How do I find the right Atlanta source for converting to self IRA

Question

We're just finishing our medical marathon, and planning a move to Atlanta to begin our real estate investment--hacking/flipping work. We will need a local CPA or attorney to help us convert our IRA to a self-directed IRA, and guide us in its use in the business.

Does anyone have any suggestions for professional, ethical and reasonable choices?

Bernie Lahde · Answer

Dear George, Denny, and Tom:

Thank you so very much.  We appreciate it greatly!

Bernie & Jeannie

Tom Burns · Answer

I am in Atlanta and have had a SDIRA since 1998.  I use Advanta, who has a local office here, they are a SDIRA custodian.  You can do it yourself, just a matter of filling out forms to transfer your IRA from one holder to another (one who allows SDIRAs).  You can't use the IRA funds for a personal business, but rather for investments where all the funds stay in the IRA.  In mine, I write paper and do equity participation with other parties.  If you are over 59 1/2 and your IRA has ROTH designation, you can pull it all out tax free.  I converted traditional IRA to ROTH in 1998, when you could spread gains over 4 years, then converted my wife's in 2010, when you could spread over 2 years.

Denny Faircloth · Answer

@Bernie Lahde - Nice to meet you here on BP. I'd be glad to connect you with a couple of people here in Atlanta that can help you. Feel free to call, text, email or private message.

George Blower · Answer

@Bernie Lahde

You can't use an IRA to fund your own business; however, the IRA can be transferred to a ROBS 401k and then the business can be funded via the 401k plan.

This type of transaction requires a business that offers goods or services and it can be a real estate operating company that meets the real estate operating company requirements.

Another option is to take a 401k participant loan and the funds can be used for any purpose. You can only borrow 50% of the 401k funds not to exceed $50, 000, however.