I am interested in starting a self direct IRA, how do I go about doing this?
the subject of Self-directed IRA has been discussed many, many times here on the forum. I suggest you just do a quick search and you will find few dozens forum posts that you can read and learn from. Here is one to begin with:
we've used The IRA club in conjuction with buying turnkey rentals. their the only company I know that will pay interest on the money sitting in the account while waiting for use.
We've also used Kingdom Trust. Both are good companies.
Check online for contact info. Setting one up is super simple...
A self-directed IRA can provide many great oportunities to diverse your retirement portfolio! The first thing to do is select a custodian/ administrator. Below are 3 things to consider when selecting a custodian/administrator for a self-directed IRA.
1. Knowledge (They actually know what they are talking about)
2. Customer service (can you reach a person, how quickly?)
3. Ease of transactions
After you have selected a custodian/ Administrator for your Self-directed IRA you will need to open the account and fund the account from an existing IRA or 401(k)/403(b).
Once your account is funded you should be ready to make an investment. You will need to complete a form and send in appropriate paperwork for your investment. Then your Custodian/Administrator will send the funds from your account.
There are a couple rules and prohibited transactions/ persons. If you would like to speak more, I would be happy to connect with you.
Thank you @Hank Keller for your recommendation! Do you know if Kingdom Trust is also located in Ohio?
@Dmitriy Fomichenko , thank you for the pointer. Could you send me another request? The previous connection request didn't go through for some odd reason.
@Bryan Pham - Neither is in Ohio. IRA Club is in Chicago and Kingdom Trust i think is in Kentucky. Both are quite capable of doing self directed investments and are able to work in any state...
@Hank Keller That sounds great, I will definitely look into them. Thank you so much!
@Bryan Pham Check out Sprout.... if you ping me I can give you a direct contact.
@Maria C Quimpo I definitely will.