Looking for a good Self Directed IRA Company
Hey BP Community!
I am planning on moving my prior company's 401k to a self directed IRA so I can take advantage of borrowing money against it to buy more Real Estate.
Anyone have a great company they'd recommend to hold this SDIRA account with?
Many thanks!
Most Popular Reply
Hey Kenny you mentioned you wanted to roll your prior company 401k to a self directed IRA which is fine. I did the same thing. I rolled mine however to a Roth IRA and paid the taxes since I knew it would grow tax free for the rest of my life.
You mentioned you wanted to borrower against the SDIRA you setup but you cannot borrower money from an IRA like you can from a 401K. So I wanted to let you know. You can lend money from your IRA and or you can use the money to buy real estate and maybe that is what you meant.
I have used Equity Trust for years. There are many good ones but each has a different fee structure. If you do alot of transactions then ETC is pretty good since they charge a flat fee per year and you can do one transaction or 100 and same amount. They also have a good online bill pay for bills associated with your assets. There may be other better choices if not doing many transactions per year. Search for the book on Amazon called IRA & 401K Income Builder which is good reference guide.