| OCR Text |
Show Sat/Sun/Mon/Tues, March 5-8, 2011 A-9 The Park Record Let your IRA own property trast to an IRA administrator who does investing, Galanc's company only manages selfdirected accounts. He handles issues investment brokerages cannot manage, and he cannot do what brokerages do, he explained. "We don't come up with By ANDREW KIRK the real estate to buy... we put it in the IRA for them/' he of the Record Staff said. Investing a retirement Experts agree: now is the account in the stock market is time to buy Park City real supposed to return a certain estate. But if a buyer can't get amount over several years, but a loan for an investment prop- because of the recession, those erty and doesn't have enough returns have not materialized. cash on hand, there may be Investing in real estate guarananother option. tees a much more reliable Jon Galane of The Entrust return, he said. It's not a plan Group will give a presentation for house flippers and get-richon buying real estate with an quick investors. The down Individual Retirement payment is typically 30 to 40 Account (IRA) March 9 from percent of the value, but the noon to 2 p.m. at The loan is given to the IRA - not Prospector on Sidewinder an individual. The property becomes the collateral and Drive. Realtors can earn two cannot harm the rest of the hours of continuing education IRA if foreclosed upon. credit by attending, Galane But Galane said he doesn't said. The presentation is part have a single client who of The Prospector Educat- defaulted on their loan during ional Seminar Series to com- the recession. Because its a plement the conference cen- retirement account, his clients ter's outside-group activity. have more "skin in the game," Galane's company offers he said. Plus, because it's an self-directed retirement plan investment property, the services. They take no part in rental revenue often pays the the marketing or purchasing mortgage. of real estate. He is not in While not everyone has town to promote any particu- $30,000 to $100,000 in a retirelar investments, he said. His ment account to use as a down specialty is in the practice of payment, those who do can buying real estate with an IRA increase the value of their and will discuss the benefits account instantly by $100,000 and risks of doing so. to $400,000 by adding the An IRA can be many home. The mortgage is paid by things, and there are multiple the IRA. categories of IRAs, Some of There can also be incredithe differences have to do with ble tax benefits to having a taxes. Having real estate inside home in the IRA versus ownan investment portfolio has ing it as an individual, he said. the potential of generating tax And many adults have that benefits while allowing that much in their IRA, but not in account to grow faster, he said. their bank account. That's the Every IRA requires an value to Realtors, explained administrator and that is the agent Heather Feldman, service he provides. In con- whose husband Larry Seminar offered on alternative ways to buy real estate Feldman is organizing the presentation for The Prospector. Some lenders have decided to stop funding condominiumhotel units or other vacation properties. But with prices low right now, many savvy investors want to buy if they can find the funding. This is an option, she said. Becaus?the IRA owns the home - not the individual neither the owner nor any immediate family members may live in or enjoy the property. It is purely an investment home, Galane said. This can change once the holder actually retires, but until then it can only be rented - this is true for all property types, he said. But that means renters are paying into your IRA, and expenses are tax deductible for the IRA, he added. Galane estimated real estate only needs to appreciate three percent a year to considerably outperform money in the stock market. The plan is not for everybody. It would not work for households putting a few hundred dollars a month in an IRA while paying off other debts, he said. This is for people with tens of thousands of dollars saved up. "We can show them fun things to do with that money," Galane said. People in his profession are not financial advisors, he added. Clients should first seek the advice of a wealthplanner. Once they decide buying real estate with an IRA is right for them, people like him can help. The Prospectors series in autumn will host the Deming Seminars, based on the teachings of the renowned management expert W. Edwards Deming. To ask questions, email jgalane@theentrustgroup.com. year's meeting was held in editors of the profession's Sao Paulo and had over top journals are in atten1,000 participants. dance, giving the meeting This year's meeting is prestige, he said. back in Park City and has His fellow Brazilians love registration exceeding 250 the snow, and' were hitting people. The num-the slopes before this weekber of foreigners signed up is end's meetings enjoying the triple from two years ago recent storm, Saltz said. with people coming from a "We're bringing people dozen different countries here who have never skied around the world. before, he added. "Every mitting abstracts," he said. The first year saw 170 Past presidents of the body seems to be happy... I participants attend. Last national organizations and think they love this place." MASTER CLASS • f$atordcy,March12thl0:30am-12.i)0pm , £ 3V^~ ) , atfheFieldhouse umba is a fusion of Latin and International music with dance themes that create a dynamic, exciting, and effective fitness system. 'VtMikSfiZumba unless you plan on doing i t for life!" '$ b for fitness class drop-in and • $50fora 10 punch fitness pass •3: wvvvv.basinrccreation.org A \\ I 1388 Center Dr. N PARKS-TRAILS. RECREATION The Fioldhousc Continued from A-8 Saltz hosts surgeons wMterheaters -^«=». e x p r e s s PARK CITY'S LOCAL HOT WATER EXPERT WE BEAT THE COMPETITION - INCLUDING HOME DEPOT - EVERY TIME! » Co or FuLL a r t proorarvt IK aLL orq a fcutttoK ffree public charter scUooL Ki f 1 * • TANKLESS WATER HEATERS • TANK TYPE" STORAGE WATER HEATERS • BOILERS • NATURAL GAS - ELECTRIC - PROPANE • RADIANT HEAT & SNOWMELT SYSTEMS • WATER SOFTENERS • GAS PIPING • FAST & AFFORDABLE SAME DAY SERVICE • HOMES - CONDOS - RESTAURANTS IT'S MADNESS! Bowl] - BUSINESSES • FULLY STOCKED TRUCKS TO REPAIR A H BRANDS • ^ state WE RECYCLE YOUR OLD WATER HEATER A.O.Smith 435-655-9111 Water Healers • M O T O M O wfcmr Club Jupitvr LICENSED & INSURED YOUR HOME FOR SPECIAL TEXT OFFERS ScKsdule onlirrc ol WATERHEATERS-EXPRESS C O M Sent To Your Phone Text: JUPITER To: 3 6 0 0 0 Showing games in HD on our 70 ft. video wall & 24 flatscreens in Surround Sound Msg. & Data Rates May Apply Wade A. Peers, D.D.S Hoard Cctlificd Oral Surgeon The good news is impacted wisdom teeth only happen once in a lifetime w ^ for daily food & beverage specials Check in at LANE RESERVATIONS & PARTY PACKAGES AVAILABLE CALL: 435-658-BOWL (2695) TO RESERVE TODAY i i ' iii 'wiiMHiJlflir ^ ^ _ _ ^ _ _ . _. _____ _ . .___ Wisdom teeth extraction is a milestone in many young adults' lives. Impacted wisdom teeth can cause permanent damage to adjacent teeth, gum tissue and supporting jawbone. We specialize In the precise and safe removal of problematic impacted teeth.The procedure is done under IV sedation to help anxiety control. Patients can usually return to normal lifestyle within a day or two. * 2750 West Rasmussen Road Park City, UT 84098 43S-615-984O • 877-6)5-9840 ParkCityOralSurgcry.com PARK CITY- ORAL SURGERY Winter Hours: Mori. - Thurs. 11 am until Midnight Fri. & Sat. 11 am until 2 am Sunday 11 am until 11 pm AND DENTAL IMPLANT CENTER Dental Implants I Wisdom Teeth I Extractions I IV Sedation I FacialTrauma I Corrective Jaw Surgery The very best when you need us most. 1090 Center Drive Park City, UT 84098 Lor.itpcl nl Kimh.ill Junction in thrc Nnwpark Town Ontor. 435-658-BOWL (2695) www.jupiterbowl.com . |
