I did a Google search and found some others that I hadn't heard of before too. Who have you used and what was your opinion of them?
For those that are partnering with these firms to do educational events who have you found to be open to this? I know that individual franchise owners at Entrust all have different opinions about whether or not they will co-sponsor events to win new accounts. What has your experience been with this?
Investor · Riverside, CA · Member since 2011 · 2k+ posts · 3k+ votes
15y
I like ETC. I know Kaaren Hall of Udirect personally and she is extremely knowledgeable about her field, however, I have not used her services before.
I have worked with Entrust in California and it was a difficult process getting our deal funded using one of their client's IRAs. I have heard the same about ETC as well though, but I have never had problems doing deals with their client's money if I am handling the paperwork. I think their documents are extremely straight forward and easy to complete.
Quincy Long of Entrust in Texas is also extremely knowledgeable. I have heard him speak on many occasions and he really gets real estate investors and the types of deals we do.
Virtual Assistant · Alameda, CA · Member since 2012 · 1 post · 1 vote
12y
I've worked for 3 SDIRA custodians now; I was the lead Client Services Rep for The Entrust Group in Oakland CA for 4 1/2 years; consulted for half a year for New Direction IRA, based in Littleton (near Boulder) CO.
Since March, I'm employed in training and operations with IRA Services Trust Co., in San Carlos (near San Francisco) CA:
Real Estate Investor · Sun Prairie, WI · Member since 2014 · 68 posts · 100 votes
12y
In an earlier post, American Pension Services appeared on the list. It saddens me to announce that the SEC has frozen the accounts of APS. I have met Curtis DeYoung and found him knowledgeable. It is unfortunate that a man established a business over 30 years then dealt with customers so poorly.
I can heartily recommend uDirect and Kaaren Hall for SDIRAs, Roth IRAs, HSAs and Coverdell ESAs.
If you want total freedom, then establish a solo 401K. There are no custodians or Third Party Administrators. You become your own trustee.
Investor · Burke, VA · Member since 2014 · 9 posts · 0 votes
12y
I have an CORP and LLC. I am flipping and doing buy and holding now.My Mom is interested in private funding for a few flips... we explored self Directed IRA, so far I have interviewed ENTRUST. They seem very reputable.
My partner/friend has his own company; I know I need to have her invest private money loan w/ him since she is immediate family and this is not allowed. Does anyone know if quit claim deeding a property I have to my friends' company would work so that she can invest w/ my friend/partner's company? I need some private money for a few properties and my Mom wants to invest but cant do it with me. Any advice out there is appreciated.
Legal loopholes?
Love to know if Entrust has competitive rates/fees?
Investor · North Idaho · Member since 2011 · 332 posts · 107 votes
12y
Katherine Celona
What you're talking about would be construed as an arrangement in the eyes of the IRS. To be conservative, you're best to avoid any direct or indirect transactions across the table from disqualified persons.
Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
12y
Quest is pretty big in Austin now. I really like Nate and Quincy. They're a good alternative for anyone looking for SDIRA professionals. They're doing a mixer later this month if anyone is interested in attending that lives in Austin.
Investor · Burke, VA · Member since 2014 · 9 posts · 0 votes
12y
I have an CORP and LLC. I am flipping and doing buy and holding now.My Mom is interested in private funding for a few flips... we explored self Directed IRA, so far I have interviewed ENTRUST. They seem very reputable.
My partner/friend has his own company; I know I need to have her invest private money loan w/ him since she is immediate family and this is not allowed. Does anyone know if quit claim deeding a property I have to my friends' company would work so that she can invest w/ my friend/partner's company? I need some private money for a few properties and my Mom wants to invest but cant do it with me. Any advice out there is appreciated.
Legal loopholes?
Love to know if Entrust has competitive rates/fees?
Investor · Fort Pierce, FL · Member since 2008 · 4 posts · 5 votes
12y
My wife and I used Equity Trust and in my opinion they are terrible. My complaints include long wait times on the phone, fees and fees, late quarterly statements, documentation mistakes etc. I would never use them again.
Lender · Pompano Beach, FL · Member since 2013 · 14 posts · 5 votes
11y
I started with First Regional Bank in California approx. 20 years ago. They were taken over by FDIC and sold to Sterling. Sterling Trust changed their name to Equity Trust.
They can be a little slow to deal with but when you gain experience with their system they can be relatively quick at turn around on mortgage investments in my experience.
Investor · New York, NY · Member since 2014 · 156 posts · 48 votes
11y
I used Entrust Northeast (which changed names to "Next Generation Trust") and was disgusted by all the fees. I don't know if it's normal. I had to pay $500 just to close my account, on top of all the setup and monthly fees. I don't know how people can make money from their SD IRA's unless they have a huge amount of savings and are consistently getting double-digits returns. I wish someone warned me before I did it, I wouldn't recommend it for newbies.
I do NOT recommend Entrust aka Next Generation Trust.
Investor · Valrico, FL · Member since 2015 · 80 posts · 27 votes
11y
At the risk of shining a floodlight on my lack of knowledge in this, l would like to know: can I move funds from an existing employer-sponsored 401(k) to a SDIRA? Between my wife and I, there is $50k in retirement but we can't do much with it. To complicate matters further, my 401(k) has a $12k loan out on it. Any suggestions? I would love to use my invested money for investments! :)
At the risk of shining a floodlight on my lack of knowledge in this, l would like to know: can I move funds from an existing employer-sponsored 401(k) to a SDIRA? Between my wife and I, there is $50k in retirement but we can't do much with it. To complicate matters further, my 401(k) has a $12k loan out on it. Any suggestions? I would love to use my invested money for investments! :)
Andrew, you need to be aware of couple things:
1) In most cases current employer 401k can not be rolled over into an IRA. There are few exceptions so you may want to check with your plan administrator if they allow what's called "in-services distribution".
2) If you terminate your 401k the loan will become due and if not paid will become premature distribution thus taxes and penalties would apply.
Investor · Valrico, FL · Member since 2015 · 80 posts · 27 votes
11y
@Dmitriy Fomichenko- yikes, thanks for letting me know. I had no idea that the loan would become due. I took the loan to avoid penalties and taxes in the first place so incurring them now would be counter-intuitive. I guess I will need to sit down with the administrator as now I am wondering if this same rule applies if I leave my current job for a new one, which is what I am hoping to do when I get my RE license. I appreciate the information!
When you terminate employment, you will likely have the same issue with an outstanding participant loan. It needs to be repaid promptly or will be viewed as a distribution.
What a lot of folks do not know - including many plan administrative staff - is that the loan may be rolled over to a new plan. Not always, but sometimes.
If you will become self employed as a realtor, you can establish your own Solo 401k plan, and that plan could accept the rollover of an outstanding participant loan. Because of the paperwork involved, sometimes it is easier to just borrow money from someone on a short term basis to pay off the old loan. Once you have your own Solo 401k seutp and funded (a few weeks), you can then take out a new loan from the new plan and repay that person.
Investor · Falls Church, VA · Member since 2014 · 40 posts · 2 votes
11y
IRA Services Trust Co has competitive fees. they're fairly large and well established. if your property manager maintains an escrow account for misc expenses and/or pays expenses from the rent (meaning that IRA Services does not have to cut checks for every expense - lawn care, maintenance, etc), their fees are competitive.