From Novice to Success: How Russ Tripled His IRAs with a Self-Directed Strategy. Russ has given us permission to share his story with you.
“Hi, I’m Russ, and I’m excited to share my success story with my Self-Directed IRAs (SDIRA). It all started when I reached out to Joan Elflein from Ohio Broker Direct to inquire about their flat fee MLS listing service. Ohio Broker Direct has helped countless clients achieve their financial goals by providing this invaluable service. With their support, I’ve tripled my IRAs in the last six years! If you’re comfortable with real estate, using SDIRAs can be more beneficial than the maximum contributions allowed by the IRS for regular IRAs and Roth IRAs combined. The key is to surround yourself with reliable professionals, from contractors to a competent real estate broker.
I took my SDIRA to the next level by opening a checkbook-controlled IRA with the help of my attorney. I also read an excellent book, The Self-Directed IRA Handbook by attorney Matt Sorenson.
My Edward Jones advisor wasn’t happy when I moved my funds to SDIRAs, but it was the right decision for me. I keep a spreadsheet for each rehab property, which helps me track my finances and provide accurate records to my CPA. Profits going back into my traditional IRA are not taxed until withdrawal at retirement, and those going into my Roth IRA are NEVER TAXED!
I know it can get complicated, but I set up a multi-member LLC and checkbook IRA. According to the operating agreement, I use 25% traditional IRA funds, 25% Roth IRA funds, and 50% of my own funds. When a property sells, the title company distributes the proceeds accordingly.
In conclusion, my journey with a Self-Directed IRA has been nothing short of transformative. The savings, support and expertise I’ve received from Ohio Broker Direct’s flat fee MLS listing service have been instrumental in my success. By minimizing real estate commissions and maximizing returns, this service has provided me with the tools and freedom to grow my investments significantly. If you’re considering a similar strategy, I highly recommend leveraging the benefits of Ohio Broker Direct to achieve your financial aspirations. Here’s to your success!”