Hey guys, I just got word that my company is spliting into two groups and I have to take my 401K and invest it elsewhere. I would like to roll it into a Self-directed IRA to use for my REI career and would like to know which service is easiest to work with. I saw on an old post that one of the companies charges you $4000 to use it. Does anyone know which one and what company is best? Thanks. DAVE
Hey guys, I found this post from an old thread:
Most investors I know you the entrust group, www.theentrustgroup.com. Equity Trust fees are to much, they charge you as soon as your open the account, and just have the account based on value, and guidant charges $4000 to open up and account and get checbook control. You can get that done for less than $500. And you can’t put $100k into an IRA all at once. You have to make contribiutions of $4000 in a traditional or a roth, $100 catup limit is over $50. Can put upto $15k into a 401k, $44k in a sep, $10k into a simple etc. All the earning are limitless though, which mean you can make as much as you want at any given time. Do your due deligence on the companies, make sure they don’t have hidden fees, and make sure they dont charge you until you do a deal
Any other comments would be most appreciated. Thanks.
You can put any money into an IRA all at once as long as it is a rollover. Your annual contribution is limited.
What do you want to do with the funds?
I new to REI but have been an appraiser in New Jersey for 6 years, so I know alot about my market and am starting to identify deals. I’d like to use the concept that Ron LeGrand teaches for using your Self Directed ROTH IRA to fund deals that go back in tax free for your retirement nestegg. I would also love to look into defaulted paper and tax leins, I don’t know how easy it would be to do that, but I’m interested in learning. DAVE
I don’t like rentals and flips in IRAs. You, as the IRA owner, are banned from doing any work or providing some support and it is too easy to engage in a prohibited transaction. If you get caught, the IRA will be considered distributed and you will owe taxes on the money.
I prefer tax liens and hard money loans as SD IRA investments.
my company is spliting into two groups and I have to take my 401K and invest it elsewhere. I would like to roll it into a Self-directed IRA to use for my REI career and would like to know which service is easiest to work with
What do you mean by REIA career?
They are all easy to work with. It is a quesiton of how much they charge.
my self directed ira is with sterling trust.
not good for rentals, flips or “checkbook IRA” control by investing in a LLC that you own.
great for holding paper or public limited real estate equity partnerships.
I’m familiar with Entity Trust Self directed accounts from Ohio but the fees are expensive. You may try the west coast “Pensco Trust Co.” from San Francisco, CA. The fees are reasonable, they have a newsletter service on their website and they teach/educate about the investment options for your Self Directed IRA at 2 day seminars across the country. Just Google Search the company and see for yourself. Good Luck. Brian. Great Coffee 4U.
I’ve looked into SDIRAs, considered Entrust and SunWestTrust. I’m going with the latter, fees are as low as I’ve found and they seemed more personal and open to my questions. Guidant’s fees are way too high.
Thanks everyone for your advise. I’ve been away for a few days. I checked into Guidant and I do like the LLC/Checkbook option, but the start up fees seem higher. I’m meeting with Entrust to see what they are like next week. They have a local office near where I live and it’s nice to be able to stop in and see someone to answer questions. What about Equity Trust like Ron Legrand talks about, is it as easy as he claims to use them? Thanks again. DAVE
Since Guidant is a local Seattle area company it’s well known locally and generally thought to be way too pricey for what a SDIRA Custodian co. does.
Oh, sure, they try to sell their “Special IRA” etc. but in my book it’s just not anything special except in its high price.
Give Viking Bank of Seattle a call, to Annette Hein of their IRA dept and check out their costs.
I normally advise my clients to have their SDIRA start a new LLC and have the IRA buy all the units in that LLC…then the LLC can buy the RE it wants, or make loans, etc.