Investor/Agent/CPA · Columbus, OH · Member since 2015 · 249 posts · 207 votes
Hello,
I am looking into NuView IRA and opening up a self directed IRA with them. They are based in Florida. Have people had good experience with them? Thanks for the feedback.
@Marc Welp I am actually looking at doing a self-directed IRA as well. May I ask what prompted you to go with iPlan vs other organizations? I liked their fee schedule and it seems as though very savvy for RE investors. I haven't done a deal yet, but my plan is to use my IRAs to help get me started, learn the ropes and build my retirement at the same time. I know it is risky to use my IRA to get started without having some prior knowledge, but I believe I can do it.
Other companies I was looking at were NuView as well, Equity Trust and Entrust.
@Marc Welp I am actually looking at doing a self-directed IRA as well. May I ask what prompted you to go with iPlan vs other organizations? I liked their fee schedule and it seems as though very savvy for RE investors. I haven't done a deal yet, but my plan is to use my IRAs to help get me started, learn the ropes and build my retirement at the same time. I know it is risky to use my IRA to get started without having some prior knowledge, but I believe I can do it.
Other companies I was looking at were NuView as well, Equity Trust and Entrust.
@Price Paramore I went to an Equity Trust presentation workshop and they seemed cool. The one thing that worries me is that they have horrible Yelp reviews. The most common complaints I saw were excessive fees, and then it being nearly impossible to reach someone on the phone to discuss said fees. As well as a fee to close your account. I did try to look them up on the Better Business Bureau and I didn't seem to find anything troubling. But the sheer number of complaints I found elsewhere made me a bit hesitant. As with everything, do your due diligence.
I was with Equity Trust so long, I was there when they were Mid Ohio Securities !!! I switched to Advanta three years ago and have been extremely pleased. Advanta permits checkbook LLC, I don't think ETC does, and Advanta has an office here in Atlanta, if for some reason I need to see them in person. 10+ years with ETC, but as stated above, the last couple years were very trying in dealing with them, I think they got very big very fast and some of the service levels lagged off during that time.
Price Paramore I used iPlan as I have a person in my network that recommended iplan.
They always answer the phone.
What kind of assets are you going to invest’s in?
Thanks.
@Mark Welp I am looking at purchasing a duplex or triplex. I may look at investing into notes. I am not quite sure yet. If I go with multifamily housing I am looking at the Phoenix area and suburbs. Still doing research on what path I want to take.
Glad to hear about the customer service at iPlan. They have been very responsive with my inquiries and seem small enough to give individual attention while providing a great service. I am leaning to go with them. Thanks for your input.
Context - My partner and I own an LLC that does Flips and Buy & Holds. I only perform managerial tasks such as checking in the job, accounting, etc but no sweat equity. My partner on the other hand, manages the project and contractors we hire, and does some of the work himself but we pay him for this work. Could I lend money to my LLC from my self directed IRA to fund our deals?
I ask because I thought it was illegal to use your IRA to purchase real estate you are involved in because a conflict of interest or indirect personal benefit is prohibited from the IRS perspective.
Does this only apply if you loan to your LLC and doesn't apply if you buy the property in your own name?
Your ownership in the noted LLC makes that LLC a disqualified party to your IRA. Your IRA may not transact with or create any kind of direct or indirect benefit to that LLC.
The fact that you are part owner of the LLC would prevent your IRA extending a loan to the LLC, this would create a prohibited transaction according to the IRS:
I was with Equity Trust so long, I was there when they were Mid Ohio Securities !!! I switched to Advanta three years ago and have been extremely pleased. Advanta permits checkbook LLC, I don't think ETC does, and Advanta has an office here in Atlanta, if for some reason I need to see them in person. 10+ years with ETC, but as stated above, the last couple years were very trying in dealing with them, I think they got very big very fast and some of the service levels lagged off during that
Yes, I've been with them forever too, Seemed like it's too much trouble to leave, but they seem too big now. They called me about 10 times in January trying to get me to upgrade my account to ecxlusive. Seems like they only called me to get me to pay them more fees. I'd like to leave too, how are the fees at Advanta? Seems like most custodians charge a fee for every investment held in the IRA. let us know...
Thank you for all the responses. Please correct me if the below statement is incorrect:
If I want to use a self-directed IRA to purchase realestate, the IRA would own the property.
Could I do paid work for property or would I have to hire it out?
If you buy multiple properties under your IRA, if someone sues you on one of the properties, is the IRA only exposed or are you exposed entirely (like your 401k with company, etc)?
I've been with Equity Trust for a couple of years and have no complaints. service has been good. I have purchased two properties with my IRA and also purchased shares of a fund. their turn around time when buying is acceptable. I can reach customer service reps easily. I'm not sure howbtheirvfees compare to other companies.
If your IRA owns a property, you may not perform work on that property. You are not allowed to benefit from the IRA - such as by being paid. Conversely, you are not allowed to provide benefit to the IRA such as the provision of free services - which would essentially be non-documented contributions to the IRA.
If an IRA directly holds several properties, a judgement against one property could look to other IRA held properties for satisfaction - though with quality landlords insurance this is unlikely. One can segregate properties into separate LLC entities to create asset segregation within an IRA.