Cheapest Way to Set Up Self Directed IRA

[Tim Porsche]

Hi All,

I currently have a little over $6,000 in a 401k from one company, and a Roth IRA from a second company. I no longer work for either company, and would like to move that money into a self-directed IRA and invest it in P2P loans. I'm pretty much clueless on how to accomplish this though, and have a few questions I'd appreciate your input on.

1. What kind of setup fees would I be looking at for creating a self-directed IRA? Would it be worth it for only $6,000?

2. Are there any annual management fees associated with most self-directed IRAs? If so how much would I be looking at paying for that?

3. Is there a better alternative besides a self-directed IRA to do what I want to do with the money? Early withdrawal would cost me about 20% I believe so I don't really want to do that.

4. If I set up a self-directed IRA account, who would you recommend I contact to set it up?

Thanks in advance for any advice you can give.