Jim Hitt Details Handling Hurricane Damage to Real Estate IRA Properties

American IRA CEO, Jim Hitt

You wouldn’t move money in and out of a 401(k) without thinking about it first. Similarly, investors can’t simply go up to their property and use their personal credit card to make things right again.

The recent damage from Hurricanes Harvey, Irma, and Maria have changed the investing landscape for many—and that’s putting it lightly. Those with real estate affected by the hurricanes are looking at real losses, either to their homes or to investment property that was set to serve as a retirement nest egg. Recently, Jim Hitt took to the American IRA blog to talk about how those with Real Estate IRA properties affected by hurricane damage can handle these issues.

The first topic for the post: insurance and repair considerations unique to Real Estate IRAs. Because investors shouldn’t intermingle their funds—which means investors should keep their IRA funds separate from the rest of their funds—it’s important to watch out for these issues especially when there’s a sudden demand for repair money. Real Estate IRA owners can be tempted to buy things like sandbags and temporary doors/fencing. But Real Estate IRA investors are expected not to use their personal funds to finance these items. There are common-sense repairs available, and Jim Hitt details these issues in the post.

“What many people don’t realize about Real Estate IRAs is that it’s important to keep them separated from an investor’s usual funds,” said Jim Hitt. “You wouldn’t move money in and out of a 401(k) without thinking about it first. Similarly, investors can’t simply go up to their property and use their personal credit card to make things right again. This is a separate,…

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