In such uncertain economic times, it’s important to put together a recession proof investing strategy. Accumulating assets in a self-directed IRA is an incredible way to build a sustainable retirement plan. Today’s guest, Jarrett, is here to share how he started his real estate investing strategy.
On this episode of Investing in Real Estate, you’ll hear about Jarrett’s entry into real estate investing. He’ll share how he funded his first purchase, what it’s like to set up a self-directed retirement account, and his experience owning a duplex. If you’re interested in what investing is like from a new investor, you’ll love today’s show!
On this episode you’ll learn:
- How Jarrett got his start in real estate investing.
- What it was like to set up a self-directed IRA.
- The details of his first property.
- And more!
How Jarrett Got His Start in Real Estate Investing
One of Jarrett’s friends recommended the Investing in Real Estate Podcast. From there, he began diving into our YouTube videos and educating himself on the power of performing assets. As teachers, Jarrett and his wife knew they needed to be intentional about their retirement planning and how they choose to allocate their money. After deciding they wanted to base their retirement on assets, Jarrett scheduled a call with the Morris Invest team and was able to purchase his first duplex.
What It Is Like to Set Up a Self-Directed IRA
Before working with the self-directed IRA team at Morris Invest, Jarrett was unaware of this investing option. Hayley on the team was able to inform him about the product and why it would be a match for his situation. Hayley walked Jarrett through the entire set up process, and assisted him with rolling over his previous Roth IRA into his new account. Jarrett felt informed and empowered through the process, and it was ultimately hassle free for him.
The Details of His First Property
Jarrett’s first investment was a duplex. He purchased it partially with his self-directed IRA, and financed the other portion with a non-recourse loan. The total purchase price of the property was $140k. Jarrett had $50k in his IRA, and financed the remaining $90k. His monthly loan payment is $500, and the duplex rents for $600 on each side. The duplex has steadily had tenants, and his property management team has been effective and communicative about any tenant turnovers. Thus far, the property has been maintenance free.
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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