Investing in syndications with IRAs has become more mainstream over the last few years. Through increased education, it has grown into a common tool for investors to utilize. However, there have been recent legislative changes that have turned many people’s estate planning on their heads because of the enormous tax implications.
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Don’t fear! Our guest today, Damion Lupo, is an expert in the space and is here to walk us through some of the major changes. In today’s episode, we learn more about Damion’s eQRP and why it is preferable over a 401(k) as a retirement plan. His eQRP is a well-rounded, dynamic retirement plan that not only saves clients enormous tax costs but also can respond to specific needs. Damion also sheds light on how the legislative process has also affected both IRAs and 401(k)s. He shares how these changes affect syndicators and why it is crucial for operators to have a grasp on them, to present investors with the most accurate information possible. The changes are intricate and can be hard to digest but Damion has synthesized them into bite-sized, easy to understand chunks. You don’t want to miss out on today’s show!
Key Points From This Episode:
- What Damion has been up to since his last appearance on the show.
- Find out more about an eQRP, how it differs from 401(k)s and who it is for.
- Why Damion generally advises against putting money into an IRA.
- The changes that have recently happened with inherited IRAs.
- Some of the positives of an eQRP and the costs to set it up.
- The SECURE Act: how it’s changed solo 401(k)s for part-time employees and their bosses.
- Setting up the eQRP must be done BEFORE filing taxes for that year.
- How to bring up the eQRP up to your CPA or accountant and the processing time.
- How to teach investors who have previously used their IRAs and some educational tools.
- As a syndicator, it is your responsibility to provide investors with correct, in-depth information.
- Damion’s company is the only one qualified to do eQRPs in the country.
- The hardest part of syndication for Damion: saying no more than you say yes.
- You have to have people with skin in the game to ensure they are protecting a project.
- No man is an island: why you should not be afraid to get help.
- Have people who have been through cycles on your team!
- Mistakes are the ultimate weapon for success, so make as many as you can.
[bctt tweet=”We are truly drowning in information and we’re starving for reality, starving for wisdom. — @damionlupo” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
About Damion Lupo
Best-Selling Author of 10 books on personal finance, investment and retirement strategies, Damion Lupo’s mission is to break a million Financial Shackles. Damion is the host of the Financial Underdogs podcast, ripping conventional wisdom apart for the Main Street investor looking for truth about money and investing. Not only has he started 50+ companies, he even founded his own martial art, Yokido®. Damion developed the ultimate investor retirement tool called the eQRP®. His strategy gives individuals total control of their retirement money to invest in real assets like real estate syndications and physical Gold. Damion has been a professional investor for more than 20 years starting with the purchase of his first rental house he charged on his VISA. That move snowballed into 150 rental houses in less than 5 years. In 2008 he lost the whole $20 million business only to bounce back and recreate his wealth in less than 5 years.
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