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SDIRA & How does this work?
Self directed IRA's can be used for investing into homes...so I've heard. I have a 401(k) that I'm currently looking to use for my next property and would love to move that into a SDIRA towards an investment. How does this work and what are some key strategies for this?
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@Kingston Yi Something else to look into is the difference between custodial and checkbook control. The SDIRA can own an LLC that you're the manager of giving you checkbook control allowing you to invest in as quickly as you can write a check or do a wire transfer. With Custodial SDIRA/Solo 401(k) you have to go through the custodian for all transactions. Note, you still have to have a custodian for all IRA's but the LLC gives you the ability to bypass them when making investments etc...One isn't right or wrong they're just different. Different fee schedules, different setup process. One puts you completely in the driver seat and one doesn't. Do your homework and reach out to some of the companies that offer these types of self directed retirement accounts for some free consultations...