I have been working on opening a SIDRA. Thinking about doing it with my ROTH. I have been thinking about using the IRA services with an LLC due to the lower cost ,but I just went by CHASE and they told me they do SIDRAS .Is this any different than doing a SIDRA IRA Services with with my roth . I would not have to get a lawyer or a lawyer to set up the LLC fr the SIDRA. The Chase one is self directed with checkbook control . Am i missing something here. I am just doing notes homes ,hard money lending and want to do it out of my ROTH, I know the rules etc. I am in texas but will be doing the lending in Florida to a few business I am familiar with .
thank you in advance for your advice and experience.
Chase does not offer a self-directed IRA with checkbook control. The most they will offer is a "self-directed" IRA limited to the stock market where you get to choose the stocks. There is clearly a mis-communication from the person you spoke with at Chase.
If you are interested in the IRA LLC format, seek out a professional firm specializing in these structures - and start with the LLC provider. The quality of service is much higher when you start with the professionals actually providing the services of the LLC formation and consulting than with the back-end IRA account custodian that will simply be documenting the IRA account's ownership of the LLC structure and perhaps referring you out to an attorney for the work.
Thank you , Brian and Carl . I was suspect when she told me that since I saw no recommendations for them.
@Glenn N. your welcome