The Backstory:
Greg Bond explained to NuView how he used to run a papery-based map company. With the fall of the 2008 economy – and the rise of maps on cell phones – his map company went under.
He recalled how in that July, their sales had dropped by 30% and never recovered.
Luckily, he was able to sell the company, but found himself with nothing to do. The rental properties he was already managing at the time were all full.
It was at this time that Greg realized he needed to reinvent himself, and became interested in buying property at auction. This is the story of his first real estate investment in his self-directed Roth IRA.
A Unique Opportunity:
Conveniently for Greg, there was a Williams & Williams auction coming up, and he attended just to check it out.
As it turned out, no one attending the auction was interested in the second property, except for Greg.
Upon registering his bid, the auctioneer explained that Greg might actually win the property with only the ‘minimum’ bid, due to the lack of interest.
After a quick discussion with his wife, Greg bid a minimum price of $15,000, and purchased his first rental property using his self-directed Roth IRA.
And not only was Greg able to acquire a property for an impressive price, but he also was able to find tenants the very next day.
He detailed the math with a smile, “I just paid $15,000 for this house… And now I’m renting it out for $750 a month… I like these numbers.”
What Will You Do With Your IRA?
Read more on our blog.
NuView Trust
NuView IRA Processing Office, 280 S Ronald Reagan Blvd STE 200, Longwood, FL 32750
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Lat: 28.695340
Long: -81.346741
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Timestamps:
00:00 – Story Intro
01:00 – Real Estate Auction
02:40 – Placing the Bid
03:10 – Reaping the Benefits
03:40 – Outro
