All Forum Posts by: Brian Winkler
Brian Winkler has started 2 posts and replied 3 times.
Post: LLC within my IRA
- Westport, CT
- Posts 3
- Votes 0
Hello everyone. After years of stalling, I've recently taken the plunge.. Appreciative of all the advice and information the BP community provides and suspect I will be spending my nights reading as much as I can.
I decided to start small, rehabbing small single-family houses with IRA funding. I have moved from my traditional IRA to a custodial IRA and struggled through the paperwork on my first purchase. Looking back, it wasn't too cumbersome but the company was very particular on how the documents and requests were filled out. Resubmitting my way through the process, I'm sure I will get it right the second time.
I'm torn with the idea of setting up an LLC within the IRA. I understand the benefit of "check book control" but am a bit intimidated by the need for an operating document and the risk that an audit would determine a payment disallowed and my IRA standing suffer.
I've bumped up my Personal Umbrella policy to a 2x multiple of my net worth and like the comfort that I have a custodian monitoring the transactions.
Most of what I've read speak to the business benefits of the LLC, where you earn, spend, then tax vs. traditional earn, tax, spend and I certainly appreciate how the LLC would be beneficial outside of the IRA.
I am sure I'm missing something... Should I reconsider the IRA-LLC?
Help appreciated,
Brian Winkler
good question.. I think that real estate values going to take another dip as inventory prices to clear and a lot of home owners going to switch to renting.. so, I like buying distressed to rent long term... that said, I'm looking at some of the returns on rehabs and getting excited.. I think short term, I'm interested in providing financing for rehabs... looking for deal structure where I would get interest on my loan and participate on the upside of the deal...
Hello everyone... I am new to the site, looking forward to interacting with everyone. Just getting started looking into real estate investing, lots to learn. I would appreciate any advice!
Regards,
Brian