Savvy investors have figured out that they can use their IRAs to invest in lucrative international real estate. If you’d like to get in on this smart business action, then you’ll definitely want to continue reading this article to find out how to do so. Currently, the hottest place to buy international real estate is in Costa Rica, but investors are also purchasing property in Argentina, France, Italy, Malaysia, Panama, and Spain. These are currently the most affordable places in which to purchase land, and definitely the ones to direct your attention to.
While there are many ways to use your IRA to purchase international real estate, the simplest and most straightforward way in which to do so is through the use of a self directed IRA. This is self structured retirement account that allows you to choose where your IRA investments go. Instead of having to place your hard-earned cash into the stock market, you can opt to invest them in any way you wish. Even if real estate isn’t your thing, you can choose to spend your money on a personal loan or even a tax lien. The choice is entirely up to you, and that’s what is so great about the self directed IRA. After all, it’s your money; shouldn’t you get to choose where it goes and how it is spent?
If this sounds like a viable option for you, the first thing you will need to do is to work with a specialist in self-directed IRAs. Going with someone who does not have firsthand knowledge of how these investments work can be a serious mistake. The professionals who deal legitimately in this area will have the recommendations to back themselves up and can point you in the direction of many satisfied and often wealthy clients. For best results, you’ll want to choose an “account facilitator” over an “account custodian.” Custodians tend to charge hefty fees for their services, because they do most of the hard work for you. Of course, you’ll need to do some research and possess some know-how on the process, but you can save a lot of money with just a little bit of work on your part.
Once you’ve hired the right professional, be sure that you don’t just go for the first property that you see. Take some time researching different properties in different areas. Also, be aware that foreclosure properties and auction properties will often go for cheaper amounts than others. While these may sometimes be older properties or “fixer-uppers,” you will find that the amount spent on repairs will be well worth it in the end. If you don’t already have an IRA set up or if you’d like to find out information on how to change the type of IRA you already have, you should speak to a representative at your financial institution. These professionals can help you to better understand your options and to make smart decisions regarding your money.