Did you know that you can invest in real estate through a retirement account? Below are some things you should know:
You should know these rules:
Using a Roth IRA might be a better idea than using funds from a traditional IRA because, although a traditional IRA allows for tax-free contributions, the earnings are taxed when pulled out for retirement down the road. For a Roth IRA, you pay taxes as you go and are not taxed when they are pulled out during your retirement years.
It is also best to buy in your comfort zone and to plan an exit strategy. There are also creative investing strategies. For example, you can set up your own 401(k) under a real estate investing business, which allows contributions up to $50,000 per year plus $50,000 for a spouse. You can also make it a family affair and multiply your purchasing power. For example, a husband and wife might each have a Roth IRA, and both may have a 401(k). In addition, they might have a couple of kids who each have a Roth IRA and the family can use all six accounts to purchase a deal and share the percentage.
Please note that it is wise to have an attorney or accountant who can help you with this investment strategy.
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