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MONEY: Getting real (estate) with your IRA...
Michael Housewert isn't your typical IRA investor. Four years ago, the real estate agent at Charde Group Inc. used $195,000 of the funds in his individual retirement account to purchase a piece of undeveloped land along a sun-washed canal on Marco Island, Fla. He sold the property two months ago for more than three times that amount, tucking a $500,000 profit back into his IRA...
With property values soaring across the country, more and more IRA investors are putting some of their funds directly into real estate instead of just the usual stocks, bonds and mutual funds. Housewert, 58, has put half his retirement savings into investment properties and is considering pumping in even more. "Because of historically low interest rates, the volatility in the stock market and political unrest, people are really starting to look for more tangible assets for their retirement," says Tom Anderson, president of PENSCO Trust Co., an independent custodian of retirement plans. Here are some tips...
GETTING STARTED. You can use money in a traditional IRA, Roth IRA or simplified employee pension plan (SEP-IRA) to buy land, condos, commercial real estate or residential properties. But you can't serve as the custodian of your IRA. IRA Resource Associates www.iraresource.com in Camas, Wash., can help you find a trustee or custodian who is knowledgeable about real estate investing...
...excavated treasure was "Pardon My English," a George and Ira Gershwin romp that suffered a chaotic pre-opening rewrite ordeal, closed after a mere 46 performances in 1933 and had not been heard from since. In 1982, music historian Robert Kimball unearthed the score, along with lost work by Kern, Porter and Rodgers, in a warehouse in Secaucus, N.J. (I'm happy to say that TIME deemed the event newsworthy enough for us to do a story on it.) In a program note, Viertel compares the unearthing of this goofy Gershwin farce "to Howard Carter's discovery of King...