While having a property manager is not required, you do have the option to hire one to collect rental checks and oversee maintenance projects, etc. If you do not hire a property manager, you can direct Advanta IRA to pay expenses (such as maintenance, taxes, and insurance) from your IRA by submitting the invoices to us, and you can also direct any income (rents) to be sent and deposited into your account. Our online account access allows you to check on the status of these items.
If your real estate IRA has partnered with others to acquire a rental investment, having a property manager would be beneficial in that tenants write one check to the manager for rental payment. The property manager would disperse funds relevant to the percentage of ownership each investor, entity, or individual holds in the property.
Funds due to your IRA, regardless of who collects them, are sent directly to Advanta IRA for deposit in your account. Expense items are submitted to us for payment from your IRA, as well. Please note that under no circumstances should you personally pay for an expense related to your IRA-owned property and Advanta IRA will not issue any reimbursement checks to you from your IRA.