In part one we talked about what it really means to complete a deal on your IRA. You have just completed the deal. And not you have placed a large sum ($40,000) into your IRA. It was easy-almost too easy right? What do you think about next?
You do have to keep in mind that you will no longer have that asset. You have turned it into cash and if you have ever played the cash flow game, you know how it goes. You know, sometimes cash is king, but you really like that passive income going into your account every month and the property appreciating. I am sure you can figure out ways to spend the money! In fact, why don’t you figure what $40,000.00 multiplied over the next ten years tax-free is. You should be happy then.
That truly is the best part. For all of you who are Doubting Thomases, you needn’t be. In fact I just showed you how to get a Roth IRA (even though the traditional sense would tell you that because you made more than $151,000.00 that you didn't qualify for an IRA) and I showed you how to do that legally, ethically, and morally. And let’s face it; we cannot forget that last part!
Use that excess to set up education IRAs for any or all of your kids (just think about what their school funds are going to look like if you keep that up).
What does it really boil down to? Let me break it down into the most simplistic terms. One deal could essentially pay for all of your kids’ college education. And why stop at college-let’s think about grad school! Can you imagine what is going to happen once the rest of the country finds out about this?
In fact, pay attention. Pay attention to the people who are executing the deal for you. I guarantee they will take note of what is going on. Chances are they will have never seen something like this before. Who knows what can happen. This information is bound to spread like wildfire. Hopefully people will not start using that information for their own use. Let’s hope not-at least not until you are done with them!