BiggerPockets

Just wanted to get some opinions/experiences on these custodians.

I'm with Equity Trust right now and I am NOT very pleased with their overall company. A lot of their phone agents seem like they just got out of company training last week.

Any experience with Entrust or any other custodians?

Thanks.

I use Equity Trust Company. I haven't had too much trouble. I had a little trouble transferring my 401K, where they forgot to sign something required by the 401k fund. But they have been mostly pretty efficient with my basic needs.

I use them mostly in making HMLs. I've had more trouble with attorney offices and escrow companies not know how to handle things. For example, sending payments and funds directly to me, rather than to them, as my custodian.

I think involving RE with IRA's is something of a "new frontier" for some. So there is a lot of room for error.

TC

I like Entrust alot, they do a great job. No complaints and I know guys who have a few million in there.

I am a huge advocate for Equity Trust. I have found that if you can establish a good relationship with your account rep, you can get your deals processed faster. Specifically what I mean by that, is you can call your rep and he/she can connect you with the right department to let you know how to title your investment, what direction of investment form to use, and any other little tidbits to make processing faster.

My contact, Amanda Holbrook is fantastic at handling all the minor details that go with the 20-30 transactions we do a month with Equity Trust.

I can also say that I have addressed the same issues you discussed on the processing side with top management there, and they have responded by hiring a lot of new people and improving their service.

Hope this helps.

I am slowly changing my mind about Equity Trust. They keep messing up and I don't find them very respondsive. I've been trying to speak with a customer service supervisor for over a week now. They don't return calls.

I had a deal miss closing last week because they didn't notify me about an error in the titling of a promissory note/DOT I invested in. I had to track them down and find out why they didn't wire funds. Still waiting for them to return my call. Who needs em!

I am moving my account to Entrust. For one thing, they have a Honolulu office.

TC

I signed up with Entrust several months ago and the process to move money from my other IRA to them was effortless.

I am now in the process of buying two properties using the SD-IRA. The first one got fouled up and the closing funds got sent to the wrong person. They were reasonably responsive, and it was not long before I was working directly with the owner and things got resolved fairly quickly.

The second transaction is held up with the auction house that I am buying the property through. No fault of Entrust.

I think the fact that I did not totally blow a gasket when my money got misdirected is resulting in them treating me and my account much more carefully, and for that I am thankful.

I will say that trying to explain to all the various third parties about the peculiarities of having an IRA own the property and not me personally is getting quite tedious. Currently discussing (battling) with a utility company why I can not provide the property owner's drivers license number. :roll:
They just don't get it! (I have no idea why you need a driver's license to get electric and water turned on)

also, it seems solo 401k's can be used for making private loans. Is this the case, and is it less hassle than a SD IRA?

Many clients we work with we send them to a company who will self direct their 401K where they will have actual control over the account so when they need the money they get it right then and there. No having to ask your custodian for the money and then receiving it 2 weeks later.

I work with both Equity Trust & Entrust. Entrust has somewhat independent local offices. This is convenient, although you can't generalize about the quality of service since it will depend on which office you deal with. Equity Trust is centralized so quality is more consistent, but unless you're in Ohio you can't easily stop by and meet with them or attend regular seminars.

With the complexity of IRS rules, I'm a bit skeptical about setting up a self directed 401k. You'd probably incur a lot of legal and tax advisory fees to check on what can & can't be done within a plan. I know most of the rules, but would have made mistakes if I couldn't check and get advice. The SD-IRA providers know those rules pretty well and help you through the maze as part of the normal fees.

Happy tax-free (Roth) or tax-deferred (Traditional) investing!

Jay,

Are you going to be at the Equity Trust National conference next month? I will be speaking at it and would like to meet you if you are going to be there. I see your posts are towards SDIRA's often, so it would be great to network with a fellow expert. Also, I drive between Detroit and Indy weekly, so I drive through your neck of the woods. Only its around 6am when I drive thru.