• John Casmon

Leveraging the Rocket Fuel of Self-Direct IRAs with Carl Fischer, Episode 29


It doesn’t take a rocket scientist to figure out self-directed IRAs, but it may have before the age of the Internet. Fortunately, Carl Fischer, a third generation real estate investor, graduated from Cornell and went directly into rocket science. However, when his father passed, he dealt with the estate and stumbled across an investor using a self-directed IRA. That experience led him to learn more about SDIRAs and he was amazed at how little info was available at the time. He went on to fund CamaPlan to help others leverage the power of SDIRA investing. Learn more about how SDIRAs can serve as rocket fuel to blast up your retirement account.

Key Market Insights

  • 3rd generation real estate investor, Cornell grad, rocket scientist at Kennedy Space Center for 18 years

  • His dad died land rich, cash poor - so Carl helped settle the estate

  • Found someone who loaned money through an IRA

  • Called IRS, bank to find out more, but nobody knew about it

  • SDIRA can exponentially increase your options of investments

  • Brokerage firms (Merrill Lynch, Vanguard, Fidelity, etc.) have self-direct IRAs, but only allow you to self-direct in what they sell

  • Qualified investments range from stocks, bonds, real estate, notes, private placements, precious metals, tickets, automobiles and even llamas

  • Life insurance and collectibles (coin collections, jewelry) are prohibited – IRS tells you what you can’t invest in, not what you can invest in

  • Can not sell property to yourself or your IRA, must be strictly for investment purposes

  • Other disqualified persons to your SDIRA: parents, children, grandparents and grandchildren; however siblings, uncles, aunts, nephews and nieces are permitted

  • You are not allowed to do your own rehab with an IRA owned property

  • Who should use a SDIRA? People that want control of their investment

  • If you have a 401k, IRA you can roll this into a SDIRA

  • The process: Select a custodian, open an account, fill out transfer papers to fund the account, select the investment, fill out investment contract (in account’s name) and send to custodian, proceed with due diligence

  • Loopholes to pull out funds before 59 ½ through a 72T Distribution

  • Starting to discuss cryptocurrency for SDIRA accounts as people are putting Bitcoin into SDIRA, but there may be regulatory issues

Bull’s Eye Tips:

Winning Your Market: When investing out of market, rent a place in the area for a couple months and get to know the area, use Facebook to sell properties

Daily Habit: Write list every morning, review the list from the day before

Resources:

Best Business Books:

Keep It by Joe Luby

Think and Grow Rich by Napoleon Hill

Digital Resources:

Trulia

DealMachine

Tweet This:

  • “Self-direct and supersize your IRA”

  • "The IRS doesn’t tell you what you can invest in, they tell you what you can’t"

  • "As Warren Buffet once said, “it’s great to diversify, but don’t diversify into things you don’t know”"

Places to Grab a Bite: Geno’s Philly Cheesesteak

Connect with Carl: Website: Camaplan.com Phone: 215-283-2868 Email: info@camaplan.com

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#passiveinvestment #selfdirect #ira #cryptocurrency #notes