Which Self-directed IRA company do you use?

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Which Self-directed IRA company do you use?

Helen De la rosa
Rental Property Investor · Houston, TX · Member since 2019 · 30 posts · 6 votes

Which company do you use for self directed IRA? I found there are quite a variety of them. From charging a flare fee then transaction fees for every check, wire transfer, annual tax reporting etc.

Thanks for your advice in advance!

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Scott Carson
Note Investor · Austin, TX · Member since 2012 · 602 posts · 357 votes
7y

I'm a huge fan of Quest Trust Company.  Their customer service is second to none and they've got more education and networking opportunities than any other company.  They also live stream their networking meetings and weekly trainings to their Facebook page.  They also have a very large Expo (Quest Expo - Aug 23-25th) taking place in Houston that is open to all investors (QuestExpo.com).  I can always get someone on the phone or a quick email response back to my questions.  Tell em I sent you and they'll take great care of you!

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  • Logan Hassinger
    Specialist · Fort Worth, TX · Member since 2014 · 528 posts · 226 votes
    7y

    @Helen De la rosa

    I went with Safeguard Advisors and @Brian Eastman, however I’ve also used Quest Trust who is based in Houston. You should look in to one of their local meetups. 

    2Reply
  • Helen De la rosa
    OP
    Rental Property Investor · Houston, TX · Member since 2019 · 30 posts · 6 votes
    7y

    @Logan Hassinger Thank you, Logan! I read through the Safeguard Advisors website, it look great!

    What do you think about BroadFinancial? It looks convenient where I can fill out form online to complete the application. The check book control package look attractive, at $1095 after a July 4th $200 discount :-) 

    https://www.broadfinancial.com/self-directed-ira-plans-custodian-checkbook-control/

    I will need to set up one with pretax 401K , then another with after tax Roth IRA, so, want to make sure to control the expenses/cash flow of start up costs.

    Thanks again for your insights! 

    0Reply
  • Yolanda Salas
    Real Estate Broker · Panama City Beach · Member since 2019 · 47 posts · 29 votes
    7y

    Hi - I have used Pensco Trust Company. I chose them as they are a custodian and have been in the business of SDIRA management since the beginning. I used to attend all their webinars to learn about it and then opened my account once I changed employers, moved half my 401k and have purchased income producing real estate, invested in a business, bought some land, and also now holding notes. Fees are charged quarterly based on asset value and the IRA pays the fees.

    0Reply
  • Scott Carson
    Note Investor · Austin, TX · Member since 2012 · 602 posts · 357 votes
    7y

    I'm a huge fan of Quest Trust Company.  Their customer service is second to none and they've got more education and networking opportunities than any other company.  They also live stream their networking meetings and weekly trainings to their Facebook page.  They also have a very large Expo (Quest Expo - Aug 23-25th) taking place in Houston that is open to all investors (QuestExpo.com).  I can always get someone on the phone or a quick email response back to my questions.  Tell em I sent you and they'll take great care of you!

    4Reply
  • Mike S.
    Investor · Broward County, FL · Member since 2018 · 1k+ posts · 938 votes
    7y

    @Helen De la rosa

    I have been using sunwest trust for a checkbook LLC sdira.

    They are fairly priced and have been very reactive so far.

    1Reply
  • Alan Grobmeier
    Rental Property Investor · Phoenix, AZ · Member since 2013 · 919 posts · 911 votes
    7y

    I use IRA Services Trust in San Carlos, CA. I also have a checkbook LLC.

    0Reply
  • Becky Kromminga
    Katy, TX · Member since 2019 · 44 posts · 28 votes
    7y

    I also am a fan of Quest Trust.  Their people are very friendly, helpful, and knowledgeable.

    I also recommend that any who can to go to their expo - there is a lot of great information for investors.  You can use promo code "REIQ19"  to get your ticket to the 3-day expo for just $99.

    2Reply
  • Helen De la rosa
    OP
    Rental Property Investor · Houston, TX · Member since 2019 · 30 posts · 6 votes
    7y

    @Logan Hassinger @Scott Carson @Becky Kromminga

    I visited Quest Trust today. Great resources and very informative. I am planning to go with them for real estate, once I complete re-balancing portfolio - they are located in Houston is a big plus!

    @Alan Grobmeier

    @Alan Grobmeier @Mike S. @Yolanda Salas thank you for sharing what worked best for you :-)

    2Reply
  • Logan Hassinger
    Specialist · Fort Worth, TX · Member since 2014 · 528 posts · 226 votes
    7y

    @Helen De la rosa

    You’re welcome. Quest will definitely treat you right. 

    1Reply
  • Scott Carson
    Note Investor · Austin, TX · Member since 2012 · 602 posts · 357 votes
    7y

    Tell them I sent you and use the code Carson19 and it should reduce your fees when you open!

    1Reply
  • Harpreet Singh
    Rental Property Investor · Chapel Hill, NC · Member since 2019 · 26 posts · 2 votes
    7y

    @Logan Hassinger Do they give you checkbook control?

    0Reply
  • William Battistelli
    Investor · NJ · Member since 2018 · 39 posts · 33 votes
    7y

    I'm not sure of the fees, but I just saw IRA Financial team up with capital one to provide self directed solo 401ks and IRAs with an LLC bank account at capital one that seemed geared towards real estate investors.

    May be worth looking into.

    0Reply
  • Marco Bario
    Specialist · Frederick, MD · Member since 2017 · 474 posts · 454 votes
    7y

    I'm a fan and a client of Mat Sorensen. I highly recommend his book - The Self-Directed IRA Handbook.

    My self directed account is a Solo 401(k) which owns an LLC. Both the 401(k) and the LLC have checking accounts. I am the custodian (no 3rd party custodian) and beneficiary of both entities and can invest from either as I choose. I also like that I am able to borrow from my 401(k) and avoid UDFI (read Mat's book to learn more about this).

    Mat helped to establish my Solo(k) through his law firm a few years ago. He's since launched a Self-Directed IRA company with Mark Kohler called Directed IRA. I don't yet have experience with the new firm, but expect it's worth checking out.

    Best of luck -

    Marco Bario

    1Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    7y

    @Helen De la rosa

    What are your investment objectives?

    What will you be investing in and how much?

    These are questions you need to ask yourself and review the fees of the custodians as if you are going to have a lot of transactions you may be better of with checkbook control because the fees can really add up

    I have a solo 401k and had @Brian Eastman set it up for me.

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  • Haley Gant
    Member since 2018 · 34 posts · 18 votes
    7y

    Hi @Helen De la rosa! I'm so glad you were able to make it to one of our classes and enjoyed it! Also thank you for the endorsements @Scott Carson & @Becky Kromminga! 

    If you ever have any questions about investing with a self-directed IRA, feel free to send me a message or give us a call and ask for Haley. I am one of our IRA Specialists with Quest, so I can definitely help to answer any questions you may have.

    I also hope to see you at this year's Quest Expo! 

    (link for 25% off here)

    Haley Gant, CISP

    IRA Specialist

    Quest Trust Company

    2Reply
  • Dmitriy Fomichenko
    Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    7y

    @Helen De la rosa

    Consider truly self-directed Solo 401k if you are eligible, it has several major advantages to SD IRA. One of which is the fact that custodian is not required unlike with an IRA. As a result you can eliminate all custodian fees and have direct control over your retirement funds.

    0Reply
  • Todd Goedeke
    Contractor · Sheboygan, WI · Member since 2016 · 917 posts · 266 votes
    7y

    @Haley Grant,does Quest offer a SDIRA with checkbook control? Does Quest offer a Solo 401k?

    0Reply
  • Todd Goedeke
    Contractor · Sheboygan, WI · Member since 2016 · 917 posts · 266 votes
    7y

    @Scott Carson, does Quest offer a checkbook LLC? How about a Solo 401k?

    0Reply
  • George Blower
    Retirement Accounts Attorney · Southfield, MI · Member since 2017 · 3k+ posts · 1k+ votes
    7y

    I suggest that you interview a few providers and as you do so here are some issues to consider:

    1. In order to have checkbook control, the IRA account will need to be at a trust company that will allow the IRA to invest in an LLC (where you will be the manager and your IRA will be member - an as manager you will have checkbook access to the LLC bank account). Therefore, you will want to confirm that the trust company allows for investing in an LLC and the associated fees and minimim balance that applies to the IRA account.

    2. Confirm that the IRA LLC provider will prepare all of the documents needed to not only form the LLC (articles of organization, SS-4 to obtain an EIN) but also the documents needed by the trust company to process the investment of IRA funds in the LLC.

    3. Confirm that the provider has experience with the particular investments in which you intend to invest your retirement funds as you very likely will have questions in terms of the mechanics (e.g. how do you invest in real estate, etc.).

    4. Confirm that the provider has a pristine reputation (e.g. Better Business Bureau reviews, etc.).

    5. In addition, if you are self-employed with no full-time employees you may wish to consider opening a Solo 401k instead of a self-directed IRA as it has several advantages over an IRA LLCsuch as much higher contribution limits, direct checkbook control (i.e. no need to have the account at a speciality trust company), ability to take a 401k loan, exclusion from unrelated debt finance income tax with respect to investment in real estate acquired with non-recourse financing, etc.

    0Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    7y

    @Todd Goedeke

    Quest does not offer checkbook control

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  • T. Philip Washington
    Investor · League City, TX · Member since 2016 · 14 posts · 5 votes
    2y
    Quote from @Helen De la rosa:

    @Logan Hassinger @Scott Carson @Becky Kromminga

    I visited Quest Trust today. Great resources and very informative. I am planning to go with them for real estate, once I complete re-balancing portfolio - they are located in Houston is a big plus!

    @Alan Grobmeier

    @Alan Grobmeier @Mike S. @Yolanda Salas thank you for sharing what worked best for you :-)


    Hi, Helen. How was/has been your experience with Quest Trust for your SDIRA? 

    I'm in the process of opening one and also like the idea that they are local. I read a few negative reviews online but they appeared to be rants from individuals that hadn't done their research to understand the Pros/Cons and Cans/Cant's of a Trust Company. 

    Thanks, in advance, for any insights you may be able to share. 

    T. 

    0Reply
  • T. Philip Washington
    Investor · League City, TX · Member since 2016 · 14 posts · 5 votes
    2y
    Quote from @Marco Bario:

    I'm a fan and a client of Mat Sorensen. I highly recommend his book - The Self-Directed IRA Handbook.

    My self directed account is a Solo 401(k) which owns an LLC. Both the 401(k) and the LLC have checking accounts. I am the custodian (no 3rd party custodian) and beneficiary of both entities and can invest from either as I choose. I also like that I am able to borrow from my 401(k) and avoid UDFI (read Mat's book to learn more about this).

    Mat helped to establish my Solo(k) through his law firm a few years ago. He's since launched a Self-Directed IRA company with Mark Kohler called Directed IRA. I don't yet have experience with the new firm, but expect it's worth checking out.

    Best of luck -

    Marco Bario


     Marco--Thanks for sharing this jewel with the group. My copy was just delivered today and I'm excited to delve into it. 

    1Reply
  • Katie P.
    Real Estate Agent · Oakland, CA · Member since 2016 · 123 posts · 77 votes
    2y

    Since Quest Trust was mentioned several times in this forum, I wanted to let folks know that they are resigning as a plan provider for many account holders as of 7.23.24. Has anyone else received this message? If so, does anyone have recommendations for a new plan provider for a Solo 401K? Also, Solera Bank is (one?) of their partner banks for the plan. Thanks for any comments/additions/recommendations. 

    0Reply
  • Brett SynickyPro Member
    Solo 401k and SDIRA Consultant · Orange, CA · Member since 2013 · 872 posts · 495 votes
    2y

    @Katie P.

    Thank you for letting us all know! Many self directed companies including ours use Solera as IRA custodian and will continue to for the foreseeable future. They are also on our preferred list for solo 401k checking accounts as well.

    0Reply
  • T. Philip Washington
    Investor · League City, TX · Member since 2016 · 14 posts · 5 votes
    2y
    Quote from @Katie P.:

    Since Quest Trust was mentioned several times in this forum, I wanted to let folks know that they are resigning as a plan provider for many account holders as of 7.23.24. Has anyone else received this message? If so, does anyone have recommendations for a new plan provider for a Solo 401K? Also, Solera Bank is (one?) of their partner banks for the plan. Thanks for any comments/additions/recommendations. 

    I have not heard this nor received any notification. What is the catalyst behind this decision? Did they indicate which accounts or account holders would be affected?
    0Reply
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