Self Directed IRA Questions
I have a few questions about Self Directed IRA's and was hoping that some of the BP community could help me out a bit.
1) Question's for ME: So, I am in the process of becoming fully self-employed. I currently have 2 401k accounts that I cannot contribute to any longer, because I am not an active employee of those companies (total amount is about $70k). I'm considering the option of moving them into a Self-Directed IRA to invest in real estate. First, what are the pros & cons? Second, can I invest in my own real estate properties? So, example, I find a property where the numbers work & want to invest in that property. Let's say that it's a flip, can I use my own self-directed IRA money to buy & repair that property, and then move all of the money (original amount plus gain) back into the IRA for the next deal?
2) Questions for My Investor's: I know that there are some good IRA custodian's, but what info do I need to know in order to educated my potential investors? Also, what should I look for in a custodian to ensure that my investor's are getting the best treatment?
3) Local Question: I'm in the Philadelphia & South Jersey Market, who can you recommend as a Self-Directed IRA Custodian?
Thanks for your help!!!