SELF-DIRECTED RETIREMENT PLAN LOANS

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1 SELF-DIRECTED RETIREMENT PLAN LOANS Presented By: Ryan Sahd Senior Vice President FirstBank 4/13/2015 1

2 TWO BENEFITS Knowing about Self-Directed IRAs benefits: 1. You By putting your real estate expertise to work within your own Traditional/Roth IRA, SEP IRA, Solo 401(k), or HSA, you may be able to retire with more savings and/or sooner. 2. Your Business By working with IRAs, you are opening up a new source of business, and, in many cases, you have already created the relationship!

3 CLIENT CONTACT OPPORTUNITY Ask Each Client 3 Questions 1. Are you interested in investment real estate? 2. Did you know that you can buy investment real estate in your IRA? 3. Would you like me to keep you informed of investment property I come across? Nobody knows how! You can help!

4 THE WINNING TEAM Real Estate Professional + Self-Directed IRA Administrator + Non-Recourse Lender = IRA with Real Estate

5 TAX-DEFERRED/FREE PLANS ELIGIBLE FOR SELF-DIRECTION 1. Traditional 2. Roth 3. Simplified Employee Pension (SEP) 4. Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) (k) Plan 6. HSA Health Savings Accounts 5

6 THE IRS DOES NOT ENDORSE OR APPROVE INVESTMENTS 6

7 Statutorily Disallowed Assets Life Insurance Collectibles any work of art, any rug or antique, any stamp or coin*, any alcoholic beverage, or any other tangible personal property specified by the Secretary for purposes of this subsection. * Exception US Government Minted Gold Or Silver Eagle, Gold and palladium bullion

8 POSSIBLE ASSETS

9 REAL ESTATE INVESTMENT CHOICES Single family and multi-unit homes Apartments Condominiums Commercial property

10 REAL ESTATE INVESTMENT CHOICES Improved or unimproved land Mortgages, lease/options Foreign property investments Trust deeds Leveraged and un-leveraged property

11 REAL ESTATE INVESTMENT CHOICES Fix & Hold Fix & Flip or Redevelop Hold for appreciation Short sales, foreclosures Auctions

12 WAYS FOR AN IRA TO PARTICIPATE IN REAL ESTATE Hold title to Real Estate. Tenants-in-Common with a partner entity. Loan money to a borrower who uses Real Estate as collateral. Invest in an entity that is investing in Real Estate.

13 NO SELF-DEALING No transactions between you or other disqualified persons and your IRA. You & Disqualified persons IRA No Self Dealing A personal benefit derived from your plan that does not come to you as a distribution is not permitted. 13

14 Defining Disqualified Grandmother Grandfather Grandmother Grandfather Persons Uncle Aunt Dad Mom Uncle Cousin Sister In-Law Brother IRA Holder Spouse Sister Niece Nephew Daughter In-Law Son Daughter Son In-Law Grandson s Spouse Grandson Granddaughter Granddaughter s Spouse

15 Disqualified Persons Not just personal finances, but any entity that they own or control: Ownership usually means owning 50% or more, but in some cases, it could be less. Control usually means a financial decision maker, highly compensated individual, involved in high level entity decisions.

16 IRS REG. SECTION 4975 PROHIBITED TRANSACTIONS Selling something you own to or buying from IRA Personal (DQ person) use of plan assets Lending money, extending credit to IRA Use of assets by Fiduciary Providing services for IRA No Sweat Equity Getting paid by your IRA 16

17 PROPER TITLING Both offer and closing documents are titled in the name of the IRA: New Direction IRA, Inc. FBO Client Name, IRA -OR- New Direction IRA, Inc. FBO Account No OR- New Direction IRA, Inc. FBO Client Name, IRA, Account No Earnest money must be paid from the IRA or by a non-disqualified person. 17

18 DEBT IS ALLOWED IN IRAS BUT THE RULES ARE NOT WIDELY KNOWN. Not all lenders lend to IRAs Non-recourse loans only No personal guarantees Taxes may apply (UBIT)

19 W THE IRA A CLOSER LOOK 3 IRAs, all with the same net value. $ 150,000 $150,000 I T H L E V E R A G E $300,000 $150,000 $ 4 5 0, Stock IRA RE IRA RE IRA

20 WHY REAL ESTATE? There are many reasons people look to real estate as an investment tool: Maximize the return on investment Diversify investment portfolio Stabilize the fluctuations in value of investments Tangible asset they can see Have money in retirement but not enough liquidity outside retirement to purchase real estate 4/13/

21 FIRSTBANK PROGRAM REQUIREMENTS Plan Qualifications Property Qualifications Underlying Participant Qualifications 21

22 FIRSTBANK PROGRAM REQUIREMENTS Plan Qualifications Self-directed plans should be in place prior to application Only single member plans or member/spouse are allowed. No multiple employee plans. Often, separate plans can partner together to purchase a property. Plan documentation is subject to review and approval by FirstBank attorneys. Liquidity in the plan is a necessity. 4/13/

23 FIRSTBANK PROGRAM REQUIREMENTS Property Qualifications 1-4 family residential properties and quality commercial properties are eligible. Properties may be located throughout the Front Range from Colorado Springs to Fort Collins, as well as select mountain communities. 75% of projected rents must cover PITI payments (for 1-4 family residences). No lease is required at closing (for 1-4 family residences). Commercial properties may be subject to pre-lease requirements. Maximum Loan-to-Value (LTV) and Loan-to-Cost (LTC) is 65%. 4/13/

24 CASH FLOW CONSIDERATIONS 4/13/2015 Purchase Price - $200,000 (3bed 2 bath SFR) 65% Mortgage - $130,000 35% IRA Contribution - $70,000 + Closing Costs Monthly Rent - $1,400 Minus 25% in Expenses* - $350 Discounted Rents - $1,050 Monthly PITI - $924 (PI = $708) Coverage Ratio (1.0 minimum) Net Cash Monthly Cash Flow - $126 Net Annual Cash Flow - $1,512 (Goes back into IRA) *25% expense factor accounts for vacancies and upkeep. Remember, all expenses need to be paid for out of the IRA, which is why initial liquidity and ongoing positive cash flow is key. Long-term tenants and properties with low upkeep will increase annual cash flow. 24

25 GROWING YOUR IRA (SEVEN YEAR GROWTH EXAMPLE) 4/13/2015 Initial Asset Value: $200,000 Initial Leverage: $130,000 Initial IRA investment: $70,000 Loan balance after 7 years: $114,617 Conservative 7 year cash flow earnings: $10,584 Asset Appreciation (at 5% per year): $70,000 7 year asset liquidation value (Net of Sales Cost): $253,800 Effective IRA balance after 7 years: $149,767 ($253,800 - $114,617 + $10,584) IRA grew $79,767 in 7 years, which is an average growth rate of 13% 25

26 STEP-BY-STEP 1. Submit personal financial statement to FirstBank 2. Transfer funds to qualified custodian 3. Have custodian send IRA statement and disclosures to bank 4. Prequalification letter issued based on statement balance 5. Make offer and go under contract with IRA as purchaser (i.e. NDIRA, FBO John Smith, IRA) 6. Bank generally needs an additional week to close, all other dates are standard 7. 1 week prior to closing, IRA beneficiary reads and initials off on all loan documents 8. All documents then sent to the custodian for signing (remember the custodian is the borrower) 9. Documents sent to title company for real estate closing 26 4/13/2015

27 FIRSTBANK PROGRAM REQUIREMENTS Underlying Participant Qualifications Although you cannot personally guarantee the loan it is important for FirstBank to understand the character of the underlying participant. An analysis of personal debt service, net worth, and credit is required (Personal Financial Statement) The underlying participant(s) must meet minimum credit standard of a 680 fico. 4/13/

28 FIRSTBANK PORTFOLIO LOAN ADVANTAGES Local underwriting and decision making No limits on number of properties Efficient process Local loan servicing FirstBank is a relationship lender, not a transaction oriented bank

29 PORTFOLIO MORTGAGE LOANS FIRM-5 & FIRM-7 (ARM) terms available 30 year amortization No balloons Stable index (1-year U.S. Treasury Index) Annual and Lifetime caps on rate adjustments 5, 7, 10, year fixed Acceptable collateral properties: 1-4 Family, townhome, and condominiums

30 MORTGAGE MODIFICATION Modify your FirstBank interest rate to the current market rate for any portfolio product. No underwriting required 1% modification fee + $250 doc prep fee Amortization doesn t change unless accelerated term is selected Processing takes two-three weeks No appraisal required

31 FIRSTBANK HISTORY Began 1963 in Lakewood, CO Family and employee owned Grown organically Slow and steady Largest locally owned bank in Colorado Over 130 locations in Colorado Branches in Arizona and California

32 QUESTIONS 4/13/

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