Why Smart Investors Are Moving Retirement Funds Off Wall Street

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In this episode, Corey Daharsh, a business development executive at Advanta IRA, shares insights into self-directed retirement accounts and their potential for real estate investment. He emphasizes the importance of educating clients about the ease of transitioning their retirement funds from traditional stock market investments to real estate opportunities. Corey discusses common misconceptions, such as the belief that moving funds will trigger a taxable event, and highlights the various investment strategies available, including rental properties, syndications, and private lending. He also reflects on his journey in the finance industry, his transition from operations to sales, and the importance of building genuine relationships with clients.

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Corey Daharsh (00:00)
If you have funds in a retirement account and you’re interested in investing in real estate, there are a number of different ways you can do that with your retirement funds. You can buy a rental property and own a rental property. You can do fix and flip real estate. You can invest into limited partnerships indications where you have no day to day role or responsibility. You’re just looking at a project that a larger group’s putting together, putting your money up for that project.

Quentin Edmonds (01:55)
Hello everyone. Welcome to the Real Estate Pros Podcast. I am your host Q Edmonds and I’m excited to be here today. I have a fantastic guest with me and listen, I’m gonna let him tell you in detail what he does. But I will say that if you’re looking to make your retirement dollars, how to get them to be in your own hands and for you to be able to put them to good use, this is the guy that you wanna talk to.

And so I’m so excited to introduce you all to Mr. Corey Daharsh right? Mr. Corey Daharsh? Got you, man. How you doing today, sir? How you feeling?

Corey Daharsh (02:34)
I’m doing wonderful. Thank you, Q. Just looking forward to speaking with you and giving some good education and content about, again, the real estate investment space for retirement investors.

Quentin Edmonds (02:45)
I love it man. listen brother. I want us to get started. I just want us to dive in. I want you to tell people what your main focus is these days. Corey, if you want to give us a little bit of an origin story of kind of how you got into it. We love origin stories and man if you don’t mind tell them a part of the world you’re in. We love to know geographically where you are and so Corey sir you have the glory man.

Corey Daharsh (03:05)
Sure, awesome. So my origin story is pretty much, I started in high school being really interested in banking and finance and just financial literacy. I have younger parents, so I kind of had to teach myself these types of things in my eyes at a young age. So high school was taking accounting courses and I took a business management track, put myself through college for a business management degree and a few classes short of an accounting degree. I decided my senior year, I just didn’t want to be an actual accountant. ⁓

spent a few years working for a tech startup after college, and then found the company I work for now, Advanta IRA, as I wanted to get back into banking and finance. My jobs in undergrad were as a bank teller and various things in major, big name bank, and then the college’s credit union. So I found Advanta IRA wanting to get back into banking after that small stint in the tech startup world. And I’ve been working for Advanta for nine, nine and a half years now.

So I’ve done a number of different roles with Advanta IRA and right now what I do is educational content and networking and account setup So a lot of my day-to-day is teaching people how to use a self-directed retirement account teaching people that it even exists how easy it is to get one started and That type of thing and where I’m geographically located our company’s based in Florida, which was where I was born and raised But in 2020 I moved up to North Carolina. So I originally moved to Asheville

And then about a year and a half ago, I moved over to Charlotte. So I’m in the suburbs of Charlotte right now.

Quentin Edmonds (04:36)
Love it man, love it man. So I know you told me man, if people want to take their retirement dollars in their own hands, how can you help them do that?

Corey Daharsh (04:46)
Yeah, so ⁓ what I was explaining earlier to you just before we got started, there’s a few big misnomers about self-directed investing. The first one is that it’s going to take such a long time to get the account switched over and get the account started.

It takes about a week to a week and a half from the first conversation with me until an investor is ready to actually place their dollars into an alternative investment. A real estate syndication actually close on a piece of property, go to a tax deed and lien auction.

various different things you could do with a retirement account, even private money lending. So be a mortgage lender with your retirement account. It takes about a week to a week and a half from the first conversation until the account’s ready to make the investment. And the other big misnomer is some people think that it’s going to trigger a taxable event or they’re going to have a tax consequence for moving from their existing IRA or their former employer sponsored plan, like a 401k or a 403b or a 457. That is also not the case.

The only reason or case that you would have a taxable event is if you’re actually choosing to do a Roth conversion in the process of moving from your existing retirement account to a self-directed And that’s something that’s outside of my jurisdiction. That’s more so that actual investor’s choice based on their own CPA tax preparer, own financial guidance and advice.

if it’s better off for them at that point to switch from a traditional or tax deferred account to a Roth so that the growth they’re generating is completely tax free moving forward from them.

Quentin Edmonds (07:01)
Yeah, love it. Love it. Corey, I want to dig a little bit into you, man, and how you’re wired. I heard you say you was interested in finances and stuff in high school. Like most kids playing baseball, basketball, football. So when did when I know it was in high school, what made you kind of lean towards finance? What is it about you in a way that you’re wired that you saw early on? Like, hey, this stuff kind of makes me passionate.

makes my gears go like, what is it about finance that really turns, I don’t want to say turn you on, maybe that’s a little too strong of a word, but get your gears going, you know what I mean?

Corey Daharsh (07:40)
So, so I did play sports, I played football and I ran track in high school. ⁓ And as I was getting, you know, the transition between sophomore and junior year where you’ve got most of your core classes knocked out and you’re starting to hone in on what electives and what actual interests you have. I had absolutely no interest in going to anatomy class and dissecting cats and things like that. ⁓ I was more so like,

let me get into a path where I can learn something that’s going to help me later in life. You know, how to balance a checkbook and how to be financially responsible. Because as I stated earlier, I’ve got younger parents. So financial stability isn’t something I saw in my household from a young age. And it’s something I knew for me to better prepare myself. I needed to take my own steps and effort to to learn those types of things because I didn’t want to. This sounds drab or

⁓ you know, weird, but I didn’t want to just end up living in my hometown my whole life and working a dead end job. I wanted to find ways to teach myself and educate myself to be more prosperous and ⁓ expand my wings, if you will. So, ⁓ taking accounting courses and I was always kind of a math type guy. I always excelled in, you know, algebra and those types of classes. So putting

pen to paper and actually learning how to do the financial side of math, if you will. Just, I don’t know, it struck me pretty hard at age, what, 14, 15, transition from sophomore to junior year.

Quentin Edmonds (09:11)
Yeah, wow, man. So to me, and you tell me if I’m wrong, it literally sounds like to me, you’re a forward thinker. I mean, at 14, you’re thinking about what you want to do in the future. And even what you do now, you’re helping people plan for their future, right? To make sure that they’re secure in the future. So it sounds like to me that you are a person that is kind of forward thinking. Is that fair to say?

Corey Daharsh (09:33)
Definitely so definitely so I’m very much like a go-getter a action oriented and growth based mindset type person ⁓ I developed that through you know reading pseudo self-help books and just different things to always perpetually ⁓ Grow and never feel like I’m on a plateau with ⁓ you know, my personal interests my artistic hobbies ⁓ Anything like that. I’ve always kind of wanted to push myself to the next level or the next limit

that I can set for myself.

Quentin Edmonds (10:39)
Yeah, I appreciate you saying that. That’s good because I actually had to transition from being fixed mindset to growth mindset. Like sometimes I would hit that wall. We talked about the word analysis by paralysis. That was me, man, for a long time. And I actually had to actually grow myself into the confidence to say, no, you can be a growth mindset type person. So I appreciate hearing that from you being, you know, since you was 14, that ain’t been my story, Corey. Like I had to grow a growth mindset. So

I appreciate you sharing, ⁓ Let me ask you this. I know as we grow as humans, even when we grow in our businesses, sometimes we face adversity. So how does adversity look in your world? Is it people giving you kind of false information, people not giving you all the information? Like, how does adversity kind of shape itself in your world? How does it come to light in your world?

Corey Daharsh (11:32)
Yeah, I mean, in my space, again, I’m dealing with a lot of people that are just interested in learning more about self-directed accounts or getting started. So a few different adversity points that I face are people getting told from their financial advisor, ⁓ it’s too risky or too volatile to switch over to a self-directed account because those financial advisors have a vested interest in these people keeping their money with them where they’re charging points or interest or flat rate fees for the amount of money that they’re investing on behalf of that client.

Whereas a true agnostic financial advisor should say, OK, what’s going to make this client happiest? Keeping a portion and diversifying a portion into these alternative assets like real estate? Because setting the base plate, those financial advisors can’t let you, their own compliance constraints won’t let you invest into real estate, whether it’s a limited partnerships indication or issuing a private loan to be a mortgage lender or

buying a piece of rental property with your retirement account. You’re allowed to do all those things. You always have been allowed to do those things, but those advisors tend to put up a wall because they want to keep their money, your money rather in their hands. So that’s one aspect. And then two, you kind of hinted to it there. Some people come to the table and say, I’ve got this ⁓ investment strategy and plan I want to do. And they’ll give limited pieces of information.

⁓ to which I have to decipher and ask additional questions and break things down just to make sure before I get someone set up with an account that everything they’re looking to do falls within the IRS’s rules and regulations and compliance. ⁓ so to that effect, I’ve got what’s called a CISP designation, certified IRA services professional. I’ve held that since 2018. so I’m an expert in what the IRS does and does not allow how they manage and maintain these accounts and, and rule over them. I have been for.

the better part of eight years now. So I kind of have to put everything I hear from a client through a lens and ask additional questions to make sure they’re not trying to intentionally or negligently slip something by me that’s going to become an issue in the future for them.

Quentin Edmonds (13:39)
Man, again, the analytical brain been working since you was 14. So I know now at this point, it’s like, yeah, you got the tools, you got the certification, and then you just this is how your mind works. I know you’re good at stepping, stepping different things out that people put in front of you, man. So let me ask you, Corey, what’s the next real goal for you? Like, what are you looking to do next?

Corey Daharsh (14:01)
My next major goal is a little bit more speaking at national conferences and things like that. I have done it over the past few years. I’ve traveled out of state and across the country and participated and spoke on the stage in front of hundreds, if not small, thousands of investors at conferences. But just ramping that up, doing that a little bit more often as of right now, it’s about two to three times a year. Like it’s probably be around five or six times a year. And just

Getting out there networking, I do network locally, anything where I find an investor group within about an hour and a half to two hour drive, I’ll usually go and check out and and shake hands with new people. But getting more on the national stage in my space, it’s a very niche space. There’s only about probably 10 or 15 companies doing what we do. And obviously I’ve been with my company for almost 10 years now. I really pride myself and our company and where we stand in our space and industry.

just getting out in front of ⁓ larger crowds and sharing my wealth of knowledge and education to that.

Quentin Edmonds (15:49)
Absolutely. So you actually walked me right up to the next question I want to ask you and the topic about relationships. So I know you’re getting out, you’re networking, so you’re building relationships that way. Of course, network, I mean, with your clients out, relationships that way. So I want to know about relationship building for you. Is it important? Do you put a premium on it? How do you build relationships with clients, with networking, even like personal coaches or anything like that? So

Just give me your perspective when it comes to relationship building for it.

Corey Daharsh (16:24)
I am definitely more relationship building oriented than true, you know, zig, zig, or sales method ⁓ oriented in my position. I very reluctantly switched over to a sales position at first. So my mindset from day one has been, let me be a good steward of my industry and of the education that I possess.

and have honest and open conversations with people. If it’s going to be a good fit for them and help them, great. I’m happy to help. If not, no hard feelings. I want to share the best information I can because I’d rather walk away from that conversation with someone not feeling like I’m going to use car salesman trying to push them into some product, but giving them fair, honest feedback and information and letting them walk away from that conversation saying.

Hey, this guy didn’t try to force me into anything. Maybe I’ll tell my friend, maybe I’ll tell my sibling, maybe I’ll tell a family member that could benefit better than I could in that situation. And that’s done well for me in the form of building client relationships, building referral partner relationships, just general relationships by way of just being an honest and genuine human being rather than like.

I’m going to try to sell you on this product and I’m not going to take no for an answer. That’s just, it’s never been my mindset or my way about things.

Quentin Edmonds (17:45)
It’s funny because as you was talking what I was hearing I actually wrote it down. You’re not leading with stale tactics. You’re actually leading with leadership and authenticity and honesty. It’s like, listen, I can help you and I will show you how, but I’m not going to sell you one. And let’s see if this is organic. Let’s be honest about it. I’m going be integrity, you know, have integrity, show you I can help you, but I’m not trying to sell you. I’m really going to show you where I can really help you.

And that’s what it sounded like to me that kind of like is more your approach.

Corey Daharsh (18:17)
For sure. I think the product sells itself once someone understands thoroughly and my job is to help make them understand it thoroughly. And you hit on the word leadership earlier as well. I do try to kind of have that type of mindset as well. ⁓ You know, again, I played sports in high school and I actually took leadership courses in college as well as some of those accounting electives to try to build that base for myself ⁓ in addition to just general business knowledge.

Quentin Edmonds (18:46)
Love it, man. So listen, Corey, is there any subject that we haven’t touched and maybe you wanted to talk about? Or is there any kind of words of inspiration, education or motivation that you wanted to give to people? If there is, I would love to hear.

Corey Daharsh (19:02)
Yeah, I hinted briefly, but I’ll just reiterate.

If you have funds in a retirement account and you’re interested in investing in real estate, there are a number of different ways you can do that with your retirement funds. You can buy a rental property and own a rental property. You can do fix and flip real estate. You can invest into limited partnerships indications where you have no day to day role or responsibility. You’re just looking at a project that a larger group’s putting together, putting your money up for that project.

those are usually five to seven year cycles.

You could do tax, deed and lien investing if you don’t have enough money to actually buy a property. Those are smaller barrier to entry investment strategies in the real estate world, or you could do private lending where you set the terms of the note. can lend secured by a physical property. You could lend to a friend or a family member, a smaller amount. There’s a number of different ways you can do that. And then from a advice standpoint or, for lack of better term, ⁓

just general feedback. One of my mottos or mantras I live by is do what makes you happy, not what makes others happy with you. ⁓ So in that regard, if you’re not happy investing wise with your money in the roller coaster of the stock market, and you’re learning more about real estate, or you’ve already done real estate investments with your savings, why not at least diversify and put some of your money where your mouth is, if you will, invest into these asset classes that are

Like I said earlier, have been available for you since day one of retirement accounts. You just didn’t know. So, cause you haven’t heard someone like me speak about it. so by way of, know, your retirement dollars, you can do what makes you happy and not just say, I’ve got money in the stock market. I don’t know what’s going on with it right now. You could say, I own this property on the other side of town. There was a distressed property. I was able to buy it, renovate it, put a family in there, give them a great value.

generate some great returns from my retirement account. You pass away in the future, you get to leave that to your beneficiary, leave it to your son. Generational wealth can be created through these types of products and these types of investment strategies.

Quentin Edmonds (21:10)
Corey man, thank you, sir. I appreciate all this information and nuggets that you’re dropping. Listen, if someone wanted to reach out to you, connect with you, collaborate with you, learn more about what you’re doing, how can they get in contact with you,

Corey Daharsh (21:25)
Yeah, LinkedIn, I’m pretty active on LinkedIn. It’s Corey Daharsh, C-O-R-E-Y, D-A-H-A-R-S-H. My email address is just my first initial and my last name at advantaira.com. And yeah, just either email me or hit me up on LinkedIn. Those are probably the best ways to get a hold of me. We can set up a phone call or ⁓ exchange emails, whatever works best. Again, I’m based out of Charlotte, so I’m on the East Coast, but I do

kind of work around clients on the West Coast. I’ve dealt with clients in ⁓ Hawaii, which is like a complete time zone difference, but whatever works, can get on the horn and ⁓ figure out what I can do to help you.

Quentin Edmonds (22:09)
Absolutely. Well, there he is. Mr. Corey, sir, I just want to say thank you for your time. Definitely thank you for your story and your sharing. Thank you. Definitely thank you for your perspective, your mind, the way you think and bringing that mindset to this platform. I greatly appreciate you,

Corey Daharsh (22:26)
Really appreciate the opportunity and ⁓ hopefully I’m able to, again, just bring some piece of knowledge to people so they know a little bit more than they did before they listened to us.

Quentin Edmonds (22:36)
Absolutely, man. I’m sure you did. So listen, you heard mr. Corey He’s giving you the value selling you how to get in contact with him So definitely get in contact with him, but definitely make sure you are subscribed here We’re going to continue to bring up amazing people just like mr. Corey. So thank you again, sir. And to everyone else. You have a great day

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Why Smart Investors Are Moving Retirement Funds Off Wall Street

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