55 and starting over due to layoff - But significant money in IRA

[Victor Hoffman]

I've always been interested in real estate. But, found myself in a sales career that I was pretty good at and did alright. At 55 Years old I have a seven figure IRA. However, I ended up being laid off as part of a buyout and consolidation process....I worked for the acquired company in an industry that's on a down trend.

I'm looking at this as an opportunity to start over and be my own boss.  I have no interest in trying to learn a new corporate culture in a W-2 job if possible.  I took a little time off and enjoyed my severance package and got my Real Estate License...well passed my pre-licensing.  California is a bit behind so application is being processed and I hope to be able to schedule my test soon.  I intend to get my MLO as well.

I fully understand that "jumping into" real estate sales will be a process. However, since I don't have direct access to my IRA yet...is there a way that I can leverage that money to get into real estate investing? I've heard some talk about self-directed IRAs and buying investment properties. However, it seems like this might eliminate some tax benefits to real estate...though I suppose the IRA would offer some tax benefits.

Finally, I do need some sort of income now. So, I may have to tap into my IRA some to keep the bills paid as I start my real estate sales career...hopefully the tax write offs help offset the 10% penalty.

I'm new to Bigger Pockets...but have been listening and am inspired daily.  But, some brainstorming on how to leverage money that incurs a 10% penalty if I access it now would be helpful.

Thoughts?