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There are some custodians that will allow check book control and this would be easier to administer. It is also in my opinion more subject to an audit than those providers who do not readily provide that much control.

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Some of my clients set up a control IRA LLC; others hold their real estate investments directly in their IRA. buying properties at auction or buying tax liens) it is easier and potentially safer to work directly with a self directed IRA provider.

Equity Trust is one of those providers, I use to recommend them, but their service has become increasingly poor over the last 2 years.

That said, I confused about the need for trusts, custodians, LLCs etc. I'd like to keep things legal with the least amount of fees. Can anybody suggest "for dummies" style reading that explains all this in the simplest of terms? Any other info would be much appreciated.

Nathan, your statement above would not be correct as you lose depreciation in an already tax deferred IRA.

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I have found that while check book control would give more flexibility most transaction required to buy and hold real estate have been fairly easy without the check book in the hands of another entity with its additional book keeping and expense.

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Welcome to BiggerPockets. Everyone has made some very good points here. The important thing is to find something that you and your husband are comfortable with.

To play devils advocate, it is my opinion that holding RE in an IRA is not the best use of it. You lose the depreciation advantage of RE and you have all the rules to be mindful of. If you buy right, what return can you expect with an all cash purchase? 10%? 12%?nyou can make that by having your IRA be a bank (lender) and not have all the managing responsibilities. Pick a custodian that Nike Air Max Ld 3

I just completed the process and used Guidant Financial. There are some upfront costs but I wasn comfortable with the alternate structure whereby everything is signed by the custodian.

Why does it have to be all cash? There are non recourse lenders that can be used in an SDIRA to pump up those yields some and the depreciation would cover any leverage based income you would potentially pay taxes on.

directed IRA for

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Equity Trust is one of those providers, I use to recommend them, but their service has become increasingly poor over the last 2 years.

To keep it simple, getting a loan with the IRA could increase returns (due to the leverage/loan) but taxes could also be incurred. Nike Air Max 2016 Black And Black

While you won get the same rates or low down payments as conventional, it would still beat an all cash purchase.

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I can believe that I 60 and have just discovered Self directed IRAs! My husband and I are now very excited about the idea of buying 1 2 houses in our neighborhood. We not interested in flipping. We're more likely to hold the property forever just to keep as rentals. We do it yourself types so checkbook control sounds very appealing. Don worry; I do understand the rules about sweat equity.

a tad under the radar but it's great that you've discovered the value of this investment type. I also work in the industry and hope to answer your question about the need for custodians. It is required that all IRAs must be held by a custodial entity such as a bank, credit union, trust company, or other entity approved by the IRS. Custodians structure their fee schedules differently, so I would recommend doing some research and finding one that fits with how you want to direct your investment. I would be careful with checkbook control LLC's though. The IRS often considers this arrangement as a prohibited transaction of self dealing. Checkbook control IRAs have made the IRS's annual "Dirty Dozen" list of tax scams more than once. Make sure you do plenty of research and keep an eye on forums like these. Nike Air Max 2016 Mens I used Guidant Financial to set up the SDIRA and am happy with their service. I very much like checkbook control and wouldn do it any other way as it allows me to control the funds without an uneeded intermediary. I also use loans to boost return but they are harder to come by these days as they have to be nonrecourse and if you want to avoid that headache it would be easy to just buy all cash, but your total return may be lower. That a personal decision.

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IRAs and SDIRAs are wonderful things. That being said depending upon your arrangement you may want to consider the possibility that it may be more beneficial to convert funds from a Traditional IRA to a self directed Roth IRA. This will mean those funds will be entirely tax free earnings. You will in essence make it so you will not have to pay tax on any of the rental income that you distribute out of the IRA. This can overall be more beneficial than most situations.

does not nail you with per transaction fees. In other words, every time you need to pay a bill with the IRA, you don want to have to pay a fee.

To play devils advocate, it is my opinion that holding RE in an IRA is not the best use of it. You lose the depreciation advantage of RE and you have all the rules to be mindful of. If you buy right, what return can you expect with an all cash purchase? 10%? 12%?nyou can make that by having your IRA be a bank (lender) and not have all the managing responsibilities. Again, just my opinion.

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I am sure there is a less expensive way to get to the same result but I wanted an experienced consultant to assist me. The tax penalties are significant if you don get the timing right.

Checkbook control was critical to me. I checked it out with my CPA and researched the do and don prior to moving forward. I was pleased with Guidant. They have the process down.

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For just a buy and hold of 1 or just a few properties, I don see a need for checkbook control. Pick a custodian that does not nail you with per transaction fees. In other words, every time you need to pay a bill with the IRA, you don want to have to pay a fee.

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