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Real Estate

Investing in His Rural Neighborhood Earns Ohio Man the 2016 Self-Directed Investor of the Year Award

February 9, 2017
“I did my homework,” he says. “I watched other houses sell in the neighborhood to help estimate my bid price and took a lead from a delinquent tax report in the local paper to identify just how underwater the current owner was.” He discovered the current owner owed approximately $77,000 in back taxes and liens.

David credited three people for helping to facilitate this investment: a local lawyer specializing in real estate, a representative from a local real estate auction company, and a friend who owns 30 rental properties.

“Even though, emotionally, I really wanted this place, I had to trust in my experts to keep me focused,” he says.

David worked with the auction company to help place his IRA’s bid and his IRA purchased the property for approximately $175,000. Equity Trust issued a check from his IRA to his attorney, who helped navigate the closing, including paying off the liens and working through issues that arose from the inheritance of the property to the current owner.

“It was a complicated closing,” he remembers, “but it all worked out.”

David proudly recalled the results, not only of his first self-directed IRA investment, but also his first foray into real estate investing: “This is the third house I’ve ever bought and it was the first house I bought as an investment property,” he says.

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