An overview of how to own a house with an IRA, Jonathan attempts to optimize his recipes and shopping list, a list of the top 5 ChooseFI episodes and a travel rewards win.
What you'll hear in today's Friday Roundup:
- Is the financial independence movement growing?
- “Playing with FIRE” documentary set to come out in early 2019.
- Jonathan and Dani are ready to accept the vegetarian challenge.
- How is Jonathan trying to optimize his grocery shopping and recipe planning?
- If you can’t find it, build it.
- Should someone who is looking at real estate investment look into their own city?
- The 1% rule: 1% of the cost of the house < monthly rent.
- The 50% rule: about 50% of your income will be expenses.
- Is real estate investment for everyone?
- Rich built a system that works, from a distance, and makes $100k a year.
- Jonathan has been putting together a team (list of people) who he’ll call for specific work in his life.
- How to own property with an IRA:
- Roth IRA -> sell some of his investments into cash -> moved the cash into a self-directed IRA company -> fill out forms -> the IRA company buys the property
- What is the advantage of owning property in your IRA?
- When the house is inside an IRA, whatever money comes in isn’t taxed.
- Can you use a loan to buy a house through your IRA?
- You have to have plenty of money in your IRA to purchase the house, and to make any repairs to the house that might arise. You cannot spend personal money on a house that’s inside an IRA.
- Voicemail from Brian sharing a travel rewards win in Hawaii and which credit card he’s using.
- Top 5 ChooseFI episodes:
- Facebook question from Eileen wondering why more people don’t pursue financial independence?
Wunderlist Parser (turns notepad line items into checklist- Perfect for creating grocery list from online recipes)