Why You Need a Realtor Who Understands SDIRA
When you decide to leverage your self-directed IRA to buy property, you need to find the right property to invest in. This can be a long drawn out process and very difficult if you are not familiar with the real estate market. What you need is the assistance of a realtor who is conversant with how SDIRA loans work and what kind of property will enable their clients to leverage an IRA loan to the hilt.
Remember, while an IRA loan can take off some of the purchase price burden, the down payment of 30% that you are funding through the IRA means that any mishandling of the investment could lead to reduction in the size of your nest egg. Therefore, you need the guidance of a realtor who understands how an IRA loan works.
Unfortunately, there are not many realtors who even know that there is demand for a specific type of property that best suits an SDIRA investment. The reasons for this lack of awareness are many:
- Realtors typically serve home buyers who use traditional mortgages to buy property
- A lot of them believe that their job is to find a house or parcel of land, not to dole out financial guidance
- They are wary of the seemingly complex rules that guide IRA investments
However, if realtors can bring themselves to be more open to learning about IRA loans and real estate investing, they can find a whole new market waiting for their expertise.
Until that happens, the investor has to search high and low for the right realtor. Here are some tips:
1- Contact the local realtor association: Realtor associations are increasingly realizing the importance of SDIRA and the leverage that IRA loans can provide when conventional methods for investing in property are not feasible. As a result, these groups are organizing training programs and seminars to help members catch up with the demands of this growing market. The realtor association may be able to help you contact a realtor with the right expertise.
2- Search online: The number of things you can find through your easily accessed search engine is amazing. Type in the right keywords such as “ira loan realtor” or something similar, and see where the search engine leads you.
3- Ask family, friends, coworkers, neighbors: While realtors are slow to catch up, investors are quickly tuning in to the benefits of investing through an IRA loan. The people around you might be a better source of information than you realize.
When you have found the right realtor, you gain information about dozens of potentially profitable properties in various locations. The more informed you are about these properties, the faster you can come to a decision.
Whatever you do, find a realtor quickly. Certain conditions in the housing market have made it possible for the investor to easily leverage their self directed IRA to receive an IRA loan and purchase property. However, these conditions will not last forever, so you need to act fast.
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