All Forum Posts by: Michael Hable

Hello Investors!

Just finished reading The Self Directed IRA Handbook and recommend it to anyone interested in SDIRA and learning more. I found it to be an easy read concerning a complex topic, well organized with a great level of detail.

The challenge I’m finding is there are TONS of rules and if not followed properly the penalties can be very expensive.

My feelings are if you have $100K sitting in an IRA and under the age of 59 ½ why not cash out and pay the penalties having more flexibility with the cash? Crazy idea!? I understand there is an opportunity for checkbook control with a SDIRA, but by the time you pay the fees of setting up, LLC fees, hassle and numerous restrictions it sounds like it could be a wash.

Anyone ever cash out of an IRA before 59 ½ with >$100,000+ in their IRA to invest in real estate?

Would love to hear your story and thoughts.

Thanks in advance for reading and your comments!

Mike

Hello everyone!

I'm interested and have been reading about SDIRA and had some questions I was hoping to get answered.

(1) Once the money is transferred to a custodian and a property is found all profits go back into the SDIRA. Is it not until 59 1/2 like a traditional or Roth IRA that you cannot withdraw?

(2) Say I had $100K that I transfer into a SDIRA, but I need more money to purchase a commercial or apartment complex. Can I take out an additional loan in conjunction with a SDIRA?

(3) I realize there are fees with having a SDIRA. What is typical breakdown of fees?

(4) If you have worked with a SDIRA, how has your experience been? Would you do it again and any regrets?

Thank you all in advance for reading my post and answering my questions.

All the best,

Mike

Hi BP Folks,

I have a rental which I've had for 3 years. Recently my old tenants moved out and spoiled me with on time payment every month. Our new tenants were late 5 days with their 1st month and so I sent them a friendly reminder that I will not tolerate in the future. They apologized and I reminded them the transfer from their bank to mine should be deposited by end of month. Its now their 2nd month and they are 3 days late. There is a payment fee of 10% after 7 days per the contract. Should I be concern? Should I address them again now or give it a few more days? How would you approach this situation?

Thanks in advance for your thoughts!

Mike

@Jason King - My thought after reading your post is why not manage the property yourself and save $? It could be a great experience and you'll learn a lot. Welcome to the BP and I wish you the best!

Mike

Interesting article for those who flip...

http://www.usatoday.com/story/money/business/2014/02/02/6-best-states-to-flip-a-house/5115321/

5.00% - 5.15%

Welcome to BP Randy! The Millionaire Real Estate Investor by Gary Keller would be my recommendation.

Wish you all the best,

Mike

@Daron P. The Millionaire Real Estate Investor by Gary Keller is also my recommendation. Agree with @Billy Rowe

Welcome DiEdra to BP! There are endless resources here to help you. I would recommend both the podcasts and Free Beginners Guide if you haven't already gotten the chance. Happy Investing!

Wish you all the best,

Mike