Living Off Rentals: #68 - Buying Short-Term Rentals in your IRA

#68 - Buying Short-Term Rentals in your IRA - Brenda Whetsell Midland IRA Inc.

Jun 2, 2021

Short-term rental is a powerful wealth-building tool. One strategy to buy short-term rentals is through an IRA.

Our guest for today’s show is Brenda Whetsell. She is the Marketing Director at Midland IRA Inc. and has been with the company for eight years. Midland IRA Inc. is a self-directed IRA administrator that has been in the business for 20 years with thousands of clients all over the country. Their biggest asset in Florida is people buying rental properties using the retirement fund. It allows people to invest in alternative assets like real estate, futures, forex, LLCs, privately lend money, and more. They focus on all things tax-deferred.

In this episode, Brenda will give listeners valuable information about IRA, how it works, and the legality behind it. It is essential to learn the concept and technical details of investing through the IRA to keep you out of trouble and keep the IRS from coming after you.

If you are into short-term rental properties and are curious about how to get them inside the IRA, then this episode is a gem for you. It is time to hit that play button and learn.

Key Takeaways

[02:42] A little about Brenda and what Midland IRA Inc. is

[03:44] How a self-directed IRA works

[06:32] Her explanation on what a custodian is

[07:49] How it works at IRA in terms of money

[09:09] Two ways to invest in short term rentals using IRA

[12:11] On transferring properties you already own to IRA

[13:55] How transferring properties in IRA to heirs works

[15:10] When to withdraw funds at your self directed IRA without penalties

[16:04] The benefit of investing in short term rental properties inside IRA

[17:20] Mistakes she sees that most people make

[20:07] What the IRA management aspect includes