Florida self directed IRA

11 Replies

Hello,

I need assistance finding a company in Florida that specializes in utilizing self directed IRAs.

@Jennifer Ceren tapp

NuView IRA is in Lake Mary. They are an IRA custodian.

I would caution that the provision of self directed IRA plans is a relatively small field, and business model/quality of service/experience should take higher consideration than location in your selection of a vendor.

Thank you so much for taking the time to respond to my forum! I suppose I should have been more specific and posted along the lines of needing a company that is licensed to work in the state of Florida.

Originally posted by @Jennifer Ceren tapp :

Hello,

I need assistance finding a company in Florida that specializes in utilizing self directed IRAs.

Are you looking for a self directed ira custodian or an investment firm that works with self directed IRA solutions?

For custodians look into IRA Trust Services. The location of the custodian is generally unimportant. A good fee structure, customer service, speed at handling direction requests, and a broad enough list of allowed investment options to suit your needs are important when selecting a custodian.

Originally posted by @Jennifer Ceren tapp :

Thank you so much for taking the time to respond to my forum! I suppose I should have been more specific and posted along the lines of needing a company that is licensed to work in the state of Florida.

Jennifer, yes, little more info would have been helpful. Regarding self-directed custodian as it has been mentioned the location is really not important. Much more important is the company reputation, fee structure, quality of customer service and some other factors.

You can open SD IRA regardless of where you live, with any custodian. Now, if you are looking for a investment provider offering turnkey properties in certain market for example - then you should provide more specifics on what is your criteria so someone could help you.

@Jennifer Ceren Tapp

There is a company in Florida called IRA Financial Group that may be able to help. You may also want to consider exploring the self-directed solo 401k which they also offer.

Lastly, it is important to note that IRAs and solo 401k plans can be opened with any provider in the country not just one's in your own state.

There are many Self-Directed IRA custodians out there. It is advisable to do your due diligence and ask about such things as how long have they been in business, are alternative assets their sole focus, are they BBB accredited and rated, are they a regulated financial institution, have they ever been sanctioned by any regulatory bodies, how many accounts and how much in assets do they administer?

Additionally, there are many different companies to choose from when deciding which IRA provider will help you invest your retirement funds into real estate. What often gets overlooked is the type of company you are choosing. IRA providers can be put into three separate categories: Custodians, Administrators, and Facilitators.

Custodians are the first type of company, and are usually the most common. They're either a bank, credit union, or non-bank custodian approved by the IRS (usually a broker dealer who obtains IRA approval). Custodians are permitted to custody assets held in an IRA under IRC Section 408. They're also subject to strict regulatory oversight at a State or Federal level. Custodians tend to take a more conservative approach when reviewing alternative assets for investment, as they want to avoid the custody of any assets that may be involved in prohibited transactions. Alternative Asset custodians cannot give any tax, legal or investment advice, cannot assist with the structure of an investment, and cannot endorse, promote or align with specific investment sponsors.

Administrators are the next type of company. Essentially anyone can be an administrator, and their main function is to perform administrative functions only. Because of this, they also need to have an identified custodian for the self-directed IRA named in the account disclosure documents. Administrators are only subject to regulation if required due to profession (CPA or attorney), not for role as administrator. This allows administrators to be much more liberal in accepting assets and allows the ability to align with investment sponsors. Review fee schedules carefully – there may be separate charges for whatever 3rd party custodian they are using.

The third company type is a Facilitator. They educate investors on the process of self-directed investing or assist in setting up single-member LLCs for either "check-book control" or to purchase a franchise or ROBS (Roll-Over Business Startup). They may also provide administrative services for the LLC. Like Administrators, Facilitators must have an identified custodian for the self-directed IRA and are only subject to oversight on a professional level. They are also much more liberal in accepting assets and can align with investment sponsors. Again, review fee schedules carefully – there may be separate charges for whatever 3rd party custodian and/or administrator they are using.

So when you're looking for someone who offers a self-directed IRA, make sure you know the type of company you're dealing with. This will help when determining which company best fits your investment scenario.

This post has been removed.

I agree the two issues I hear about the most are lack of customer service and transactions taking too long to execute.  A good custodian should have a strong web site and a chat feature so you can get answers fast.

Also make sure who you deal with is the custodian not just the administrator

Originally posted by @Doreen Chaisson :

There are many Self-Directed IRA custodians out there. It is advisable to do your due diligence and ask about such things as how long have they been in business, are alternative assets their sole focus, are they BBB accredited and rated, are they a regulated financial institution, have they ever been sanctioned by any regulatory bodies, how many accounts and how much in assets do they administer?

This has been so helpful, thank you! In regards to them being sanctioned by any regulatory bodies, how can I investigate their response to know if they are telling me the truth or not?

In regards to how long they have been in business. I assume that longer is better but is there a specific tenure I should be looking for? (since 90% of small busi fail in the first 5 years, I am definitely looking for longer than 5 years tenure). 

Do I want alternative assets to be their sole focus? I can see the argument both ways but am wondering which one is better?

What amount am I looking for and why in response to "how much in assets to they administer"?

When you say "are they a regulated institution", I think you are referring to gov't backed like "FDIC". Is that correct?

Thank you for taking the time to post your original response and any additional help you are able to provide on this one!

@Jennifer Ceren tapp - my apologies for the delayed response.  I didn't see the notification that you'd responded!

Generally if you google the name of the custodian + "sanctions" or "SEC" (Securities and Exchange Commission) you'll see if they've come under fire for anything.  You might want to check BBB listings too - are they accredited, what is their rating, etc.

Generally an older, more established custodian with thousands of accounts and many millions if not billions of alt assets under management will be a more stable company, more familiar with the IRS rules and regulations regarding Self-Directed IRA investing do's and don'ts. A custodian with a single focus on alternative assets will have systems specifically built to handle alternative asset investing, and the professional expertise in place to educate their clients and protect the tax deferred status of their IRA account.

Generally, regulated IRA custodians answer to the IRS and in many cases, a state banking commission as well. Many are structured as banks, but not all. (FDIC is Federal Depositer's Insurance - it's what protects cash in bank accounts and should be offered by all Self Directed IRA custodians for any uninvested cash in IRA accounts)

Hope this helps!

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here