If you have considered investing in real estate but all of your disposable income is tied up in retirement accounts, I have a solution!  You can ABSOLUTELY use your personal IRA account as a self-directed vehicle to buy single family homes.

You can do this on your own, or form small partnerships of up to four members.  You would then take part of you portfolio and invest in homes rather than the stock market.  The great thing about real estate is it is an investment asset that always has demand, shelter!

Just a few key factors of using your IRA to buy Real Estate:

• You pick the individual property you want to buy and negotiate the price and terms.
• Your IRA is held by a custodian, Lincoln Trust Co. is the one I use. This is no different than Merrill Lynch, or Dean Witter, etc.
• Your custodian holds title for your benefit, in the percentage you own for a specific property. Example: Lincoln Trust Co. for the benefit of Bob Schenkenberger 52%, and Lincoln Trust Co. for the benefit of John Smith 48%.
• All net rental proceeds go directly into your IRA account, tax deferred, just like when your IRA stocks earn dividends.
• You name the property manager of your choice, including a relative.
• When you sell the property, any gains go directly into your IRA account, no capital gains taxes. Just like when you sell a stock for more money than what you paid, it just adds to your account.

If you have an interest in learning more please contact me and I’d be happy to sit down and explain how you can take advantage of the best real estate investment market in the country!

Megan Gates is an active blogger who provides written work to the blogosphere pertaining to New York City Real Estate on behalf of Elliman.com, home improvement and the latest architecture, design and fashion.  Follow her on twitter @MEGatesDesign.

Here is the official HUD announcement:

OBAMA ADMINISTRATION ANNOUNCES $749 MILLION TO FUND HOUSING

FOR VERY LOW-INCOME SENIORS AND PERSONS WITH DISABILITIES

WASHINGTON – Thousands more very low-income senior citizens and persons with disabilities will have access to affordable supportive housing thanks to $749 million in housing assistance announced today by the U.S. Department of Housing and Urban Development (HUD). These grants will help non-profit organizations produce accessible housing, offer rental assistance, and facilitate supportive services for the elderly and persons with disabilities.

The grant funding awarded under HUD’s Sections 202 and 811 Supportive Housing programs will kick start construction or major rehabilitation on more than 189 housing developments in 41 different states and Puerto Rico.  When complete, more than 4,800 elderly households and persons with disabilities will be affordably housed with access to needed services. Read a detailed summary of each grant.

“The Obama Administration is committed to helping our senior citizens and persons with disabilities find an affordable place to live that is close to needed healthcare services and transportation,” said HUD Secretary Shaun Donovan.  “Recent bipartisan changes to these two supportive housing programs will allow us to better serve some of our more vulnerable populations who would otherwise be struggling to find a safe and decent home of their own.”

Enacted early this year with strong bipartisan support, the Frank Melville Supportive Housing Investment Act and the Section 202 Supportive Housing for the Elderly Act provided needed enhancements and reforms to both programs.  Nonprofit grant recipients will now receive federal assistance that is better connected to state and local health care investments, allowing greater numbers of vulnerable elderly and disabled individuals to access the housing they need even more quickly.

Section 202 Capital Advances will provide $545 million nationwide to 97 projects in 42 States and Puerto.  In addition to funding the construction, acquisition, and rehabilitation of multifamily developments, HUD’s Section 202 program will also provide $54 million in rental assistance so that residents only pay 30 percent of their adjusted incomes.  Section 202 provides very low-income elderly persons 62 years of age or older with the opportunity to live independently in an environment that provides support services to meet their unique needs (see attached funding chart).

Section 811 Capital Advances will provide $137 million nationwide to assist very low-income persons with disabilities through 92 projects in 35 states.  An additional $12.6 million will be available for project rental assistance contracts (see attached funding chart).  Most of the housing supported through the Section 811 Program will be newly constructed, typically small apartment buildings, group homes for three to four persons, or condominium units that are integrated into the larger community.  Residents will pay 30 percent of their adjusted income for rent and the federal government will pay the rest.

HUD’s Section 811 program provides housing for households with one or more very low-income individuals with a disability.  Under this program at least one person must be 18 years or older and have a physical or developmental disability or chronic mental illness.  The program provides persons with disabilities the opportunity to live independently in their communities by increasing the supply of rental housing with the availability of supportive services.

HUD provides these funds to non-profit organizations in two forms:

Capital Advances.  This is funding that covers the cost of developing, acquiring, or rehabilitating the development.  Repayment is not required as long as the housing remains available for occupancy by very low-income elderly persons for at least 40 years for (under Section 202) or very low-income persons with disabilities (under Section 811).

Project Rental Assistance Contracts.  This is funding that goes to each development to cover the difference between the residents’ contributions toward rent and the cost of operating the project.

Residents must be “very low income” with household incomes less than 50 percent of their median for that area.  However, most households that receive Section 811 or Section 202 assistance earn less than 30 percent of the median for their area.  Generally, this means that a one-person household will have an annual income of about $13,500.

Colorado’s Ski Season kicks off, in earnest, this weekend!  Here are a few photos to get you fired up!

Great Ski Photos

If you aren’t able to get to Colorado’s world class skiing within a few hours of your home, let me know!  The Get Home Denver Team will be happy to hook that up for you!

Or, if you would like to buy a vacation property or second home, minutes from the slopes, we’ve got you covered there also!

Photo Credit: On Fire (by eatbitter)

“How do foreclosure and short sales affect my ability to get a new mortgage when my finances improve?”

Well, here is the answer.

The lending environment is constantly changing and these are only guidelines.  Extenuating circumstances may reduce the time needed for loan qualification.  Additionally, applicant MUST have re-established credit with no late payments for 12 months!

If you would like to discuss specifics, feel free to get in touch with us via our Contact Page!

Here is Your Honey Do List for 2011!

1. Gutters and Down spouts: clean the leaves from the gutters and make sure the downspout diverters are carrying the water about 3-5 feet away from the foundation. Also inspect the gutters for any signs of leaking.
2. Foundation: walk around the house and check the slope of the soil around the house. Make sure there are no areas that slope towards the foundation allowing water to pond next to the house.
3. Roof: If possible walk the roof inspecting flashing and vent pipes to be sure they are in good condition.
4. Bushes and Trees: If theses are in contact with the house or roof trim them away.
5. Chimneys: Clean the flue.
6. Garage Door: Inspect hinges to see they are secure to the door, and test the reverse mechanism to be sure it is operating correctly.
7. Ground Fault Circuit Interrupters (GFCI): Push the test button to be sure the power to the outlet is shutting down.
8. Smoke and Carbon Monoxide Detectors: Push the test buttons to be sure they are working correctly.
9. Heating System: On forced air systems be sure to change the filter once a month and if you have a boiler, be sure the pump is oiled.
10. Kitchen: clean range hood filters, under the refrigerator and its coils, and be sure the fire extinguisher is charged and easy to get to.
11. Seal wood decks.
12. Replace any damaged weather stripping around exterior and garage doors.
13. Replace any cracking or damaged caulking around windows.
14. Install foam insulation on all outlets and wall switches that are on exterior walls.
15. Sprinkler System: have them winterized before Halloween.

Content provided by RBS&K Inspections.  www.rbskinspections.com

Photo Credit:   Some rights reserved by anneh632

• The Number of Closed Sales increased (up 12.5%%, to 2,610)
• Average Days on Market remained consistent at 99 days
• Number of Active Listings decreased 28% to 12,613
• Absorption Rate declined 33% to 5.1 months
• Average Sold Price decreased 3.4% ( from $290,025 to $280,289)

For more details on the combined MLS Residential Statistics, select the link below or feel free to contact me if you have any questions.

all MLS Areas

• The Number of Closed Sales had a significant increase (up 28.4%, to 3,177)
• Average Days on Market increased slightly to 96 days
• Number of Active Listings decreased 24% to 13,436
• Absorption Rate declined a whopping 39% to 4.4 months
• Average Sold Price decreased slightly ( from $295,516 to $284,065)