Individuals

Joel’s Story Part II: Changing a Buffalo Neighborhood

February 10, 2020
I think they loved the idea. The town zoning board of appeals and the town inspectors seemed to be big fans of the renovation.
– Joel, Real Estate Investor

He even went to the town zoning board of appeals to determine how to convert the lower unit to a residential dwelling.

As the zoning board requested, his IRA paid to have the blacktop parking space in front of the property removed and replaced with a new lawn, opening the door to be rezoned as a double-unit residential property.

Today, this previously run-down, vacant property is home to two families and is a welcome addition to the Buffalo community.

Furthermore, the rental income is providing a healthy return to Joel’s IRA and the value of the property has more than doubled.

Finding Out About Self-Directed IRAs at Equity Trust

“When I first heard about Equity Trust Company a couple of decades ago, I didn’t believe any of this was possible. I wondered why I never heard about it,” Joel said.

Joel’s family – and a community in Buffalo – are certainly glad he did.


 

You are not limited to residential real estate. Your IRA can hold various investment properties such as commercial buildings, vacant land, condominiums, mobile homes and apartment buildings, in addition to residential property.

Yes, all income generated by an IRA-owned property must return to your IRA. This ensures that you retain the tax-deferred or tax-free status of the investment.

No. All income generated from the sale of a property owned by your IRA must be deposited directly into your IRA.


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