Storage Wars & Retirement
When it comes to investing, especially retirement investing, a lot of people are looking for that magic bullet. There is no such thing. However, those who have self directed Individual Retirement Accounts can at least increase their options when it comes to investing and be truly creative. This includes being able to buy physical property, should they have checkbook IRAs. Even though property investing is not always the best bet, there is a sector of rental property that is all but recession proof; storage units.
Storage Units in Good Times and Bad
If you think about it, storage units are always in use no matter what the economy is doing. When times are good, then people are using storage units as to way to safely stow their possessions while transitioning to their bigger and better homes. On the flip side, when times are bad and people are losing their homes, storage units are still being used as many will downsize and simply not have enough space for all their things in a smaller place.
In addition, there will always be those who simply accumulate too much stuff and refuse to get rid of it. In fact, it is quite likely that you, or someone you know, has a storage unit for just such a reason. Whatever the case may be, the point it, storage units are always in demand.
Checkbook IRAs = Storage Unit Investment
You might want to invest in storage units, but you might also have all your retirement money tied up in standard or ROTH plans. If this is the case then you likely already know the closest you can come to owning storage units is by way of a real estate investment trust, or REIT, that might specialize in them. While this move might give you some of the advantages of owning storage units, it’s still not the same thing as physically owning them.
However, with checkbook retirement options you do have the ability to own physical storage units as you have increased flexibility in the investments you can make (such as real estate) and you have total control over your account. With checkbook IRAs, you are able to buy a storage unit facility as long as you have the funds, but unlike with a REIT, you can own the actual, physical property. Owning storage units might not be the right call for you, but if you have ever considered it for your retirement plan then you really do need to consider checkbook savings programs.
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