On this episode of The Untold Stories of Real Estate Investing, host Wayne Courreges welcomes guest Zachary Wilson, an IRA specialist from Quest Trust Company. With over 20,000 clients and $2.8 billion in assets under administration, Quest Trust Company is the largest self-directed IRA custodian in Texas.
Zach is originally from New Orleans, Louisiana. He began as a Chemical Engineer at LSU. After a couple of years, he realized that he wanted to take his life in a different direction. This led him to packing everything up and moving to Houston to pursue a degree in Finance at UH.
Even then, the traditional route of a normal Finance major didn’t seem like the right fit. That’s when he found Quest. He started his career at Quest over 4 years ago in Quest’s Internal Auditing team. This meant that he led a team that looked over every investment that came through Quest. He learned in detail how these investments are structured.
After that, he joined the IRA Specialist team which he is currently on. This allowed him to get a different perspective. Now not only does he know how most investments are structured at Quest, but he also now gets to take a deep dive into the networking and business development that make these deals possible. Quest has had a profound impact on his life and the way he views his own personal investments for the future.
Topics Covered on Today’s Episode:
- Zach Wilson is an IRA specialist from Quest Trust Company. Quest Trust has grown into the largest self-directed IRA custodian in Texas with over 20,000 clients and $2.8 billion in assets.
- Importance of knowing and understanding retirement accounts.
- Zach is happy to provide assistance and information to clients, not just Quest clients.
- No negative implications for developers using SEP IRA funds from investors.
- Must perform due diligence and ask questions.
- Use the entity’s information instead of personal information when investing with an IRA. The IRA is a separate entity with its own name, address, and EIN.
- Reporting requirements: Value of assets held under administration reported to Texas Department of Banking and IRS annually.
- Quest Trust YouTube channel has educational videos.
- Taxable and non-taxable entities for investing: Differentiate between taxable entities (individuals, LLCs, corporations) and non-taxable entities (self-directed IRAs, nonprofits)
- Benefits of self-directed IRAs: Allows individuals to invest in the same deals in a tax-advantaged account.
- There are 3 main reasons why you should self-direct your IRA: 1. Diversify, 2. Tax Benefits and 3. Invest in what you know best.
- Restrictions on investments with Self Direct IRA include, but are not limited to, yourself, spouse, immediate descendants and ascendants or any company that they are affiliated with. You cannot buy, sell or trade, loan, extend a service to or receive a benefit from IRA, whether direct or indirect. Investment restrictions include life insurance policies, and you cannot use your IRA to invest in collectibles.
- Important considerations in investments in real estate syndications with self-directed IRA include UBIT (Unrelated Business Income Tax) and UDFI (Unrelated Debt Finance Income) refers specifically to the amount of unrelated business income that is subject to UBIT.
Links and Resources:
Zachary Wilson
- Zachary.Wilson@QuestTrust.com
- www.QuestTrust.com
- 855-FUN-IRAS or (855) 386-4727
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