I (Lorie Cole) a contractor by trade took an all day workshop learning about self directed Roth IRAs and Self directed 401ks. In this workshop I learned that there is over a Trillion dollars out there in 401ks and Roth IRAs. Many folks who have a traditional Roth or 401K are not aware that they are allowed to self-direct their own retirement fund to invest in different things like a start up business, education, real estate and even able to take out “hardship” money in the event of lay off or unemployment.
After attending this one day workshop, I was able to speak with a friend of mine who had a traditional Roth Ira and was not getting a descent return on this Retirement plan. So after sharing the information with him, he requested I connect him with American Pension Services and get his traditional Roth IRA moved to a self-directed Roth. After the transfer which took a matter of days to complete, he calls me and says he would like to invest in my education.
I had explained to him that I was looking to study Real Estate Investing and had found an online course and a community of investors locally and nationwide that I could receive mentorship from and we drew up the promissory note/agreement and he had a wire transfer of $10,997.00 into my account for my education. He would receive a 10% return in 6 months, having $1,099.70 profit on his investment and $12,096.70 deposited back into his Roth Ira account.
This particular investment, an “unsecured” investment, was my first real estate investment. So my first deal was investing in MYSELF. In the future, my real estate deals will be “secured” investments backed by the real estate itself. As any REAL investor knows you make your money when you buy the property (if you know what your doing) not when you sell or fix up the property.
I'm currently taking my online courses learning about tax and legal strategies in real estate investing, techniques like short sales, whole sales, REOs, fix & flips, lease options, subject to, land contracts, creative acquisitions, property management, etc. Not only am I getting educated in the real estate investing, but the group and college that I'm affiliated with has a mentorship program where I also get trained on marketing, business and sales, from seasoned real estate investors who are a product of the same college that I'm taking my online courses with. Which helps me with my current construction company business as well will benefit me as I continue my pursuit in the real estate investing field as a real estate investor.
Being affiliated with other real estate investors like REIClub members, I'm continually learning from each course, each deal and from others experiences.
The key to any successful business is continued educations in your industry. I'm stoked about my new venture and the endless opportunities in the FREE Enterprise market in the Real Estate Investing Field.
Right now is IDEAL (Income, Deductions/Depreciation, Equity, Appreciation, Leverage) for being successful in real estate.