Scott sits down with Nate Hare from Quest IRA and discuss the different options of IRA investing.
Listen to the podcast here:
SD IRA with Nate Hare from Quest IRA
We are so excited for today’s special guest. As an entrepreneur, as a real estate investor, especially a note investor, your vendors are the biggest key to success in this industry, especially when it comes to your money partners. One of our biggest money partners is the people that take care of our investors, who take care of the people that are funding a tremendous amount of deal. Plus they are also taking care of many of our students. It’s the one, the only, the number one self-directed IRA company in the world, as far as quality, service, providing education to the students, it’s Quest IRA. We are excited today to have the EVP, Executive Vice President, Mr. Nate Hare, with us.
Thanks for having us. It’s always good to be a part of your stuff and your education. We love having you at ours, too. I appreciate the invite.
For those who don’t know, Nate is the hardest working man in the self-directed IRA world. You travel more than I do.
That is really hard to do. We actually travel a lot. Me, our CEO, Nathan Long, and our president, Quincy, travel quite a bit. It’s important for us to get our education out there. Our information and education isn’t known by the masses, it’s not on TV. We got to go out there and do some leg work, and get out there and talk to people face to face.
How many events are you guys doing roughly in an annual basis?
If you talk about the events that we plan, the classes that we do weekly, our own mixers, our own events, plus you tag on all the things that we’re invited to, other people’s events of local areas and all that stuff, we probably host, put together and attend probably 600 events a year.
It’s why you’ve got such an amazing staff because they are out there networking, really sharing the power of Quest IRA and self-directed IRAs across the country.
I think what makes it different, at least for us and for me personally, is we’re passionate about what we do. It’s not just a job to us. We like going out and giving people the education about how they can use retirement accounts to invest in whatever they’re knowledgeable about. We like to see that spark, that light bulb, go off on people’s heads and actually turn around and make themselves more return in their retirement accounts than they ever dreamed possible. It’s fun to do what we do.
You guys do make it fun and make it enjoyable. It’s obviously from the top down. It starts with the leadership and then works its way down to the interns even. From the top to the bottom, everybody has a good time. From Quincy all the way down to Adam in your Austin office.
We love those interns. You don’t have to beat bad ideas out of their heads. You get them fresh right out of class so you could teach them how to invest the right way.
You’re in charge of the marketing and really making the marketing machine run over there. You talk to so many investors. What do you see is the biggest void amongst real estate investors who are thinking about self-directed IRA? What’s the biggest misconception you think a lot of people have?
There are a lot of misconceptions. I would say the biggest misconception is that you need a ton of money in a retirement account to do what we do. People think when you think real estate investor, you think, “I have to have hundreds of thousands of dollars. If I don’t have hundreds of thousands of dollars in my retirement account, then that’s not an option for me.” That’s not true at all. There are a lot of ways that you can take small IRAs, small buckets of money, and use those small buckets for a variety of real estate investing, note investing. It’s just about getting yourself outside the box and not believing the misconceptions that you probably have in your head or what other people might be telling you.
Our education is free. It doesn’t cost you anything to at least come to some classes. We’ll cover those misconceptions. We’ll tell you what’s truly possible. A lot of times it’s just that first transaction, that first investment that really scares people because it’s the fear of the unknown. Once they get to that first transaction, 99% of our clients go, “That was a lot different and that was a lot easier than I thought it was going to be,” and then it’s like riding a bike after that.
I see a lot of people, especially in the note game, “I’ve got to use my own money first. I can’t buy a deal unless I’m using my own money first.” They may only have $20,000 or less. We all got to get started somewhere. That’s one of the big things I tell people, “If other people’s money is good enough for Warren Buffett, it’s good for you.”
You got to start somewhere. We’ve had a client take $10,000 and on his very first investment and turned into $297,000 in a Roth IRA. It can be done. You just got to figure out how to do it and what are the strategies that enable you to do something like that.
Let’s talk about the different buckets, because I think a lot of people are familiar with their 401(K) and then rolling that into an IRA. Let’s talk a second about the different buckets that just about everybody can have to get things rock and rolling that they should put a little bit towards every day, every month, every year.
We teach our classes as imagining money in buckets. You have different buckets that are for different usage. Most people just think about we call it their eat bucket. Your eat bucket is just the money from your job and all the money that you use that ends up being taxable. It’s the money you use to pay the bills, put food on the table, buy Christmas gifts. That’s your daily functional use of money. There are other buckets that give benefits to you that can be used in different ways.
One of them are IRAs, and there’s actually seven different types that we have at Quest, and they each have different tax benefits. The more you understand about each available bucket to you, the more you’ll save yourself in taxes over your career. Most people are familiar with just the personal plans, which are traditional IRAs and Roth IRA. Most people have traditional IRAs from those 401(K)s you just mentioned. That’s just one page of the menu when you’re talking about IRA. That’s your personal plan that you can save tax deferred, tax-free for retirement. If you’re self-employed, you have all those employer plans that you can use as tax shelters too, which could be your SEP IRA, your simple IRA, or even your individual 401(K) if you’re a self-employed individual. That gives you more opportunity to stash more money away that Uncle Sam can’t touch.
The other ones that most people don’t even realize are out there will be your Coverdell Education Savings Account that you can set up for your children, and your health savings account that you can set up, all of which you can put contributions into, self-direct. All the profits actually can be used for today’s needs, not just retirement. Education savings account, you could take the distributions out of all that profit through that account to pay for your children’s education expenses, all the way from kindergarten through college. Then you can use the health savings account’s profit today to pay for any out-of-pocket health expenses that you might have. Everybody has health expenses. Some people don’t even realize you can use those types of accounts to pay for your current expenses, the ones you have right now that you’re paying with your eat bucket, but pay it with other buckets that will give you more tax shelter and basically consume the same amount of goods without taxation, and you keep more of your capital for yourself.
You’re taking your eat bucket, let’s move a little bit over here. You’re going to eat anyway, but let’s use it smarter. Instead of it becoming an expense, it becomes an investment opportunity, or positive versus the negative, for the most part, right?
Yeah. Basically, if you’re going to make $10,000 on an investment, you want to make $10,000 to yourself personally, pay taxes on that. What you’re left over with, you pay for the education expenses and health expenses that you got to pay for anyway. Or would you rather do that same investment in an account that doesn’t get taxed, like a Coverdell education account or a health savings account? Now, you make that same $10,000. However, now you have $10,000 free of taxes that when you take distributions from those accounts, you can pay for those same things you had to pay for anyway, the education expenses and the health expenses, and none of it has to go to Uncle Sam. You keep more of your capital to pay for more expenses that you have today and for retirement.
The beautiful thing about putting money in HSA is you could actually use that money to partner with other accounts to invest to have that account grow for you, too. People get so busy thinking of paying medical bills, “It’s just a bill that goes in, I’m going to pay it back out.” You can put it into the magical HSA and use it to buy things, to invest in real estate, to help that account grow, and then use the proceeds for your expenses or other things like that as well, correct?
Exactly. That goes back to the misconception we just talked about too, is that you have to have a bunch of money in IRA to make this happen. A lot of times that misconception comes to they’re only thinking about one account. They got that rollover IRA from their 401(K) and it’s got $50,000 in it and they don’t think they can do anything with $50,000. When they have a consultation with one of our IRA specialists, we always ask them, “Does your spouse have an IRA? Are you self-employed? Can you make contributions to a SEP or a simple? Do you have children? Do they have Coverdell education accounts set up? Do you have health expenses? Do you have a health savings account set up?”
Once you start identifying that there’s more buckets that you can put money into, and now you have more money to use, more capital to use. When you use all those accounts together, and stay on the same investment, when you have profit come back, you have some of it going back to your retirement accounts, which might be your traditional or your Roth. You’ve got some of it going back to your maybe employer plans, which are also for retirement. Then you have profit on maybe the same investment going back to your kid’s education accounts and your health savings account. Now, you got more buckets of money moving at the same time and you have more things that you can pay for, all completely with tax-free dollars. They really should start teaching this stuff in schools. I really believe that we don’t get enough of this stuff in school, financial literacy, teaching kids about credit, all that type of stuff. There should be more classes about this, I think.
I totally agree with you, but that’s why you guys are so great because you guys are doing so much education and live streaming it too so that people don’t have to be in the Houston or Austin or Dallas office. They can literally watch from just about anywhere in the country. Kudos to you because I don’t know anybody else who’s doing that, besides us on the note side, you guys are basically doing a great job on the self-directed IRA side. Did you feel like sometimes you need to pull out your old Louisville Slugger from college baseball and hit a few people in the head sometimes to get it to soak in?
Every once in a while you get the people that think IRAs are a scam or 401(K)s are a scam. Maybe they watch too many documentaries. Every once in a while, you’re going to get that person that just doesn’t believe anything that you’re going to say. You can’t educate everybody on that stuff. I think most people who are open-minded to the idea that there are opportunities out there for them. It’s really more about getting to that person and most people look at you and go, “How come no one’s ever told me I can do this?” They have that misconception that, “Is this really available to me? How come I’m 50 years old, I’ve never heard about this?” I was in real estate and mortgage business for many, many years, I never heard about it. I was skeptical at first when I first came to Quest. Then when I started looking at things, these are rules and regulations for IRAs that have been around since the beginning, since IRAs were created.
The only reason that we’re not told about this is because, for the big guys, your Charles Schwab’s and Fidelity’s, I’m not knocking those guys at all, but that’s where most of America’s wealth is. They don’t make money telling people that there are these other opportunities, so why would you hear about it? You have to actually go and seek out this information yourself and run into guys like Scott Carson or run into a Quest event or a Quest class. It’s taught, I wouldn’t say behind the scenes. we’re just overshadowed by the big banks that are going to tell you to invest it one way when there’s really a whole other way that you can invest. There are only 5% of Americans who understand it or know about it.
A lot of the bigger firms, they said they have a self-directed IRA as long as it’s self-directed into their funds, not anything outside of that. Nate, you said about 5% of people out there really know about retirement funds. How much in liquid funds is out there? We’ve heard the numbers are in the trillions, is it $7 or $8 trillion in retirement funds that’s sitting out there?
The last time I looked, retirement accounts combined in the US is over $28 trillion in retirement accounts. That’s 401(K)s, IRAs, everything combined, $28 trillion. It’s the largest source of America’s wealth. That’s where most people have their money. Now, IRAs are the largest source of America’s retirement, and I think it’s approaching $8 trillion in just IRAs. It used to be 401(K)s, but now all those 401(K)s have been rolled over into IRAs.
There’s a lot of money sitting out there. Most of that money is just invested the traditional way; in stocks, bonds, mutual funds, CDs. That’s fine if you understand that type of investing, but most people don’t really understand how to make money in the stock market, at least the average person doesn’t. That’s where 98% of America’s wealth is. The other 2% is with companies like us being self-directed by clients that choose to do it that way. I’ll be honest, a self-directed IRA isn’t for everyone, but it is for the person who’s entrepreneurial enough to use it and educated enough to use it and educated in a field that they can make better returns for themselves investing in what they’re knowledgeable about versus just investing in the stock market, which is completely speculative in some cases.
A whisper can affect your stock price and your returns in the stock market. Are you going to start having a self-directed cryptocurrency IRA?
Actually, it’s going around. I don’t think that’s something we’ll ever hold here. There is some Bitcoin IRAs and stuff like that. We’re not going to really touch that stuff. We’re going to stick to what we understand and we want to administrate which is primarily real estate. Actually, notes is the biggest asset class that we hold at Quest. 50% of our clients just own promissory notes. It’s a great way to diversify your assets, just holding paper but that paper is secured by real estate so a lot of people like that way.
A lot of people just invest in the private companies, LLC investments, partnerships. Some of those LLCs, they’re buying apartment buildings and those types of things and people make good solid returns doing that way. We have other LLCs that are actually a business: ice cream shop, selling pizza. There was one LLC that a guy purchased, they were buying soy sauce bottles, of all things. Other people know how to make money on that stuff. We’re not going to stop them from self-directing their own investment. There are a lot of options out there, but I don’t think we’re going to touch the cryptocurrency. Not quite yet, not until we understand it more.
Let’s talk about some of the things that people can’t invest in, because I think that’s probably an easier discussion versus what they can. There’s a whole lot of different niches in the real estate field and stocks and horse firm and other things that people can do as well. What are some of the things that people can’t use their self-directed IRA to invest in?
You actually put it right. The IRS doesn’t tell us what we’re allowed to invest in. They only tell us what we’re not allowed to invest in. When it comes to the investment restrictions, there are just two investment restrictions with IRA. You can’t own life insurance contracts and you can’t own collectibles. That doesn’t really get most people. What really get most people is you do have to understand there are some people restrictions for your IRA’s investments. There are certain people your IRA cannot invest with, and that would be yourself, for example. You’re the fiduciary of your IRA. You can’t self-deal with your IRA, meaning you can’t sell things to your IRA, your IRA can’t sell things to you. There are other people which would be your spouse, your parents, grandparents, kids, grandkids. There’s just certain people your IRA can’t invest with, but the list is very short.
The IRS tells us we can’t invest in life insurance contracts or collectibles and specifically certain people, but outside of that, it’s pretty much fair game for the most part. We always say if it’s an investment you can hold title to, your IRA can be the title owner or be on title as the owner of that asset. You just have to find a company that’s willing to administrate it on your behalf. That’s what we do. We administrate our client’s IRAs for the purchase of real estate, promissory note, but they’re all in the name of their IRA and we just administrate it for them. Very, very, very few restrictions, a lot of opportunities.
We have a question. “What’s the difference between a traditional and Roth Self-Directed IRA?”
The difference between a traditional and Roth is just how they’re taxed. Traditional IRA is a pre-taxed account, meaning most of the money in there or all the money in there you’ve put in and you’ve gotten tax deductions on that money, or your employer might have gotten tax deductions too. It’s a bucket of money that hasn’t been taxed yet. It grows tax deferred, meaning you don’t pay taxes as it grows. You’ll pay taxes when you start taking distributions. Anytime you take a distribution later in life, you’ll just add that distribution back to your gross income and paid taxes at that point.
The Roth IRA works the opposite. It’s an after-tax account, meaning when you put contributions into a Roth, you don’t get a tax deduction, you don’t get an immediate benefit, but the tradeoff is pretty sweet. The tradeoff is as it grows, it still grows tax deferred, meaning you’re just deferring any taxes, if any, to the future. But if you meet certain criteria when you start taking distributions, they can be tax-free and penalty-free, not only for the rest of your life but the life of your heirs. The two criteria you typically want to meet are having the Roth IRA open for five years and being above the age of 59 and a half.
Think about it this way. You start with $100,000 in a Roth IRA and you grow it to a $1 million in a Roth IRA, and you’re 59 and a half and you have had it for five years. That means every penny you take out of the Roth IRA is tax-free and penalty-free. At that point, you can literally or probably live off the grid. You can have your Roth IRA on every investment you find. Every dollar that goes to that Roth IRA’s profit can be distributed to you forever tax-free and penalty-free.
When you die and you pass it to your heirs, they get to take distributions over their lifetime of those assets completely tax-free and penalty-free as well. You’ll hear a lot of gurus talk about the Roth IRA, rightfully so. I think nowadays, since everybody can have a Roth IRA, everyone should look at getting a Roth IRA. There’s another misconception is if you think a self-directed IRA and a traditional IRA are something different, they’re not. Self-directed is just a marketing term. It doesn’t mean anything at all. Traditional IRA is the same thing as a self-directed traditional IRA. A Roth IRA is the same thing as a self-directed Roth IRA. It’s just that self-directed is just a marketing term that says you pick the investment.
Can you share how much Quest has in their management these days?
Total assets under management is over $1.3 billion. A number that people like to hear about is there’s a lot of undirected cash at Quest as well, which is good for people who are looking to raise private money and that type of stuff, because our investors like to loan their money to real estate investors. They’re always looking for investment opportunities. One of the things that our events provide people is not only education about the self-directed IRAs themselves, but also an opportunity to raise private money from other people’s IRAs. We have $1.3 billion assets under management and roughly about a quarter of a billion in cash that is undirected that is waiting to get deployed.
You guys have an upcoming event in Houston, your next IRA boot camp. You want to talk a little bit about that, Nate?
Yes, that is our biggest event of the year. It’s our annual Self-Direct IRA Boot Camp. We only do it once a year in each of our territories. We just did the Austin one, which was amazing. We got so much good feedback from that event. A lot of emails came through after the event. It’s the only event that we charge for. We don’t try to make money on our events. But this is the one event that we got to bring in guys like yourself, John Hyre. We bring in these big names from around the country to add a value to the event and the people that attend.
This next Houston Boot Camp, we expect about 300 people. Our tickets are already been sold so fast. It’s a one day event held on a Saturday. We go from about 9 to 6PM. We start with self-directed IRA basics in the morning, and we move through the day and get a little bit more advanced and talk about all the different strategies that are available to you in self-directed IRA. We try to take our twelve top classes and condense it into one day of education. For that we only charge $100 for a normal ticket or you can buy the VIP ticket for $199 where you get to have lunch with the speakers and do a little masterminding with them on the side.
We have another question, “Will Quest let you know if you’re doing a restricted transaction in your IRA?”
Right there, if we see it, if it’s easy to see, yes. We will stop it because we don’t want a client to walk into a prohibited transaction. We are in the business to try to protect and preserve people’s retirement accounts and teach them to do it the right way. In the event that we see something that might be prohibited, we will put a halt on that transaction and call the client, contact the client, and find out if they know, if they realize that it might be prohibited or we might have to ask some questions. One easy example is if we get a promissory note investment where somebody is loaning their IRA to somebody else, and we see that maybe the borrower has the same last name as the client. We’re going to stop that and call the client and say, “Is this just a coincidence with the last name or is this somebody related to you, because we want to make sure you’re not doing a loan to a disqualified person?”
At the end of the day, it’s really ultimately the client’s responsibility to make sure they’re not doing something prohibited. We’ll stop it anytime we think we need to stop it. As far as catching them, we can’t catch all of them. That’s why we do so much education to try to tell people what they can’t do or what they can do to try to keep people out of the hot water. We try to do the best we can to keep people out of that.
You guys do, your staff is phenomenal at making sure and asking questions. Sometimes a transaction might fall in one or two different places. I know your staff is always really easy to get on the phone, responds so quickly to emails. I honestly can’t brag enough on Rebecca and Ingrid and Anne Marie and Beatrice and Katie, and Haley in the Dallas office, everybody is phenomenal. Even on the backend side with your note department and the private placement office guys, they do such a tremendous job of reaching out. If there’s a question, “Can you explain this a little bit more,” so that we make sure that you aren’t doing something illegal, as you being the investor or the buyer of the asset? Kudos. Honestly, most of the time I’m emailing, they responded back in five minutes or less for the most part.
It’s really a cultural thing. I highly encourage people to come in if they’re in the Houston area or Dallas area. Come to some of our classes and meet some of our staff. It’s a culture that we try to create here that has a real high effort on customer service, responsiveness. We hear so many nightmares from clients at other companies that they can’t get calls back, can’t get emails back. You don’t get things funded for two weeks. First, I just don’t understand that. This business is not rocket science. I think we’ve done it long enough to where we’ve got it down pat. There’s no reason we can’t respond back to a client within minutes and fund a transaction within hours. We’re very, very responsive and it’s a cultural thing. As people get in here, they realize, “I need to keep up with the people that are already here, I need to be on top of it and respond to these emails because everybody else is responding to them.”
If you have to build an ideal real estate investor with their IRA accounts from the ground up, what would that look like? We always like to talk about building a business, start with the end in mind. Unfortunately, a lot of real estate investors start doing things, they’re not putting 10% away. At the point they’ve spent a lot of money on taxes every year when they could have done some things on the front-end, if they just spent a little bit of time understanding that asset protection and asset growth class that falls under IRA. If you could build an ideal real estate investor using their IRAs, what accounts will they open up?
First, I’ve got to prep because I don’t give tax, legal, or investment advice, but I’ll tell you what I would think in my head would be the ideal client by choosing all the available tools to them. First, I love the Roth IRA. I think the Roth IRA is advantageous to anybody that can take a small amount of money and make it larger. Get the taxes out of the way. We don’t know what taxes are going to be in the future but it’s just so much better, not just for yourself but when you pass it to your heirs, do you want all of that money you saved to be taxable to them? I think everybody nowadays should have a Roth IRA.
Let’s say you’re husband and wife. I think husband should have a Roth IRA, wife should have a Roth IRA, using two buckets that you can maximize. As far as contributions go, if they’re under 50, they can put $5,500 in each one. $5,500 in wife, $5,500 in husband. If you’re over 50, you can put $6,500 in. Contributions are just how much you add to it though; growth and profits, unlimited. That’s how much you could do there.
Then you want to go to the employer plans. If you’re self-employed, you want to look at those SEP IRAs or individual 401(K), maybe even a simple IRA. The benefit to those is that you can make larger contributions than you can those personal plans. Just to give an example, with the SEP IRA, you can make contributions up to $54,000 a year, depending on your income. It adds a larger money dump opportunity, but again it’s all about, “How much of this money that I have can I shelter away from Uncle Sam?”
Without stopping there, now that’s how the rules are set up, if people want that SEP IRA, which they’ve max up $54,000 in the SEP, it really works like a traditional IRA. I see a lot of our savvy investors, they don’t keep it in the SEP, they just convert that to their Roth. They max up the contribution on their Roth, they put their max up the contribution on their SEP, and just convert the SEP contribution over to the Roth. Now you got $60,000 in the Roth in one year that can grow tax-free.
Then you go to the specialty plans which are, do you have kids under the age of eighteen? All of them should have Coverdell education accounts. You can contribute small contributions, $2,000 per child per year, but again, it’s just about getting money in there that you can start investing that some of the profit can be used to pay for education expenses.
If you have a high deductible health plan, I highly urge you to look at that health savings account. There’s no better account I know in the world than the health savings account because everybody has health expenses. Here’s the coolest thing about the health savings account: When you make contributions to a health savings account, just putting money in there is a dollar for dollar write-off, you get to write it off in your taxes. You get immediate savings just by putting it in there. Then it grows tax-free for any distributions you want to take out of the profit to pay for your out-of-pocket health expenses. It’s like a traditional IRA and a Roth IRA. We call it the best of both worlds. There’s no other account like that. Quincy, our president, says that’s his most powerful account. That’s the one he contributes to very first even before he contributes to his Roth, believe it or not.
Now that you’re looking at all those buckets and now you got all that tax shelter and those tax benefits, now you start going out and you find investments. You just invest in what you’re knowledgeable about. I would say that the vast majority of people that I see are pretty comfortable with their promissory note investments if they understand them, pretty comfortable with some of their rental properties, rental portfolios. I think it’s good to mix it up. I don’t think that you should just have rental properties or just have promissory notes. It might be good to have a mix of all of it. When you look at it, all of those investments are tangible. Real estate is not going anywhere. Real estate goes up in value. If you own promissory notes, it’s like mailbox money. You know you’re getting payments every month. It’s almost like, “Why don’t more people do this?” when you really look at it.
If you get to a point to where you have several million dollars in those types of accounts, and the rental properties or performing notes, it’s just turning money. You’re just getting money back there. You don’t have to look at CNN or CNBC and see what the stock price is that day. You know what you’re getting and it’s not going anywhere. I think that’s the best clients we have and the ones that are long-term or the ones that are holding more promissory note investments in real estate for the most case.
Let’s do a recap of it. If you’re below 50 for the Roth to bump it up, you go 5,500. Then you’ve got 54,000 for a SEP. That’s 59,000. You can convert one account a year. If you put money in an SEP and then convert it to a Roth, how often can you do that?
You can do as many conversions as you want. Ultimately, it’s just going to be reported on one 1099 at the end of the year. You can do ten of them, it’s just going to be one 1099 showing that you moved it from a taxable account to an after-tax account. We have a class called How to Analyze Roth Conversions. Any pre-tax or traditional type IRA you can convert nowadays. If that’s a traditional IRA, SEP IRA, or simple IRA, you could pay the taxes on that money now to get it converted to a Roth. Sometimes, that’s not even the most beneficial thing, the ability to convert it.
The best thing about it, and we teach this in our class, is the ability to un-convert it, which isn’t really a word. The word is actually re-characterize it if you mess up. People don’t realize if you convert it, it doesn’t mean that you’re stuck paying the taxes. It just means that you might have to pay the taxes based on that 1099. When it comes tax time, if you decide that conversion wasn’t worth it to you, you just fill out a form and re-characterize and put it back into your traditional or SEP as if you’ve never converted it. For us, we don’t even charge for that. We don’t charge for conversions. We don’t charge for re-characterizations. Other companies charge like $95 to do both. We don’t do that. Just fill out a form, convert it. If you want to re-characterize it, we’ll put it back. No harm, no foul. It won’t cost you a dime.
How fast does it take somebody to set up an account with Quest? You can do stuff in minutes for the most part, correct?
You can call our office, talk to one of our IRA specialists. They can send you a DocuSign form. They can send you PDF fillable. You can go online and go to the website and just fill out an application there. It usually takes about 24 hours to get it actually opened and get your account number and all that stuff, but literally the paperwork takes five minutes. The fee schedule, adoption agreement, who gets it when you die, literally five minutes. We can walk you through it if you need to and we can get that account opened right away. The only thing that takes a little bit of time is moving the money from the other place, wherever you got it now. I always tell people, start that process early because it may take a little while for us to get that money transferred over from your current custodian. It’s not that we’re slowing that process down. It’s usually because they are slowing that process down.
You guys are doing stuff all across the country. A lot of people like to focus on something local, but you guys are doing so many events across the country. You guys are also speaking regularly on the Ron LeGrand events that he’s doing all across the country, a regular contributor there. You’re doing stuff up in Portland, in Seattle. Seattle’s a big area for you guys, is that correct?
Yeah. We’re trying to branch out to the Northwest, Seattle, a lot of the Northeast too, DC. Charlotte, we go up there quite a bit, Florida, every once in a while. We’re getting out there. We have clients all over the nation. It’s good to get out there and actually talk to people and meet people. Hopefully soon, we’re actually trying to open up offices on the West Coast and the East Coast. We’d like to have at least an office to cover both coasts, so we’re looking at possibly an office in Seattle and possibly an office in maybe Charlotte or DC within the next 12 to 24 months.
Besides doing your educational events and then having your boot camp, you also do two big cruises every year, don’t you? At least two cruises or is it more than that now?
I think we do more than that now. The funny thing is I think we still call it our annual fun cruise. You don’t have to be a math genius to know we’ve only been doing it for four years, and I think we’ve had twenty cruises. It’s not really an annual fun cruise anymore. The reason we do so many is so many people keep asking, “When’s your next cruise?” We were forced into it. Clients forced the hand that we need to put on more cruises. We do at least two a year, three sometimes. We’re doing the Alaska cruise, that’s coming up. That’s the first time we’ve actually done a cruise in Alaska. We do a lot of the Caribbean cruises. Now that they have boats out of Galveston that have big enough classrooms for us, we’re doing a lot of ones out of Galveston which are good for our clients because a lot of our Texas clients now can just take a drive to get on that boat.
If you have not been on one of the IRA fun cruises, it’s something that you want to go on at least once. There’s no better way to network with investors than sticking a bunch of investors on a boat for eight days where nobody can leave. All you can do is just network with investors and eat buffet. You’d be surprised how many deals get done on that boat. I know a gal up in Dallas, the first cruise that she came on, she was so thrilled, she left with twelve new investments off of that boat. That’s selling some of her own, buying some new ones from other investors. A lot of the ones that go on this cruise are the doers. These are people that have decades and decades of individual experience in all different types of real estate related industries.
It’s a great way to network, great way to get some education. You hear from the speakers. Like our president, Quincy, says, “Your net worth is equal to your network.” Networking with some of these people on this boat, you walk away with relationships that you carry for the rest of your life. Literally can change your life just going on one of these cruises.
You’ve been with Quest going on five years now, six years? Are you celebrating an anniversary?
Five years, yes. This is my five-year anniversary. It’s been the greatest five years of my life, to be honest. I’m not just saying that. I’ve learned so much. I’ve met so many good people like yourself, everybody that I just run into. We’re having such a good time doing what we’re doing. It doesn’t feel like we’re selling anything to people. We’re really just providing people a different way of life. It makes you feel good about what you’re doing is actually helping people. It’s five years but it seems like it’s gone by so fast.
What’s the best contact information for you and the Questies?
If you want to get some more information and education about Quest, just go to our website, www.QuestIRA.com. We’ve got a ton of education on there, there’s a lot of contact information of who you can contact to get to the next step. I would say start with some education, start with some of our live classes and webinars if you’re not familiar with any of these stuff. Come to a class if you’re in the Houston or Dallas area. We do weekly classes that you can attend. We do events all over the country, and then just give us a call. If you want to talk to a live person, just give us a call, 1-855-fun-IRA. If you’re local to Houston or Texas, it’s just 281-492-3434. If you want just email me, it’s nate@QuestIRA.com, if you have any questions for me.
You guys are actually going to be out in Southern California here in September. Distressed Mortgage & Private Lending Expo, you would be vendors out there, hanging out and networking there as well, correct?
Yup. We got Anne Marie and Ingrid Chavez, who are both certified IRA services professionals. I think Anne Marie will be up on the panel as well.
If you want to get a ticket to that, you can go to Note.guru and use the code WCN40 to get $40 off the ticket. Once again, thanks for being on. You guys are going to be a regular contributor here in the podcast. We’re excited you guys will be sponsoring this as well. We’ll have you guys on, either you or one of the other Questies on at least on a monthly basis, if not more. We’re always excited to have you on. You guys do such a tremendous job, if not, our most important partner when it comes to our note business. We’re not only referring our students to you guys because you do such a great job, but just help and support from all you guys. You guys just provide quality education, no questions asked. “How can we help educate you? How can we make you a better investor and help save you more money and make more money in the long run?” Kudos to you, guys. We’re very proud. Quincy, Nathan, and you, everybody from the top down, we consider them a part of our extended note family for sure.
Thank you, Scott. We appreciate everything you do for us, too. We love that you share this information with other people and your students.
You can always follow us on iTunes, we are on iTunes now plus all the other podcast platforms. Check us out there. Catch the replays. Like I always say, if you like more information on note investing all you got to do is pull up your smart phone and text the word “notes” to the phone number 72-000. You’ll get a link directly to your phone with over 40 hours of free videos and education for you to start expanding your mind in the note world. Once again, thanks for joining us today, everybody. See you all at the top.
About Nate Hare
Nate F. Hare attended Auburn University on a baseball scholarship in 1996 and played in the College World Series in 1997. He graduated from the University of Portland with a Dual Degree in Business Management and Marketing in 2001, and was the recipient of numerous athletic awards from 1995-2000.
After college, Nate moved to Nevada where he attended Key Realty School and later held his real estate license with Keller Williams. His love for Real Estate and numbers then led him to a long lasting career as a Senior Loan Consultant in Nevada. He worked with the largest Private Lenders in the state for 6+ years, and was a top producing Consultant with Silver State Mortgage, Meridias Capital, and The Royal Bank of Canada (RBC).
In 2003, Nate was submitted as a nominee for the Mortgage Loan Consultant Rookie of the Year award for all Loan Consultants across the nation. In 2012, Nate’s experience in lending and real estate attracted the attention of Quest IRA, Inc. Nate began his journey with Quest IRA to become an IRA Specialist under the guidance of President H. Quincy Long, and CEO Nathan Long. Since that time, Nate has been a key component of Quest IRA’s 300% growth and has excelled into the role of Executive Vice President. He currently oversees and manages the IRA Specialist Team, Sales and Marketing Department, Transactions Department, as well as plan Quest’s large Networking Events that are hosted throughout the nation.
Additionally, Nate Hare is a Certified IRA Services Professional as well as an Executive Officer for Quest IRAs Board Committee, the 7-member leadership team responsible for setting the corporate strategy, goals, and annual targets for the company.
- Quest IRA
- Coverdell Education Savings Account
- How to Analyze Roth Conversions