Hello, looking to talk to any local investors using funds from a self directed IRA. This is a strategy that interests me but I want to sit down with someone who has done it successfully instead of just hearing a sales pitch from someone wanting to set it up for me. Looking to either use it to finance flips or for buy and hold. I have a partner with a large 401k that we are looking to use in the business but not sure where it would make the most sense. Is this a strategy that anyone on here is using on a regular basis? Would you be willing to chat about it over drinks? Please reach out!

Thanks 

Phil, one of my clients @Adam A. have been successfully utilizing self-directed Solo 401k plan, perhaps you can connect with him. 

Originally posted by @Phil Morgan :

Hello, looking to talk to any local investors using funds from a self directed IRA. This is a strategy that interests me but I want to sit down with someone who has done it successfully instead of just hearing a sales pitch from someone wanting to set it up for me. Looking to either use it to finance flips or for buy and hold. I have a partner with a large 401k that we are looking to use in the business but not sure where it would make the most sense. Is this a strategy that anyone on here is using on a regular basis? Would you be willing to chat about it over drinks? Please reach out!

Thanks 

 My wife and I personally do this and I have helped about 2 dozen investors roll plans to SDIRA to use for real estate. They rock. 

@Phil Morgan

Many of our clients in Ohio have used their retirement funds to fund their own business. Send me a message and I can put you in touch with a few.

I used a self directed ira out of Cleveland (not Equity Trust, a smaller shop) to buy mortgage notes. They have been good so far.

Shoot me a message if you want more info.

Thanks,

@Matt Motil @Mark Welp It would be great if you could share any resources or contacts to learn more about it.

@Phil Morgan - Are you looking to invest your own SDIRA money into buying property for yourself, or are you looking to use your SDIRA to lend money to other investors? These are two different things. If you want to buy properties for yourself with your SDIRA then your SDIRA will actually be the entity which owns the property and will need to get refinanced ( a bit more difficult unless you set up a checkbook SDIRA) . Your SDIRA cannot give you any sort of taxable benefit to you personally (this also means you can't do any work on the property). However if you are going to use your SDIRA to lend to others...that's a lot more common. 

Not sure if I made this more or less confusing for you. 

Hi Phil,

I used a self directed IRA for one of my investments. It works well.

A couple things I learned through the process - 

• You typically can't use a 401K linked to your current employer. However, any funds you've transferred from a previous employer to your current employer can also be transferred to a self directed IRA
• I used IRA Services Trust Company for my self directed IRA and they seem to have reasonable rates. There's lots of other companies to choose from too and I'd be curious to hear what others recommend
• There are penalties for pulling investments out of your self directed IRA before retirement age
• There's typically an annual fee associated with opening and maintaining one of these accounts, as well as a minimum holding required in the account

I'm curious if others have any experiences different than this.

Cheers