between vendors, tenants and any other needs that arise. We use New Direction IRA https://newdirectionira.com/home for all of our clients and they have very reasonable fees, great service and our clients love the ease.  

One of the rules about self directed IRAs is that you cannot add goods or services in cash or like kind to the IRA as the owner of the IRA other than a typical contribution. In other words, if you paid the bills, or painted the walls, or did some landscaping, the IRA (the asset--the house) is getting a financial benefit from you that is in not allowed per the IRS. So you need that 3rd party to administer all the fees and costs.

As to "getting the money out of your IRA" until you are 59 1/2 any withdraw of IRA funds is extremely costly in terms of a tax penalty, 10%, in addition to having to pay your regular state and federal income taxes. You can take the money out by either withdrawing any cash in your IRA account, or selling your property. However, if you want money to grow, an IRA is a great tool because it grows tax free. And buying real estate in your IRA is a great program because you can have your renters pay for your mortgage while at the same time, hopefully, your property is appreciating in value! At the end of the mortgage when you own the rental free and clear (no debt at all) for 366 days, you have zero tax liability on the amount of money borrowed to purchase the rental. In simpler terms, someone else's money bought you a house that you own for only the down payment.

Hope this helps.

David

Welcome @Lani A Payne, 

What a great way to learn the power of buy and hold.  If I can help answer any questions about Denver, just ask.