Word: housewert
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...Michael Housewert isn't your typical IRA investor. Four years ago, the real estate agent at Charde Group Inc. used $195,000 of the funds in his individual retirement account to purchase a piece of undeveloped land along a sun-washed canal on Marco Island, Fla. He sold the property two months ago for more than three times that amount, tucking a $500,000 profit back into...
With property values soaring across the country, more and more IRA investors are putting some of their funds directly into real estate instead of just the usual stocks, bonds and mutual funds. Housewert, 58, has put half his retirement savings into investment properties and is considering pumping in even more. "Because of historically low interest rates, the volatility in the stock market and political unrest, people are really starting to look for more tangible assets for their retirement," says Tom Anderson, president of PENSCO Trust Co., an independent custodian of retirement plans. Here are some tips...
Still, Kresh warns, property values could start to slide, and you could be stuck. Also, IRA investors need to think about how they will liquidate those investments when it's time to take required distributions at age 70 1/2. But even if real estate prices taper off a bit, Housewert is convinced that investing his IRA in properties on Florida's sunny coast will lead to brighter days for his retirement savings...
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