Planning on purchasing bank owned property in San Diego? Read this article and learn how you can use your IRA for your purchase.
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Published: Monday, December 22, 2008
Like most Americans with an investment in the stock market, you too are wondering what you can do to minimize your losses. Many people are opting to purchase real estate versus sink any money into the ever changing stock market. One of the biggest concerns felt by Americans is the future of their retirement. Did you know that you can use your IRA to purchase REO property in San Diego or any city for that fact, and without penalties?
If you are an IRA holder, you can use your retirement funds to purchase real estate while avoiding distribution taxes and penalties. Believe it or not it is possible to have your real-estate investment profits tax-deferred in your retirement account. You read that right; you can purchase a foreclosure in San Diego using money from your IRA.
Here's how it works. In 1974, IRA and 401(k) account holders were given the freedom to control their investments. Initially one is led to think these investments only included money markets. However there were provisions made which make it possible to reallocate funds for the purpose of investing in real estate. These types of accounts are called "Self-directed IRAs". Since the purchase is done on behalf of the retirement account, it does not incur any penalties.
To maximize your investment, it is strongly recommended that you contact a financial advisor whom can help you accurately set up your self-directed account.
The real estate market is full of bargains. This is an excellent opportunity to build your wealth. Contact Richard Elias, he has a demonstrated ability to help clients locate great investment property and negotiate the best sales price. Take a moment to browse through his large inventory of foreclosed homes in San Diego.
Home sales and median home prices were both up in May, indicating the market is beginning to rebound from record numbers of foreclosures. There are still plenty of San Diego foreclosures available, however and Richard Elias explains what the rise in home prices means to foreclosures buyers.
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San Diego foreclosures are disappearing from the listings, shrinking inventory and creating a seller’s market. Richard Elias offers insight into the current San Diego foreclosures market.
Planning on purchasing bank owned property in San Diego? Read this article and learn how you can use your IRA for your purchase.
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