That wealth creation thing
“Mid Ohio Securities” is the former name of Equity Trust Company, an Elyria firm (though “domiciled in the state of South Dakota”) that “help[s] investors make tax free profits through education, innovation and a commitment to understanding their individual needs.” Specifically, this means ETC helps people to set up and manage “self directed IRA accounts” so they can invest their own IRA money — for example, in flipping houses.
Here’s a picture of ETC’s Elyria headquarters and staff. Don’t they look organized and productive?
And here’s an article by ETC’s CEO, Richard Desich, with an example of the kind of advice they dispense. (It may sound familiar to aficianados of late-night infomercials.)
A case study from our files illustrates how one of our clients, an investor/rehabber who is an investor with Mid-Ohio Securities we’ll call Bill, put this private bank concept to work. A few years ago Bill ran out of money to do his deals. He was in a hot market and he didn’t want to miss out. What he did next would change his life. He found a great little house that he could buy for $25,000, all cash. It needed about $5,000 in fix-up. He went to some friends and relatives and borrowed money from their IRA’s. He paid them 15% interest ($2,250) for the 6 months it took to finish the rehab and then resell the house. His sales price was $52,000. After paying back his investors, he had a net profit of over $19,750. Bill’s friends were so pleased with their returns, that he had no trouble getting more money. Now he has access to more than $600,000 in his own “private bank.”
And finally, here are two recent pictures of 3195 West 46th Street, which Mid Ohio Securities has owned since 2003, apparently on behalf of a client in Dover. (Scroll down that Auditor’s page to view the rather large delinquent tax bill.)
Got the picture?
(Thanks to an anonymous e-mail correspondent for the tip and the house photos.)