Russ is a Business Turn-Around Consultant residing in Central Florida. After hearing about NuView IRA from HIS Capital, Russ decided to start self-directing his retirement funds when his IRA tanked during the great recession in 2008.
Russ first set up his account to manage his stock trades within the IRA and gain access to and more control over a wider variety of stock and mutual funds. Years later, after realizing he could invest in alternative assets other than stock and bonds, Russ made his first self-directed real estate investment in January 2016.
Russ describes himself as “a passive investor in several remodeling projects (flips)”. He has done four real estate flips so far and chooses this investment method because it doesn’t require too much of his time and offers a great return. Russ has taken the role as lender in these deals doing so through a private money broker. He says all four of the investments are still in process so it’s too early to share exact profitability in terms of numbers but he’s very optimistic. His IRA has been collecting the interest payments each month and he reinvests the funds as he sees fit. Rather than spend his time working and worrying about the property, Russ funds the deals of others which gives him more time to focus on his own goals in life.
When asked if he will be retiring at the age he intended on before he began the journey of self-directing, Russ explained: “I love what I do, so I haven’t really spent much time thinking about retirement. My job is more like an interesting hobby that makes money. I think of my investments that way as well. I will likely slowdown in my late 60s, work part-time, travel more, visit the grand kids etc… but no gold watch for me.”
Russ’ final piece of advice for fellow IRA self-directors is to “select a type of investment style you like and stick with it”.