#61: How To Become A Private Lender Using Your IRA with Keith Baker
Jul 01, 2020
Keith Baker is on a mission to provide people just like you with the education and confidence necessary to successfully and safely invest in real estate while still keeping their 9-5 job.
Becoming a private lender has lead Keith to interesting investment opportunities while allowing him the time to hone his deal evaluation skills, increased his network of investors and entrepreneurs all while learning from their particular expertise, and ultimately going into business with a heavy-hitting and prolific investor by forming Asset REI, LLC.
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How To Become A Private Lender Using Your IRA with Keith Baker
Keith began painting houses in high school with his neighbor Marc and worked construction through college, performing rental make-readies and flips for investors while earning a degree in Philosophy and German.
He started his own construction/general contractor company after college because he didn’t want a “real” job” and earned his PhD (Public humiliation Diploma) when he trusted the wrong people and his friends trusted him, erroneously: Keith didn’t plan, so he planned to fail.
Keith worked as a Construction Manager at McGuyer Home Builders (Pioneer and Plantation Homes). He managed the construction of single-family homes from the $150’s to the $350’s in Richmond, TX area. Once housing starts began to drop he could see the writing on the wall: since he was the last to be hired on, he would be the first to go. So, just as the housing market peaked he jumped headfirst into a field position with an oilfield service provider: Schlumberger.
Keith then parlayed his oilfield knowledge into a career as an energy loss adjuster, mainly in the upstream and midstream Oil & Gas sector, handling claims and settlements in excess of $100,000,000. To date, he has overseen the settlement and payment of claims in excess of a billion dollars of Other People’s Money, primarily on behalf of syndicates at Lloyd’s of London.
When he decided to invest in real estate he hadn’t yet developed the confidence to speak to sellers, so he bought his first investment property from his parents, just to get moving. His wife and him then house hacked their way through their starter home, which they slowly flipped for a nice profit. Then he decided it was time to become a landlord, which he again learned about the hard way!
Because he traveled so much for his day job, he converted an old 401(k) into a self-directed IRA (SDIRA), and began private lending to local real estate investors to keep himself in the real estate investing loop, close to the action, and to expand his network.
Through private lending, Keith bought his first rental property from a potential borrower and met his business partner, Landon. Together Landon and Keith formed Asset REI, LLC, which focuses on providing owner financing to buyers and properties that are neglected and overlooked by the too big to fail banks: thus they became the bank!
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