Due diligence is not just a catch phrase
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CHARLOTTE, N.C. September 15, 2018
The Self-Directed Real Estate IRA allows retirement investors to put real estate assets within this tax-protected account, which can result in protecting the income from that real estate for years. But American IRA in Asheville, NC, recently highlighted how important it was to do due diligence on each real estate property in order to ensure a proper investment by releasing their own checklist on the American IRA blog.
The checklist starts with “compile your own comps,” advocating against using major sites like Trulia and Zillow for estimates on the home’s worth. Because “everyone else has access to that data,” according to the post, there is no significant insight gained by zeroing in on these data points. By using a strong knowledge of the neighborhood, American IRA instead advocated more advanced techniques for gauging value such as consulting a professional appraiser.
The next step on the checklist was to hire a building inspector. Noting that something small can turn out to be a major expense, which in turn wipes out potential profits within the Self-Directed Real Estate IRA, American IRA points out that this small expense can be a preventative measure against larger expenses down the line. The Self-Directed IRA administration firm recommended using a professional inspector with the experience of visiting hundreds of homes per year.
“With this post, we wanted to show people what it means to do one’s homework,” said Jim Hitt, CEO of American IRA. “Due diligence is not just a catch phrase. It refers to the upfront work of considering a Self-Directed Real Estate IRA investment property and weighing its merits against its disadvantages. The simple truth about investing is that not every investment will work out. That is why it is important to check off all the boxes before moving forward.”
The post further explains—across six points—what else a Self-Directed Real Estate IRA investor can do to protect themselves and avoid making a bad decision with their Self-Directed account.
For more information on these due diligence points, visit the post at http://www.AmericanIRA.com. Interested parties can contact American IRA at 866-7500-IRA.
American IRA, LLC was established in 2004 by Jim Hitt, CEO in Asheville, NC.
The mission of American IRA is to provide the highest level of customer service in the self-directed retirement industry. Jim Hitt and his team have grown the company to over $400 million in assets under administration by educating the public that their Self-Directed IRA account can invest in a variety of assets such as real estate, private lending, limited liability companies, precious metals and much more.
As a Self-Directed IRA administrator, they are a neutral third party. They do not make any recommendations to any person or entity associated with investments of any type (including financial representatives, investment promoters or companies, or employees, agents or representatives associated with these firms). They are not responsible for and are not bound by any statements, representations, warranties or agreements made by any such person or entity and do not provide any recommendation on the quality profitability or reputability of any investment, individual or company. The term “they” refers to American IRA, located in Asheville and Charlotte, NC.”
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