Is Biden’s Build Back Better initiative harmful to investors? There has been some rumblings of this plan changing the structure of self-directed IRAs. On this Q&A episode, I’m answering this question—and more!
On today’s show, I’m answering three of your questions about the Build Back Better plan, paying off your mortgage with a HELOC, and what it costs to rollover funds to a self-directed IRA. Please join me for this episode of Investing in Real Estate!
On this episode you’ll learn:
- What the Build Back Better plan means for self-directed IRAs
- The different types of HELOCs you can use to pay off a mortgage
- What it costs to roll over funds into a self-directed IRA
What the Build Back Better Plan Means for Self-Directed IRAs
At one point, the Build Back Better plan contained a proposal to ban certain investments from IRAs. However, this portion of the framework has since been dropped. At this time, investors can continue using a self-directed IRA. However, these rules and regulations can change on a monthly basis. If you’re looking for support with your self-directed account, my team would be happy to help you.
The Different Types of HELOCs You Can Use to Pay Off a Mortgage
In the latest version of How to Pay Off Your Mortgage in 5 Years, we wrote about using an interest-only HELOC as a tool to pay off your home’s loan. In recent years, an interest-only HELOC has become harder to come by (although they do still exist)! Not to worry, you can still utilize the strategies in the book with a traditional HELOC. Remember, this strategy works because you’re using simple interest (HELOC) to pay down an amortized loan (mortgage). We plan on writing an updated version of the book, so keep your eyes peeled for that!
What It Costs to Roll Over Funds Into a Self-Directed IRA
I find the self-directed IRA to be an affordable product, especially given the value it provides. You can roll over your funds into a new account for $25-50, and you can expect to pay your custodian a few hundred dollars per year. Our team would be happy to help you transfer funds into a new self-directed account; you can schedule a free call here to hash out the details.
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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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