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Title: Ira Wealth: Revolutionary Ira Strategies for Real Estate Investment by Patrick W. Rice, Jennifer Dirks ISBN: 0-7570-0094-0 Publisher: Square One Publishers Pub. Date: July, 2003 Format: Paperback Volumes: 1 List Price(USD): $16.95 |
Average Customer Rating: 4.38 (8 reviews)
Rating: 1
Summary: Not Worth Reading
Comment: I first hear about alternative IRA investments through a real estate class I took to become a broker. I picked up this book because I wanted to learn more about the subject. As I have read extensively in the subject of investments, the fact that I didn't learn much from this book doesn't necessary mean it's not a good read for some people.
My problem with this book is that it holds real estate investments in IRA (specifically Roth IRA) out to be one-size fits all solution to retirement riches for everyone. It claims a minimum 12% annual return with zero chance of going wrong. It claims RE IRAs has a lower cost (including fees to trustee, financial advisor, attorney, accountant, and real estate broker) compared to brokerage IRAs which supposedly cost 3-6% a year. As with all comparison the author makes in this book, real estate IRA is better in all respects to everything else.
Most Americans have high percentage of their net worth tied up in their residence; does it make sense from a diversification point of view to put their IRA in real estate as well? Is a loan to someone who couldn't get a loan from the banks really an investment with zero chance of going wrong?
The author claims to have many years of experience, which I wish could have translated to more examples of what could go wrong so the reader can learn from others' mistakes. I learn absolutely nothing from scenarios after scenarios of perfectly constructed examples that produces double or triple digit returns.
There are several calculation errors and mistaken use of financial terms but in general the book is easy to read. My favorite quote from the book, which comes after a paragraph describing which relatives are not prohibited from transacting with your IRA: "For some of you, this information alone is worth the price of this book."
I think I will be going back to my local book store.
Rating: 5
Summary: Examining both low-risk and high-return real estate ventures
Comment: IRA Wealth: Revolutionary Strategies For Real Estate Investment is the collaborative effort of Patrick W. Rice (investment columnist and the owner of IRA Resource Associates -- offering expertise in investment real estate for self-directed retirement accounts) and Jennifer Dirks (personal finance and real estate issues staff, and winner of the U.S. Small Business Administration's 2002 "Journalist of the Year award for the Pacific Northwest), diverges sharply from the common understanding that IRA holdings can only be invested in stocks and certificates of deposit. In response to the decline of the stock market, IRA Wealth presents real estate as a profitable and worthy investment venture, and one that is perfectly legal to hold in any personal IRA account. Examining both low-risk and high-return real estate ventures, IRA Wealth is a superbly presented, "reader friendly", informational presentation for anyone seeking to diversify their IRA account holdings into property as a hedge against the volatility of the stock and bond markets.
Rating: 4
Summary: Opened my mind to new ideas
Comment: IRA Wealth provides a series of alternatives to the traditional IRA Stock Market investment opportunities. The book is organized to first dispel the myth that investing in real estate with your IRA is illegal and second to explain how to structure your IRA investments with a "self-directed" IRA. The following chapters identify IRA real estate investments based on the level of risk associated with that particular type of real estate investment. The final chapters discuss some of the nuances of liquidating your real estate investments upon the time of your mandatory IRA distributions. Finally, IRA Wealth provides several appendices to help you start your own due diligence with regard to IRA investing in real estate.
Overall, I enjoyed reading IRA Wealth and found that it opened my mind to new ideas on IRA investments. Most of us have probably felt the sting of lackluster stock market returns during the past few years. So the prospect of low to moderate risk real estate investments is clearly of interest. I found the organization of the book to be well thought-out and comprehensive. If you have already read several books on real estate investing, you will realize that several investment methods continue to pop-up. IRA Wealth takes those methods and ties them to your IRA.
Regardless of your level of experience with regard to real estate investing, I believe you will find IRA Wealth a worthwhile read and well worth your time.
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Title: Selling Real Estate without Paying Taxes by Richard Williamson ISBN: 0793167981 Publisher: Dearborn Trade Publishing Pub. Date: 22 April, 2003 List Price(USD): $19.95 |
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Title: Flipping Properties: Generate Instant Cash Profits in Real Estate by Robert Dahlstrom, William Bronchick ISBN: 0793144914 Publisher: Dearborn Trade Publishing Pub. Date: 25 June, 2001 List Price(USD): $18.95 |
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Title: Real Estate Investments in Your Self Directed Retirement Plan: A Guide by Hubert Franz-Josef Bromma ISBN: 1929141009 Publisher: Entrust Administration, Inc. Pub. Date: 10 May, 1999 List Price(USD): $149.00 |
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Title: Real Estate Loopholes: Secrets of Successful Real Estate Investing by Diane Kennedy, Robert T. Kiyosaki, Garrett Sutton ISBN: 0446691356 Publisher: Warner Books Pub. Date: 01 April, 2003 List Price(USD): $16.95 |
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Title: Financing Secrets of a Millionaire Real Estate Investor by William Bronchick ISBN: 0793168201 Publisher: Dearborn Trade Publishing Pub. Date: 17 March, 2003 List Price(USD): $18.95 |
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