While investing in property might initially seem boring to an ultra-swanky hipster like yourself, are you aware of the fact you could turn your old-fashioned retirement account into a real estate money maker and make yourself filthy, stinking rich in the process? We’re not kidding. Have you seen the hotness factor exhibited by the women that the eternally goofy-looking real estate and television mogul Donald Trump typically ends up with? Draw whatever conclusion you want, but we’re just saying that the size of his wallet might have something to do with it. Seriously…that hair…the abrasiveness.
And while the Donald is perhaps better known these days for the “You’re fired.” line he drops in the boardroom of the latest season of Celebrity Apprentice, we should never forget the real estate money machine he set in motion decades ago still cranks out prodigous wealth for him. So the question before us today is how to turn an average, everyday Swank Life reader into a millionaire/billionaire chick magnet.
Of course, we’re not guaranteeing anything, but the secret just might lie within that boring old IRA gathering dust at your employer. Plenty people are unaware of the fact that you aren’t stuck with the unsatisfying returns it delivers from a typically unimpressive portfolio based in stocks, bonds, and mutual funds. It might come as a surprise, but the IRS provides a specific type of self-directed retirement account that allows you to invest in real estate. Not surprisingly, this is usually referred to as a real estate IRA.
The first question likely to spring your mind is, “How the heck can I get one of those?” Our rejoinder is, “What are you talking about? A real estate IRA or trophy wife?” If you’re referring to the former, it’s actually quite simple. Though you are free to direct the buying and selling of assets inside a real estate IRA, the government requires that it be held and administered by an approved financial organization. Luckily, these aren’t difficult to find. There’s a good chance your bank could create this special type of account for you. If not, they can certainly point you in the right direction. If you’re suspicious of kickback motives, jump online and Google a term like “setting up a real estate IRA.”
Once your new retirement account is functional, it’s time to put money in it. While you are free to fund the thing with cash or savings you have on hand, it’s also perfectly legitimate to roll over the contents of a traditional IRA into the new one. Depending upon how your Wall Street investments have fared, and many have been on life support for a while now, investing in real estate might give your portfolio a sorely needed boost to its esteem.
Once the account is set up and fully funded, you’re ready to pull the trigger, right? No one blames you. The prospect of becoming insanely wealthy and snaring a hot foreign wife in the process is intoxicating, but here’s where you need to simmer down and use the brain God gave you. Investing in real estate is not particularly difficult but there are plenty of ways to screw up. Having bought and sold many millions of dollars worth of property in his life, our founder Jake Swank believes (and has the real world street cred to back it up) that income property is the way to go. To all the newbies out there, this simply means you buy a piece of property, like a single family residential home, and rent it out.
This approach is simple and profitable. While others spend their time soaring high and flaming out in risky asset classes like stocks and currency, you can fly under the radar with what has stood the test of time and reliably generates the largest number of wealthy Americans year in and year out – land. The scope of the topic is too broad to cover within this article but a free world class education in how to properly invest in real estate awaits you at our affiliate partner, JasonHartman.com. Most of Jake’s own personal wealth is based on the income property investment techniques discussed in depth on Jason’s website. Pay particular attention to past and present episodes of the internationally popular podcast, The Creating Wealth Show.
The good news is that it needn’t take long to get your real estate IRA up and running. With a little bit of dedication, you could be investing in your first property on a tax deferred basis in a matter of weeks or perhaps a few months. Don’t delay. Thousands of hot potential brides are waiting for you to get rich and snatch them from obscurity!
The Swank Life Team
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