Wake Up to Wealth Podcast: Leveraging Your Retirement for Real Estate Success with Greg Hurling

Episode Release Date: October 14, 2024
Host: Brandon Brittingham
Guest: Greg Hurling

1. Introduction to the Episode

In this compelling episode of the Wake Up to Wealth podcast, host Brandon Brittingham welcomes Greg Hurling, a seasoned real estate investor and expert in leveraging retirement accounts for real estate investments. The conversation delves deep into the mechanics, benefits, and misconceptions surrounding self-directed Individual Retirement Accounts (IRAs) and their application in real estate.

2. Understanding Self-Directed IRAs for Real Estate Investing

Brandon initiates the discussion by expressing his initial unfamiliarity with self-directed IRAs, a tool that allows investors to use their retirement funds for real estate ventures. Greg shares his personal journey, highlighting how necessity drove him to explore self-directed IRAs at the young age of 22 due to financial constraints and limited access to traditional loans.

Greg Hurling [01:39]:
"At 22, pure out of necessity because I couldn't get a loan. And so I learned very quickly about how this, how this concept works at a young age."

Greg emphasizes that only a small fraction (4%) of Americans utilize self-directed IRAs, uncovering a significant untapped potential for wealth building through real estate.

3. The Process of Setting Up a Self-Directed IRA

The conversation transitions to the practical steps involved in setting up a self-directed IRA. Greg details a streamlined process that his company employs to assist investors:

1. Initial Consultation: A 15-20 minute phone call to understand the investor's needs.
2. Application Assistance: Personalized assistance in filling out the necessary paperwork.
3. Account Establishment: A self-directed account is set up within 24 hours.
4. Fund Transfer: Coordination with existing custodians to transfer funds, typically taking 7-15 days.
5. Investment Direction: Investors can then direct their funds into desired real estate deals.

Greg Hurling [05:39]:
"We set up about 150 to 200 new accounts every single month. We've got a very seasoned team that's very good at this, that we hold your hand through the process."

This hands-on approach demystifies the process, making it accessible even to those previously intimidated by the complexity of self-directed IRAs.

4. Dispelling Myths and Addressing Common Concerns

Brandon and Greg address prevalent myths that deter individuals from utilizing self-directed IRAs. One major misconception is that self-directed IRAs are overly complicated. Greg counters this by explaining the simplicity of their process compared to traditional custodians.

Greg Hurling [08:45]:
"You can test it out, put in $50,000 or if you got 100, throw in 50 in a self-directed, make your advisor kind of compete for it. I mean, that's what I did in the beginning."

They also discuss the reluctance of financial advisors to promote self-directed IRAs, primarily due to hidden fees and the potential loss of commissions when clients move funds away from traditional investments.

5. Flexibility and Diversification Options

A significant advantage of self-directed IRAs is the flexibility they offer in investment choices. Greg elaborates on the diverse opportunities available, from direct real estate purchases to investing in businesses, Bitcoin, or precious metals. Approximately 75% of their investors choose real estate, leveraging their IRA funds to engage in various real estate strategies such as flipping, holding rentals, wholesaling, or syndicating deals.

Greg Hurling [10:15]:
"You can flip, you can hold, you can wholesale, you can syndicate. You just can't be living or using a property that your IRA is investing in."

This flexibility allows investors to tailor their portfolios to their risk tolerance and financial goals, providing a robust means of diversification beyond traditional stock market investments.

6. Why More People Aren't Leveraging Self-Directed IRAs

Despite the clear benefits, self-directed IRAs remain underutilized. Greg attributes this to a lack of education and awareness, compounded by the reluctance of financial advisors to inform clients about alternative investment avenues that could divert funds away from their traditional offerings.

Greg Hurling [10:30]:
"Most advisors are afraid. They're afraid to lose all their dollars. That's the wrong approach."

He also points out that self-directed IRAs have been around since the mid-1970s but have not gained widespread popularity due to limited promotion and understanding among the general public.

7. Who Can Benefit from Self-Directed IRAs

Brandon inquires about the qualifications necessary to utilize self-directed IRAs. Greg clarifies that anyone with a retirement account—such as traditional IRAs, Roth IRAs, SEP IRAs, or SIMPLE IRAs—can self-direct, provided they are not currently participating in employer-sponsored plans like 401(k)s, 403(b)s, or government pension plans. This inclusivity ensures that a vast pool of investors, including those with modest or substantial retirement savings, can leverage these accounts for real estate investments.

Greg Hurling [14:19]:
"Anyone that has a retirement account can self-direct."

He encourages individuals with varying amounts in their IRAs, even as low as $20,000, to consider self-directing to enhance their financial growth and portfolio diversification.

8. Final Thoughts on Waking Up to Wealth

As the episode concludes, Brandon and Greg reflect on the concept of "waking up to wealth." Greg succinctly defines it as making financial decisions that provide peace of mind and security.

Greg Hurling [16:17]:
"Waking up to wealth to me is sleeping good at night."

This philosophy underscores the importance of informed and strategic financial planning, emphasizing that true wealth encompasses both growth and personal well-being.

Conclusion

This episode of Wake Up to Wealth serves as an enlightening guide for anyone interested in optimizing their retirement funds through real estate investments. Greg Hurling provides actionable insights and demystifies the process of self-directed IRAs, encouraging listeners to take control of their financial futures. Whether you're a seasoned investor or just starting, this conversation offers valuable strategies to leverage your retirement savings for long-term wealth building.

For listeners interested in exploring self-directed IRAs further, Greg Hurling is available on Instagram under his name, where he shares educational content and resources to assist aspiring investors.

Connect with Greg Hurling:
Instagram: @GregHurling
Website: Greg Hurling's Official Site (Note: Replace with actual link if available)

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