Forum on Self Directed IRA's?

Question

Hi I'm new to BP. What is a good forum to explore Self Directed IRA's with checkbook access? I've been investing in rentals in Boise, Idaho for many years and am now looking at going further with my real estate investing. I live in Mountain View, CA.For fun I'm learning to play the sampona.

James Watts · Answer

thanks for the info Dan.

What I wanted to know was if an IRA Custodian is assigned to your IRA and he buys all the properties for the IRA or if an LLC is opened within the IRA to buy properties and then you are named the manager of the LLC.

But I will get ahold of them and pose my questions.

Thanks again for the input.

Dan Walters · Answer

@James Watts

I have used Mountain West IRA for many transactions and they serve as the custodian.  I'm not sure about having checkbook control as the partners we worked with specifically used them as a custodian. They are very helpful and informative if you just gave them a call.

Happy to answer any questions that I can for you.

Dan Walters · Answer

@James Watts

I have used Mountain West IRA for many transactions and they serve as the custodian.  I'm not sure about having checkbook control as the partners we worked with specifically used them as a custodian. They are very helpful and informative if you just gave them a call.

Happy to answer any questions that I can for you.

Dmitriy Fomichenko · Answer

Hi James,

perhaps there is a forum out there, but I guarantee you there is nothing better than BiggerPockets forum! Now, the BP forum is broad and has lots of useful info on many different topics, but the topic of Checkbook IRA (also known as IRA owned LLC) has been discussed here many times and I'm confident that you will find what you are looking for. But you'll have to do some digging... you should search  by related keywords. This platform offers good search functionality, you'll probably stay busy reading for hours...

One place to begin would be the topic "Tax, Legal Issues, Contracts, Self-Directed IRA", that is where most of the discussions related to your area of interest took place:

https://www.biggerpockets.com/forums/51-tax-legal-...

James Watts · Answer

Picked it up on a trip last month to Macchu Pichu and Peru.

Thanks Jonna for the reference to Mountain West IRA. Are you using them. Do they offer IRA---LLC---Checkbook Access or do they have a custodian who does all the transactions for the properties in the IRA?

Richard Smith · Answer

I had to look it up too Jonna!

Sounds interesting James, I play the trombone, drums, and guitar. Well, when I have time.

Jonna Weber · Answer

Hi @James Watts  - You could try

http://www.mountainwestira.com/

The sampona, huh? Cool! I had to look it up. :)