Episode 7:
H. Quincy Long is the President of Quest IRA and works in the Houston corporate office. Quincy has been a licensed Texas attorney since 1991, specializing in real estate, and has been a fee attorney for American Title Company. In 1990, Quincy received his Doctor of Jurisprudence from the University of Houston, and continued his education, receiving his Masters of Law in 1997.
He has sat on the board of directors of the Realty Investment Club of Houston (RICH), the second largest real estate club in the country, and maintains the title of Certified IRA Service Professional, CISP.
Quincy is also the author of numerous articles on self-directed IRAs and other real estate related topics, many of which can be found on the Quest IRA website, and in addition, Dyches Boddiford and George Yeiter, CPA, co-authored with Quincy to write the book “Real Estate Investment Using Self-Directed IRAs and Other Retirement Plans.”
Widely known for his enthusiasm, attention to detail and knowledge of the Self-Directed retirement industry, he is one of the most sought after key note speakers in the nation. Quincy can often be spotted in his office reading and learning more to prepare for one his many, highly-attended lectures on topics including self-directed retirement plans, real estate, unrelated business income tax, land trusts, mortgage foreclosures, etc. Quincy enjoys reading, hiking and spending time with family and friends in his free time.
What you’ll learn about in this episode:
- The reasons Roth IRAs are solid investments to consider
- The strategy for obtaining a Roth IRA if your income exceeds the standard limit (often referred to as a Backdoor Roth)
- Why self-directed IRAs are so attractive to many investors and how they are superior in many ways to traditional IRAs
- The surprising things you can invest in with a self-directed IRA such as, wine, art, real estate, cryptocurrencies, mortgages, and more
- The requirements for opening an IRA
- Maximum annual contributions for IRAs and the minimum amount required to open one
- When you should buy your Roth IRA and why it’s sooner than you might think
- Why there is a sense of urgency for investing in Roth IRAs
- When it is beneficial to transfer money from a traditional IRA to a Roth IRA and why you shouldn’t do it if you don’t have specific plans for investing those funds
- What self-dealing is and what that means for investors
- Reasons it’s important to stay on the right side of the IRS and play by the rules when making investments with your self-directed IRA
- Tools that IRS uses to punish offenders and why you want to avoid them
- Why you should consider avoiding investments in your field, so you can avoid the appearance of possible wrongdoing and not invite unnecessary scrutiny from the IRS
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