Curious how to purchase investment property with your IRA/401K? We have got you covered with 5 easy steps:
Step 1: Call Kris Wise to start your search for properties or click here to start your own property search.
Kris Wise- REALTOR®
Wise Advantage Group- Keller Williams
Step 2: Contact Brian Eastman at Safeguard Financial to set up your 401K Plan or IRA. Brian can walk you through the benefits of a 401k vs an IRA. His website, www.IRA123.com, has a lot of useful information. He can give you a quote to set up your plan which is usually under $1900. Unlock Your Retirement Plan – It’s as Simple as 1-2-3
Brian Eastman- Senior Consultant
Safeguard Financial, An IRA Wealth LLC Company
Step 3: Set up a checking account with Steve Edwards at Wells Fargo. Once you have set up your 401K plan to purchase real estate, you will need to set up a checking account for which you will be a Trustee of the account. Although you can get a bank account at “any” bank, Steve knows how to set up your account so it doesn’t trigger a taxable event which is the whole purpose for using your 401K.
Steve Edwards- Branch Manager
Wells Fargo Bank
Address: 2628 Long Prairie Rd. Suite 110 Flower Mound, TX 75028
Step 4: Apply for a mortgage with Jackie Watts at North American Savings Bank. Once you have located a property with Kris Wise, or your trusted Realtor, you can then contact Jackie to determine if the property qualifies for a non-recourse IRA/401K loan. This will allow you to put 30-50% down and mortgage the remainder as long as the property provides a qualifying cash flow. This allows you to leverage your investment.
JACKIE WATTS- CRA Loan Officer (NMLS ID#: 415106)
NORTH AMERICAN SAVINGS BANK
Address: 903 E. 104th Street, Ste. 400 Kansas City, KS 64131
Online Application: www.iralending.com
Step 5: Go for it! Make an offer and list your 401K or IRA plan as the buyer and sign it as your name “as Trustee”.
If you have any questions about this investing in real estate with your IRA/401K please don’t hesitate to contact us at 972-829-9040. We are here and happy to help!