Hamed Gargasht - Gargasht Team (703) 901-6364
Keller Williams Realty
In case you missed it, there is at least one widely overlooked Rippon Landing, Woodbridge real estate investment possibility that can be available to active IRA holders. Especially if you are among those who look at the current Rippon Landing, Woodbridge real estate market and find numerous investment possibilities with significant long-term upsides, the Self-Directed IRA option can be worth looking into. Some of the broad outlines of how it works:
1. The right IRA custodian
Custodians are trustees who hold self-directed IRA assets and file documents with the IRS. Rippon Landing, Woodbridge real estate purchases are considered ‘non-traded’ assets -- and not every IRA custodian allows for them. You may need to find one who does.
2. Use only IRA funds
All costs associated with your real estate investment must be paid using funds from the self-directed IRA. These can include property management expenses (if you use the property as a rental), taxes, repairs, and insurance. Using IRA funds for any personal expenses or personal benefit will lead to penalties.
3. Guard your interests
Be careful to play by the rules. For instance, you cannot involve a spouse, family member, or company in which you have a 50%+ interest; nor may you reimburse yourself for work you do on the property (including the reporting and other administrative requirements).
According to Fox Business News, many people are using self-directed IRAs to purchase non-traded assets like real estate. Since there are significant limitations as well as advantages, it is all but mandatory to consult a qualified accountant or legal professional before proceeding. If it looks as if the advantages predominate, it will be time to go about finding the right Rippon Landing, Woodbridge property for your investment…time to contact me!