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IRA investors have impacted the lives of many people, but rarely do you see investments that touch so close to home.
For one western New York investor, it was the creative use of his self-directed IRA that saved his brother from losing his home and, in another investment, revitalized a run-down building in his hometown.
Joel spent 35 years working in “almost every facet” of the building industry. His experience selling materials, inspecting structures, and constructing buildings translated well into real estate investing with his self-directed IRA.
In the early 2000s, Joel learned it was possible to invest in real estate with a self-directed IRA from a friend in the industry.
As he described it, “I couldn’t believe this existed. It was (and still is) the best kept secret in the industry.”
Little did Joel know at the time, but years later this knowledge would be called upon to help a family member.
Loss of Employment Becomes the Start of Something Bigger
Joel lost his job of 35 years in 2004 and, after working several jobs over the next few years, decided to start his own business in 2007.
His new business did fairly well (facing challenges many new businesses face), but he felt he could do better if he had more capital. It was difficult to obtain financing from banks to pursue the real estate investment opportunities he identified.
This was the catalyst for Joel to make a change and consider investing on his own with a self-directed IRA.
In 2009, Joel bought a small, neglected, vacant lot with his Traditional IRA.