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It’s possible for self-directed IRA investors to make a meaningful impact in the lives of others – as seen in the origins of the Building Veterans ministry – proving it’s possible to build wealth and impact communities.
Roger, an Equity Trust client from Maryland, used his IRA to support a cause near to his heart and impact the lives of American veterans, while also helping his financial future.
Roger’s friend, Bob, is a pastor and Vietnam veteran who dreamed of creating a ministry for vets, particularly those returning from Iraq and Afghanistan. Many veterans unfortunately suffer from post-traumatic stress disorder (PTSD) and struggle with their adjustment back to civilian life.
Bob’s goal was to establish a ministry that provided veterans housing and spiritual guidance as a form of therapy and community-building. Who better to help these vets than fellow veterans who used to, or currently are, facing the same challenges?
His ministry also provides skills training, such as carpentry and construction, as a way to help the vets find meaningful and gainful employment.
IRA Capital Helps a Dream Become a Reality
Roger helped his friend Bob find an ideal property to start the ministry. Although needing significant repairs, the bank-owned property was priced well and seemed like the perfect fit.
It was a large 1920’s house with 5 bedrooms and a sizable kitchen and dining room. The property also included a second building which would later become a workshop and skills-training facility.
In an unexpected twist, the bank financing fell through at the last minute, jeopardizing the earnest money deposit Bob had placed on the home and potentially hindering his ability to close on another house.
Bob feared his dream would not come true.
In stepped Roger, who provided a $100,000 loan from his retirement account to help Bob acquire the property and begin his ministry. The 6-percent interest he received was returned, tax-deferred, back into his IRA.
The Start of Building Veterans
Bob soon found several veterans to live in their newly acquired home and, together with the vets, the team renovated the house. Roger could not help with the labor because of IRS rules and regulations.
The renovations allowed Bob to refinance the house and repay the initial loan back to Roger’s IRA. The newly renovated house was now ready to accept the ministry’s first residents.
Although a modestly profitable retirement investment, Roger concedes that the real payback was making the Building Veterans ministry a reality.