Show Summary

In this episode of the Flip Show, Glen Mather gives us a ‘self directed 101’ lesson on the basics of self-directed IRA and 401K opportunities. Specifically, how to use them as a real estate investors. There’s a lot of mis-information in this space, but Glen helps set us straight. Come learn more about this incredibly powerful tool.

Highlights of this show

  • Meet Glen Mather, President of NuView IRA, and expert on self-directed retirement accounts.
  • Join the discussion on the basics of self-directing, and some common ways self-directed accounts are used for investing.
  • Learn from Glen as he shares his insights on the various types of self-directed vehicles (traditional ira, roth ira, HSA, Coverdale, Solo 401k, etc), and how they differ.

Resources and Links from this show:

Listen to the Audio Version of this Episode

FlipNerd Show Transcript:

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And now, let’s get started with today’s show.
Hey it’s Mike Hambright with, welcome back to another exciting VIP interview, where I interview successful real estate investing experts and entrepreneurs in our industry to help you learn and grow.
Today I’m joined by Glen Mather. He’s the owner and director of NuView IRA, a third party self directed IRA administrator. And Glen is also an active speaker on the topic of IRA self direction and is looked to as an expert on IRS rules and regulations related to self direction and really investing outside of the stock market.
We’ve talked about self directed accounts on the show before and the importance of them but it’s been a while and I think it’s such a valuable tool that we want to talk about it some more. In fact today we’re going to start from the entry level standpoint, kind of a self directed 101 show here today.
So before we get started with Glen though, let’s take a moment to recognize our featured sponsors.
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Please note, the views and opinions expressed by the individuals in this program do not necessarily reflect those of or any of its partners, advertisers or affiliates. Please consult professionals before making any investment or tax decisions as real estate investing can be risky.
Now, let’s start today’s show.
Hey Glen, welcome to the show.
Glen: Thank you very much Mike, great to be here.
Mike: Yeah, yeah, I’m glad to have you. You know there was a time, and I kind of I told you this, that we had a number of self directed IRA people on and I feel like we needed to take a break from that and talk about other topics and diversify a little bit. But it’s been a while and it’s one of those topics that there’s still so few people that are using them in the real estate investing space. And it’s such a valuable vehicle for investing and building long term wealth and all those things that I’m excited we’re going to talk about it. And specifically with you, I know you have a tremendous amount of experience.
Glen: Well it’s a great topic. It’s absolutely changed my retirement and I think it can change a lot of people’s retirement plans.
Mike: Yeah well great. I’m excited to take it from a different perspective to of just taking it from bare bones, the basics of what self directed means and some of the things you can do. But before we get started Glen, can you tell us who you are and your background and how you got to where you are?
Glen: Sure, my name is Glen Mather. And I’m president of NuView IRA. We were formed 11 years ago, I have an affiliate office also in Chicago. I came into this business because I was self directing through a local bank and I had to take a long time to find someone that would hold my first piece of real estate.
So I’ve actually been active investing my IRA in real estate for about 21 years. But it’s really kind of fun when you can take your personal passion and create a business around it, and that’s what I did. I kind of felt like there were thousands of people that didn’t quite understand how to do it, if they did, their banks would be doing it very reluctantly and expensively for them. So I said hey, why not right here in central Florida expand and we’re now a national company. And we’ve grown this business from taking on our first account 11 years ago to almost $800 million in self directed client assets, spread over 80,000 accounts.
Mike: Wow that’s great. That’s great, awesome. Well why don’t we start by just telling us what self directed means. There are obviously IRAs, health saving accounts, there are solo 401Ks there are a number of vehicles in the self directed space. Maybe we just pretend I’ve never heard of that before and I’m sure you frequently talk to people who have no idea what we’re even talking about yet. Just pretend I’m one of those people and tell me what the self directed general space means.
Glen: Sure I’d be glad to do that. Self directed probably is a little bit of a misnomer, for example if you opened up an IRA with Charles Schwab they’d let you self direct it. It’s just that the menu of choices is so limited. When we talk about self direction what we really mean is all the things you’re allowed to invest in that the IRS says you cannot invest in.
In other words, the whole opportunity is yours, you select it, you do the do diligence, you decide what to invest in and then your third party administrator like our company at NuView here, would allow you to basically follows the client’s direction, buys that asset inside their IRA. So when you think about it, it’s not much different than going to Charles Schwab and buying 100 shares of Apple. Instead you might be going to a company like NuView and buy 123 Main Street in your IRA. So titling is important. I know we’ll get into that in a little bit. But it’s not a difficult process at all and the application in starting it is no different than any IRA custodian.
Mike: Okay. And as I’m trying to not get too far ahead of myself, so how do people… Maybe give some context as to why this isn’t more widely used or known.
Glen: Well I think that’s easy, I mean there’s no self…
Mike: That was a soft ball, I know that was a soft ball but…
Glen: Well that’s okay. I think it is a fair question because a lot of times people equate something they having heard of as something that may be illegal or a little dangerous. My perspective, my client’s perspective is what’s dangerous is leaving your retirement plan in the stock market but that’s a whole other story.
The reason you probably haven’t heard about it is no one is really being paid much to provide these services. If you go to Wall Street, there’s $7 trillion in IRAs. Imagine that, $7 trillion. And then there’s a feeding frenzy from all the analysts and all the individuals that get between you and your eventual investment that are earning commissions from that.
So basically they use those commission monies to buy golf tournaments and lots of ads on TV explaining why you should relax and let us roll out the green carpet and show you what your retirement plan is. So put yourself in our hands and we’ll take care of it. And that’s really not what a self directed IRA is about. It’s about the individual taking control. So generally speaking it’s a matter of scope and scale on the marketing side. Although we certainly charge for our services, it’s not to the level of the Wall Street terms charging, so therefore the marketing buzz and the marketing dollars just aren’t there.
Mike: Yeah, and of course the kind of upside potential in benefits can be much, much larger than by what you’d get by stuffing it into an S7P 500 index fund or something.
Glen: I believe so because in those types of arrangements there’s a lot of people that get paid before you do. And what I like about self direction, you can actually put your money to work in such a way that you’re the one that primarily gets paid. And that’s a different, different tactic than what Wall Street is doing.
Mike: Right. Right. There are different ways to use self directed accounts, talk about the difference between, there’s some limitations obviously of investing your own money in your own self directed account for your investments. And potentially borrowing money from people that are self directing where they effectively become your lender in your real estate business.
Glen: Yeah, you’re talking about the rules of prohibited parties. If I can, Mike, let me take a step back just to kind of explain the types of IRAs that people can use.
Mike: Okay. Yeah.
Glen: Because it doesn’t really matter, there’s four types of IRAs. There’s traditionals, there’s SEPs, there’s SIMPLEs. But there’s also Roths, there’s been a lot of buzz about Roths. They’ve been around for about 14 years and that’s where you pay your taxes now and potentially never pay tax again on the gains. The most IRAs are held in traditional structures whereby you don’t pay tax now so it goes in tax free, it grows tax free. Then when you take it out you get taxed at ordinary income.
All of those structures can be housed under a self directed IRA which is nice. And then in addition you can use your health savings account, you can use your education savings account and you can actually have a solo 401k. So all of those plans are self direct-able, if there’s such a term. But you can basically control all of them.
I will touch on briefly on the rules and what’s kind of fun about talking about the rules of self directed IRAs, there’s precious few rules about things that you can’t do, but it’s important to touch on them.
Mike: Yeah, oh please do.
Glen: For all those people who like code sections in the IRS, you can go to 4975 if you want to know the rules about prohibited transactions and disqualified parties. But in essence this is the nub of it all. The IRS actually has categories of things you can’t invest in. There’s only really two. One of them is life insurance for some reason, I guess they view the fact that why would you buy a life insurance policy when your IRA is supposed to be a benefit for you while you’re alive. That kind of makes sense.
The second thing is collectibles. You can’t keep those baseball cards, those lladro figurines. Those types of things you’re not allowed to do in your IRA. Outside of that you can own almost anything else in the IRA.
The second thing the IRS is concerned about is the relationship of the parties in your IRA. So I’ll give you an example of that. They don’t want your IRA to deal with family members, your family members and by extension people that your family members are married to. They also don’t want your IRA transacting with service providers, etcetera.
So the biggest one that gets to people sometimes is they’d love to be able to buy their own mortgage, right? Take the mortgage out in their IRA and never have to make another payment to their house because you’re actually allowed to buy a mortgage in your IRA. The IRS says no you can’t because that’s a certain family member. And the IRS actually narrowly defines your family but I would suggest it’s probably best to leave all family out of your transactions because it’s hard to do what they’re trying to get you to do and that’s an arms length transaction.
So if you kind of think of arms length transactions, stay away from family members and don’t buy collectibles or life insurance, you’re pretty good. That gives you a framework at least to go talk to your financial advisor or better yet your tax professional about how this might affect you.
Mike: Right, right. So give a couple practical examples. An easy one is, you can’t hire your brother as a general contractor on an investment or your wife as a real estate agent and pay her commissions I mean that’s an obvious one right?
Glen: Well I can give you a real obvious one because I work in Florida. And we have more coastline in this state than any state and so therefore we become a second home sight for a lot of people from colder climates. So they would very much love to be able to buy their place on Daytona Beach or Miami Beach or over in Sarasota, live in it a couple months and then rent it out. And they’d love to be able to purchase that in their IRA. That would be an example of something that is extremely attractive to people, but yet you’re not allowed to do it. Because you’re getting a beneficial use out of your IRA, and the IRS says your only beneficial use in your IRA is getting to watch it grow big and then later taking a distribution from it. You can’t get personal use or personal benefit wallets in your IRA.
So that’s be an example of what we see a lot of times here in Florida. Now does the IRS actually go do a bed check and determine whether or not you’re staying in it or not? They don’t. But we certainly would always advise that you behave as if they did do a bed check.
I’ll give you a brief story about this which I love. We get these calls all the time and a lot of times on our overflow bases I’ll take calls from potential clients and someone called from Miami Beach. I noticed the area code and they said they were from New York. They didn’t have to tell me that, I could tell by their accent. They said, “We’d love to buy this condo. We stay in here two months every year. We’d love to buy it because we see it going up in value all the time.” And I explained no you can’t do it. Of course being from New York they immediately said “Well how would the IRS ever know?” you know that’s always the first question.
But I suggested them, “If you think this is a good investment,” I told her, why don’t you go buy the unit next to the one you’re staying in? You can put it into the [inaudible 00:14:06] and you can rent it out. You can even walk over there and take a look at whose renting it. You can negotiate the terms, you’re allowed to do all that with your IRA. You just can’t use it to buy the one that you’re living it. But if you love rental property buy the one next to the one you’re living in.
Mike: Okay. Do you want to maybe touch on the differences without going too deep between like a Roth IRA versus a solo 401k and some of the other accounts. Obviously the education is called a Coverdell, right? Health savings accounts those are a little bit unique, but maybe you could just touch on a Roth IRA and a solo 401k.
Glen: Okay, I’ll touch on them a little bit and I’ll group them together to kind of make sense. Of the four IRAs, two are employer sponsored plan. Meaning you have to have an employer employee relationship. What’s kind of cool about this, Mike if you had a solo business, if it was just you, the IRS still views you as an employer, and it views you as an employee. So you can be a business of one or a business of many.
SEP IRAs and SIMPLE IRAs they work a little different on the contribution side and I’m not going to go in depth, because you asked me not to do that. In either case you can contribute more to some than others. You can contribute $53,000 for example, to a SEP IRA. So it can get some serious money into a tax deferred vehicle. The other two I didn’t talk about were traditionals and Roths. And that has the $5,500 limit, $6,500 if you’re over 50. It’s a smaller contribution but that’s an individual account that doesn’t require an employer relationship.
Roth is unique as I mentioned before in the fact that you’re electing to be taxed now. You can also get money into a Roth later, by actually doing a conversion from a SEP IRA, you can actually roll over an employer plan into a Roth IRA. And you pay the tax for the value, whatever it is, the value that you convert. You can actually convert assets that you already own in a traditional IRA, pay the tax on the current appraised value and move it in later. That way you don’t get taxed later.
The solo 401k, I’m really glad you mentioned that Mike, because that’s a powerful tool. I think that so few people take advantage of, but it’s even better than an IRA. There’s four reasons. I’ll tick down real quick
Number one, is when you contribute to a 401k plan. By the way you have to have some sort of business entity but it can be just your own business, all right? You can be the sole practitioner. So you don’t have to create a new business entity around this, you can just use it. Realtors love this because they get to use this structure.
So you get to choose whether you want the money to go in pretax or post tax. It’s like a Roth or a traditional but you get to do that under the umbrella of the 401k. You also get to contribute up to, if you’re my age over 50 you can get to stuff $59,000 in. $59,000 a year and you can get there relatively quickly, meaning you’re dollar for dollar for, I’m being a little squidgy on the numbers, but I believe 20,500 dollars is dollar for dollar. So you could put all of your money in if you’re in $20,500.
Mike: [inaudible 00:17:22] $20,500 you could invest 100% of that.
Glen: You can put the whole thing, that’s right. And the nice thing about also being in a 401k plan is that you can take a loan against it. You can’t do that with an IRA. So if you’re in a business, lets say a Realtor that has ups and downs in cash flow, it’s cool because it can be the [leveler], you can take a loan out, pay it back in five years if you’d like, up to 50% of your 401k balance or $50,000.
That tool is cool. So if someone is going to call me on the phone, I don’t even need to talk to their CPA, normally I will tell people to got talk to their CPA. But if they’re a realtor, if they’re a professional with just one individual in the office. Then I would say take a hard look at a 401k because it has even more benefits than that IRA and I also like the fact that you can borrow it. You just pay it right back to your plan.
So all of these plans are self direct-able, all of those same rules and prohibitions from the IRS still apply. There’s a couple small instances that are different but are primarily the same.
Mike: Okay. And I want to clarify, you said that if you’re an individual, like a realtor or real estate investor, it could be any small business that is an individual. What about if there are multiple owners, particularly like spouses and a married couple?
Glen: Yeah, the way the solo 401k works, equity partners that have 10% or more equity in the business can also be part of that same plan. I’m glad you brought that up. What you wouldn’t be able to do, is you and you’re spouse run the business and you hire a receptionist for the lobby. And she works not a part time basis, because there are carve outs for part time, but full time. That would mean you would have to go into a full qualified plan.
The reason why you kind of want to avoid that if you can is that gets more expensive for the plan administration documents. You have to hire lawyers and actuarials to do that, whereas with the solo plan you don’t.
Mike: Okay. And which of these accounts, I know one of the great benefits of, you’re going to have to correct me here, maybe not all these accounts, but is it they have the ability to actually take out loans to buy properties as well. Is that correct?
Glen: Yeah, you mean to leverage them. Yeah.
Mike: Yes, to use leverage.
Glen: Yeah, absolutely. So exactly. A lot of people don’t understand that. That it’s kind of unusual. Now it’s important to understand the verbiage on how we say that because it’s confusing because a lot of people say, well I’m going to go open a self directed IRA. And I’m going to direct Glen or someone in this company to send 20% down to the title agent and I’m going to go to Bank of America and get the rest of the money. That’s not how it works. First of all that would be illegal, second of all you’d never get that loan from Bank of America anyway.
Mike: Right, right.
Glen: Because keep in mind the property is the IRA, not you.
Mike: Right.
Glen: You get to make all the choices and all the decisions, but the owner is the IRA. So here’s what the IRS says, if you’re IRA is going to be leveraged. It has to be leverage with non-recourse money. It’s a non-recourse loan. Which is once again, even that title is wrong because it’s one recourse, it’s the property itself.
Mike: Right.
Glen: So the lender does have a recourse, but they don’t have a recourse to you.
Mike: Right.
Glen: So when you would take out an ordinary mortgage Mike, there’s two elements to it, right? One is they get a security interest in your home, and it gets recorded. Secondly what do they do? They tie up all your personal assets by getting a personal guarantee from you that no matter what that house is worth you promise to keep the payments up according to the term of the loan. If not, I can take your car or I can take your other assets.
Well then because your IRA is actually buying this, the IRA is not allowed to let you pledge your personal assets. Why? Because you are a disqualified person as it relates to your IRA. Kind of like staying in it.
Mike: Right.
Glen: Same idea. So you’re not allowed to benefit the IRA with your credit score. So you have to find a non-recourse lender to do that.
Mike: And they are out there. So a non-recourse loan again is just that in the event that you don’t make the payments and that lender has some sort of recourse, the only recourse is to come take the house away.
Glen: Yeah, and although that would be tragic, no one likes to lose money.
Mike: Right.
Glen: If you imagine if you’re going to get foreclosed on, what would you rather get foreclosed on is an IRA owned asset or a personal owned asset?
Mike: Right.
Glen: The reason why I would choose the IRA asset is they can’t come after you personally. Whereas if it’s a personal asset they can levy your wages or garnish your wages, they can take away a lot of other assets. So although it’s a painful task for anyone to lose their home, leveraging your IRA to a certain extent gives you more personal protection than leveraging your personal wealth.
Mike: Right. Right. And so to kind of clarify on using a non-recourse loan, the ability to kind of lever your invest-able capital I guess inside of that account. Just to use an example here. Is if you were to put it in the stock market and you expected a 10% return or you could lever it 3x if you put 33% down and you could lever it up, which I think non-recourse loans are typically you probably have to have 30% to 40% down otherwise probably.
Glen: Sure.
Mike: Yeah, it’s not like you’re doing 3% down or anything like that on a non-recourse loan.
Glen: The reason for that, the only thing that protects the lender is the asset value that you paid.
Mike: Right. Right.
Glen: So they naturally require a higher balance.
Mike: Yeah. So using that leverage inside of there you know all else equal the same 10% return is now 30% because you’ve levered it 3x. So that’s a really powerful vehicle.
Glen: I think so, I mean the thing that I want to make sure that your viewers understand is that if you lever something in an IRA and you make a profit from it, there may be some taxes you’re going to have to pay. It’s called unrelated debt finance income tax that accrues to your IRA. I just want you to understand that before you make that investment.
Mike: Yeah.
Glen: And certainly call up and talk to us or have your CPA call and talk to use, it’s a smart idea to fully understand. In almost every case I’ve looked at where a client wants to do this, they come out further ahead than if they partnered or didn’t buy it at all. So don’t be scared of it, don’t be apprehensive because it still has that multiple effect. It’s just that the IRS requires you to take a piece of that profit and pay it to them for the privilege of you leveraging.
Mike: Yeah, yeah.
Glen: Kind of funny in a way.
Mike: And like you said for anybody that’s listening to this. As with all shows and all guests I have, consult an expert. I’m just a floating head here that’s talking with some cool people so. Well that’s great. So where do we go from here Glen? We’ve talked about what some of the different vehicles are. What self directed is overall. Maybe you could share some examples on some typical ways that, lets just stick with single family home type investors, maybe use these vehicles?
Glen: Yeah it’s interesting because I use them myself.
Mike: Okay.
Glen: And I’m not holding myself out as a great investor guru because I don’t do that, I don’t provide that advice to my clients at all, they choose what they want to do. I’m particularity most passionate about partnering. I love to partner. And the reason I do that is it allows me to buy more property. I don’t have to worry about the UDFI and the taxes we just talked about.
But the most important thing I love about partnering other than the first vacation is the fact I have, I probably have 10 to 12 people all the time looking out for things for me. Because when they find something I get to look at it with them and then I say, “How would you like to split this? You take 50%, I don’t care if you use your IRA or not, it doesn’t matter. I’m going to use my IRA or my 401k.” I actually have a 401k in my business. And so I’ll own half.
And the beauty of owning half first of all, I get 100% of their head for only paying 50%. You’ll understand when I get. So I get someone impassioned about finding opportunities for me and they stay involved because their money’s in it. So it’s not like buying it necessarily from a realtor and then once the deal’s done, they walk away from it.
And I get so much deal flow because I partner. It’s amazing.
Mike: Yeah.
Glen: I do lending too, you talked a little bit about how you can use debt to buy property, don’t forget you can also be the provider of that debt to somebody else.
Mike: Right.
Glen: Do you have time that I can talk a little bit about joint venturing.
Mike: Sure, yeah. Let’s talk about that.
Glen: I love joint venturing. Joint venturing whether you’re going to buy, rehab, sell, whether you’re going to wholesale or hold onto it that’s up to you. But a joint venture can be done inside an IRA. I’ll give you an example. Lets just for example say I’ve got $100,000 sitting in my IRA right now. I just got paid off on a property, just sold a property. And believe me, when you have money unused in your IRA not working its not good, so I’m anxious to find some way to do it. I go to a local real estate investor association, we’re members of many of these and that’s where you’ll find a lot of like-minded investors.
But I got to find people that are really good at finding properties and fixing them up and selling them, but they have no money or they’re tapped out.
Mike: Right.
Glen: So I’ll say, I’ll tell you what, I’m going to lend you money, or buy the property you find and I’m going to donate that property into this joint venture. So here’s what it’s going to look like. My investment in is a $100,000 piece of property. Let’s assume for a matter it takes $30,000 to fix it up. Our goal is to sell it for 200,000. The neighborhood supports that.
So you go fix it up, you find it, you close it, you fix it up, you bring the crew on, take care of it. And what we’re going to do is this is going to be finished in six months time and then we’re going to put it on the market for $200,000. We’re going to lower it by $5,000 every month until we get it sold. We may make money, we may not. Obviously every investment has risks.
Mike: Right.
Glen: But we’re looking at the neighborhood, man I can make money doing this. So it’s great. It’s a one page joint venture, you can talk to an attorney about drafting it up, it doesn’t have to be an attorney that does it but that’s up to you. In that sense the parties sign it, and so now the IRA is part owner of that joint venture. So the properties purchased, the rehab is done. And according to that terms of agreement that we carefully drafted, it said that when we sell it, the first $100,000 pays me back right? Or pays my IRA back because it put the money in.
Mike: Right.
Glen: The next $30,000 pays the rehabber back because they put their money in. It can be after tax money, it can be non IRA money, it doesn’t matter. And then we’re going to split everything 50-50 thereafter.
Mike: Okay.
Glen: And that’s it. So I walk away from the deal, I probably got a good deal on the $100,000 and I’m going to make another $35,000-$40,000 that I would have never made without that rehabber. He walks away with another $30,000 of gain and goes on to the next deal. That is cool. I don’t see a lot of people doing this, I do this myself all the time because I see a huge value.
So you can be extremely creative within the umbrella of a self directed IRA.
Mike: Sure, sure. We could probably talk about this stuff for hours at this point.
Glen: Sure.
Mike: We only have maybe another four or five minutes, but maybe you could take a second to talk about how, based on what you just said. There’s obviously a lot of real estate investors out there that need access to capital. So they use hard money, they use other vehicles fairly commonly. How do they, and there’s obviously a lot of people that have money in self directed accounts that they need to find investors. How do these folks meet? Where do they go to find each other?
Glen: Oh that’s a great question. Of course we can’t act as that matchmaker, that broker between those parties because we are assiduously neutral. A great place to come is any of the events we do. And we’ll do national events in October, we have a huge national event where our clients come from all over. And you don’t have to be a client to come, but that’s a great place to meet clients, meet people that are very interested in self direction.
Mike: Yeah.
Glen: We do monthly events here in Orlando. We do webinars and broadcasts of that. But if you happen to be sitting in Houston or you happen to be sitting in San Francisco, look up your local REIAs, your real estate investor associations. I think at least those groups tend to be like minded individuals that are on either side of the deal looking.
Another place if you got money to lend, just go down, all you got to talk to is your local broker, real estate broker. They will love you, because they don’t have resources to go to tap to help buyers maybe buy and flip, or give them bridge loans, whatever they are. Your element of risk can be as great or as little as you want it in your IRA and the returns can be very high, the higher the risk is.
Mike: Sure.
Glen: There’s an insatiable appetite for money, so if you’re a lender it’s going to be very easy once you let people know you have money to lend. You probably just didn’t know you had the money to lend in the first place.
Mike: Right, right. Well Glen, maybe you can take just a couple minutes for those that maybe have money in another retirement account, maybe you can take a minute on talking about how to roll it over or at least how to start a self directed account. I think that’s probably where most people that are listening to this might need to be, is just how do I get started.
Glen: Yeah that’s fair. They can come to Now we misspell NuView, so it’s N-U-V-I-E-W It’s as easy as opening an account with Charles Schwab, that’s easy. And a lot of times people will actually have positions in the stock market they don’t want to sell right away. What I would encourage people to do Mike, is not move all their IRA to NuView, you might do that eventually. But here’s what you got to do, is when you do a real estate contract, generally you need a good faith deposit don’t you? Something that indicates you want to go under contract, maybe close in 30 or 45 days.
So what you ought to do is open a self directed IRA and at least fund it whatever a good faith deposit would be on the size of the house that you’d like to buy. So you can either roll over your 401k, or you can roll over your, or do a transfer of an IRA. You can transfer $10,000 dollars down and that gives you shopping money, you understand? So that you can actually bind the contract
Mike: Right.
Glen: And then you can end up transferring the rest within that next 30 days.
Mike: Sure, sure.
Glen: So it’s an easy way to get started, and it costs $50 to open your account. And that’s since you’ve created a checking account that has an IRA on it and you will just basically send us the documentation to make the purchases on your behalf.
Mike: Okay. Well unfortunately Glen, we’re about out of time. I feel like there’s some many questions that I have, we might have to have you back for part two at some point to talk a little more.
Glen: That would be awesome. I really enjoyed it Mike.
Mike: So tell us one more time if folks want to learn more about you and your company, they go to N-U-V-I-E-W Is that right?
Glen: That’s it, yep.
Mike: Okay. Well I got a link down below here and I’d encourage real estate investors you know first off anything you’re doing you need to consult a professional like Glen said, which is obviously true. But this is just a powerful tool I see so many people that don’t use for years and years. Then the people that you see using them, it’s such a powerful vehicle. So I’d encourage you to at least do some more research and look into the opportunity. Glen, any kind of final words you want to share with us here?
Glen: No, just get out there and change your retirement, invest in what you know. Don’t invest in something that other people are trying to steer you to. Make sure you make your own choices and they’ll be good ones.
Mike: Yeah and I know it’s important, I meant to say this early on, to talk with somebody like yourself or other custodians or administrators rather because typically if you ask a traditional financial planner, they have no incentive. And they typically like you said will think that, you can’t do that, that sounds illegal, just because they have no incentive to do that, and they have no knowledge of it probably because they’ve never been taught that, right?
Glen: That’s very true, and it’s not that they’re bad people. I think their intents are right. It’s just the structure that they live within is tilted against you, rather than towards you.
Mike: Right. Right.
Glen: You know it’s changed my retirement, it’s changed my employees retirement and it’s changed thousands of clients on how they view this. The fact that you have a growing retirement gives you a sense of freedom even in your workplace. That I can change jobs I don’t have to worry. That I can retire early and I can keep doing what I’m doing. What all this does is augment what you’re interested in anyway. If you’re interested in real estate, you get to double the number of deals you’re able to do, it’s an exciting thing.
Mike: Right, right. Well Glen thanks so much for your time today. I appreciate you sharing the information. We’re going to ad a link to your company down below the video here for anybody that’s interested in learning more. We encourage you to go check out Glen and his company. So Glen thanks again buddy.
Glen: Thanks Mike.
Mike: Have a good day.
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