Attorney · New York City / Long Island, NY · Member since 2020 · 597 posts · 248 votes
Does anyone have a self-directed IRA (SDIRA) custodian that has especially low fees for the quarterly or yearly maintenance?
My SDIRA would contain just 1 LLC owned property, with checkbook control if possible, to try to minimize fees. If you would pass along the name of the custodian on this forum or by messaging me, I would very much appreciate the custodian name to research for myself.
Another question:
Does anyone get away with ONLY the quarterly/yearly maintenance fee to the custodian? (I realize the LLC's bank account would have its own unrelated fees.)
We use Solera bank as a custodian for IRA LLC. They charge flat annual fee of $150. On top of that you will have additional cost of maintaining the LLC, cost depends on the state of formation.
As a real estate agent you are considered to be self-employed and will qualify for truly self-directed Solo 401k plan. With such plan you don't need a custodian or LLC, but get "checkbook control" and eliminate the "middle man" and all custodian/transaction/asset based fees. On top of that it has number of other benefits (such as contribution limits nearly 10X higher, exempt from UBIT on leveraged real estate, access to your retirement funds tax-free via participant loan and more) making it superior vehicle compared to SD IRA. Here is a great discussion on the topic I think you will find beneficial: