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Amy Sheflin talks about using your IRA to puchase real estate and grow your wealth

BrokerIPTV: We are talking today with Amy Sheflin from The Entrust Group and Amy thanks for being with us, appreciate that. Tell me a little bit about The Entrust Group, what do you do?

Amy Sheflin: Well Dan, The Entrust Group was founded in 1981, so we have been around for over 25 years now. We are a nation wide network of 30 offices across the country and we are a self directed retirement administrator. Now, what that means is that we allow people to invest their retirement plan in anything that the IRS allows. So not just securities, not just stocks, not just bonds, but also go bullion, private stocks, and real estate.

BrokerIPTV: Okay. So, we are talking about maybe some alternative ways today in which you can use your retirement to buy real estate?

Amy Sheflin: Absolutely.

BrokerIPTV: All right. Give me an example of how I would buy real estate with my 401k?

Amy Sheflin: Okay. The first step is to call the person who currently administrates your 401k plan. You need to ask them if they allow you to buy real estate with your 401k.

BrokerIPTV: Some do and some don't?

Amy Sheflin: That is correct.

BrokerIPTV: Okay.

Amy Sheflin: So 99 times out of a hundred the answer is going to be no, and that is where Entrust comes in. So, the first thing you need to do if you would like to buy real estate is create a new retirement plan, one that allows you to hold real estate, roll that same money over into that new account.

BrokerIPTV: Is there penalties for doing that?

Amy Sheflin: Absolutely not.

BrokerIPTV: Okay.

Amy Sheflin: It still retains all of the tax deferred advantages of your previous retirement account and that is when the fun begins, that is when you get to go shopping.

BrokerIPTV: Really?

Amy Sheflin: That is when you head out on the market, find that property that is going to make the right deal to help you grow your wealth as quickly as possible. Definitely call our office if you happen to be using us. It is good to just keep yourself educated along the way. There are a couple of things you need to be aware of: for one, you are not buying the property personally. Your retirement plan is buying it. So, from the time that you write that escrow check, make the offer, sign the paperwork, right from the beginning that needs to be the way that it is set up to keep that tax deferred protection in place.

BrokerIPTV: All right. Can this be done with any type of retirement account - Roth IRA, SEP?

Amy Sheflin: Absolutely. We can accept rollovers from any type of retirement account. The important thing to remember is if you are starting with a Roth, you want to open a self directed Roth because you have already paid the taxes on that and you don't want to do it again.

BrokerIPTV: How many people are doing this right now?

Amy Sheflin: I can't give you an exact number on that. What I can tell you is that it is the fastest growing segment of the IRA investment industry. The Entrust group has over 21,000 accounts now and over three billion in assets, so a lot.

BrokerIPTV: Amy, thanks. Great information. I really appreciate it.

Amy Sheflin: Thank you Dan.