Investor · Spokane, WA · Member since 2016 · 73 posts · 37 votes
I wanted to know your thoughts on this. I was thinking of moving close to $200k from an old 401k account into SDIRA. I’m not much familiar with SD custodians. Only one I know is Speciaized trust company. Do they vary a lot in structure or fees ? Are there any other reputable custodians that I should look at ? My main goal in doing this is to find a reputable sponsor to invest with solid long term returns. That brings to my next question, which is finding a good sponsor and MF investment with good returns. Do you guys recommend anyone in particular . I’m familiar with Matt Faircloth, Jake and Gino, Corey Peterson and few others.
I’m also looking to get into Jake/Gino’s coaching program. I have reached out to Corey Peterson to get into his boardroom but haven’t heard back yet. I have 100k in cash I plan to start with (I know it’s not much) to reach my goal of 4 to 5k/month in cash flow in next 2 to 3 years.
Definition of QRP (Qualified Retirement Plan): A qualified retirement plan meets the requirements of Internal Revenue Code Section 401(a) of the Internal Revenue Service (IRS) and is therefore eligible to receive certain tax benefits.
Solo 401k falls under 401k category ( and therefore also under QRP category) here is IRS explanation:
There is no such thing as "eQRP" from the IRS stand point. After doing some research it appears that this name was trademarked and the owner using it for one of the plans that fall under category Qualified Retirement Plans. Since we have the owner involved in this thread it would only be appropriate to ask for clarification. @Damion Lupo please enlighten us all which specific qualified retirement plan you are referring to when you use this name?
Definition of QRP (Qualified Retirement Plan): A qualified retirement plan meets the requirements of Internal Revenue Code Section 401(a) of the Internal Revenue Service (IRS) and is therefore eligible to receive certain tax benefits.
Solo 401k falls under 401k category ( and therefore also under QRP category) here is IRS explanation:
There is no such thing as "eQRP" from the IRS stand point. After doing some research it appears that this name was trademarked and the owner using it for one of the plans that fall under category Qualified Retirement Plans. Since we have the owner involved in this thread it would only be appropriate to ask for clarification. @Damion Lupo please enlighten us all which specific qualified retirement plan you are referring to when you use this name?
CPA delivering RE Tax Tools: 1031 Exchange, SDIRA, 401(k), Cost Seg · New York City, NY · Member since 2017 · 581 posts · 563 votes
6y
@Alina Trigub Appreciate the mention and applaud you for taking a stand.
@Dmitriy Fomichenko has requested that the provider of the so-called "eQRP®" clarify what type of plan he offers and he's been given the opportunity to speak for himself.
As I have personally spoken to many individuals that have this "plan" - or promote it - it's likely that I can answer the question. I'm fairly confident that @Dmitriy Fomichenko, @Brian Eastman, @Justin Windham, @George Blower and many others have access to the answer as well. However, we all choose to give this individual the courtesy of speaking for himself to provide clarity and transparency.
"Sunlight is said to be the best of disinfectants; electric light the most efficient policeman.” - Justice Louis Brandeis
Cost Segregation Expert and Investor · Lakewood, NJ · Member since 2017 · 1k+ posts · 1k+ votes
6y
Excellent points of clarification on the subject from some of the experts in the field. I guess, as @Dmitriy Fomichenko & @Bernard Reisz have requested, it would be enlightening if @Damion Lupo would clarify which QRP he is referring to when he puts an E in front and a trademark symbol in the back.
Id like to make my way into this discussion and offer my own take on it...not really, well above my head. I was reccomended eqrp from a guy a know. I went to the link and @damion lupo sent me a free book to read. Havent read it yet, but figured id search the forums for mentions. I see he has been on the podcast before but not seeing any others discussions involving him or about him and his plans on the forums. Anyone have any thoughts? Anyone participate in an eqrp?
Excellent points of clarification on the subject from some of the experts in the field. I guess, as @Dmitriy Fomichenko & @Bernard Reisz have requested, it would be enlightening if @Damion Lupo would clarify which QRP he is referring to when he puts an E in front and a trademark symbol in the back.
CPA delivering RE Tax Tools: 1031 Exchange, SDIRA, 401(k), Cost Seg · New York City, NY · Member since 2017 · 581 posts · 563 votes
6y
When pursuing these accounts and accepting recommendations from people, it's important to:
ensure there's no conflict of interest (e.g., substantial affiliate kickbacks) and
perform at least a modicum of due diligence on the provider (# podcast appearances aren't too helpful; check if their background to see if it's aligned with their claimed expertise, etc.)
I assure you it's not above your head if you choose to work with someone that will be transparent with you, rather than a promoter using marketing gimmicks.
As a CPA that works with an array of self-directed investors, I'm constantly astounded by the # of people that have signed-up for some mysterious account type for which they shelled-out substantial $$$ - and they don't even have clue as to what type of account it is from tax & labor law perspective. And, if they don't know what they have - they can't possibly operate it compliantly.
Work with a provider that thrives on knowledge; avoid promoters that thrive on ignorance.
(Please do not ask me to specify which providers fall into either category. You'll have to exercise your own judgement.)