Hi everyone. I just came across the most recent edition of Escape from America magazine and I found an interesting an useful article that I’d like to share with you all. It talks about the 3 things you must avoid and the 5 steps you must take when buying real estate in your IRA or pension plan. All of this advice is very good and I strongly recommend you follow it.
Here is a listing of the 3 things you must avoid:
1. Taking title in your IRA administrator’s name
2. Lack of an overall plan
3. Do not involve yourself or disqualified parties
And now for the 5 steps you must follow:
1. At closing, have the property deeded into a land trust
2. Record a lien
3. Get Homeowners’ Insurance
4. Use an attorney or title company to close
5. Begin with the end in mind
To read the complete details of each “must and must not do” step I suggest you checkout the full article over here.
Hope you found this useful.
Cheers,
Alan