All Forum Posts by: Carol Donaldson

Dmitriy,

Thank you for info. Appreciate the detail on what has to be incorporated the LLC.

-Carol

All, 

I'm looking into self directed IRA custodians. I've read through all of the posts and have a have a few of questions:

I've seen one custodian have fees greater than $100 to apply, load and pay an annual fee for a debit card?   Is this the norm?

What are the checkbook fees should I want to go with an IRA LLC?

If I have an existing LLC that currently has no assets in it yet, can I use that for an IRA LLC or do I still have to open another LLC?

Thanks in advance.....

-Carol

All,   Thank you for all of the information.   I will definitely check into the Retirement Industry Trust Association.   I understand that you are all interested in my publishing the name of the SDIRA, however until this matter is resolved, I would prefer not to post it.  However, I will message you all directly with the name.

The general consensus is that there is no reason why they should be holding the deposits.  This definitely gives more to go back to them with. 

Thank God that there is this community.

Sincerely,

-Carol 

Fully Developed lot in Northport Florida - ready for immediate development or hold for appreciation

Price: $16,000

Address:  Lot 1, Jeannin Dr. Northport, FL

All,

I am baffled beyond belief about a continuing critical issue with a self directed IRA I've opened. I won't share the name of the company in this post, but you can contact me directly if you would like to know the name.

Here's the overview - two separate deposits into my SDIRA and they will not release any funds for me to purchase property.

Details:

Did one transfer of my pension plan (company pension plan - not IRA or 401K), to the SDIRA (self directed IRA). Sent then the actual check I received and emailed the accompanying description of the check that included the category of distribution, indication that taxable amount was $0, the distribution amount etc. etc.

Did a second transfer from an IRA held by a world renowned Investment company that was a direct wire transfer. Wire transfer had all pertinent information about the type of funds. Also sent the SDIRA a copy of my IRA statement that showed type of funds, etc.

Currently:

SDIRA will not release funds.  Now - they've taken out their "fee" - for receiving both of these deposits - but indicate that the won't release them for purchase due to needing more documentation beyond the statements I've sent.  

I have sent them everything I have received. The SDIRA wants "custodian" statements but neither company has ever had to provided anything but the type of statements they've already provided. Both my previous pension plan company and IRA funds from the world renowned investment company, are completely perplexed about what possible information could be needed as they have provided everything every other SDIRA company that they have dealt with in the past has requested

The SDIRA refuses to contact either company about the funds.  Now a company that has over a "billion" in assets can't reach out to my previous employer to verify the type of funds?  But I see that they already took out their "fee" for processing my deposits.  

Plus when I indicated that if they can't execute the deal, I'd have to remove my funds from their company as I can't keep my money tied up - the managing sales rep told me that it wouldn't matter to them since they have over a billion dollars in assets.  I told him I would have to withdraw my funds and that's when he said that as soon as I do that, they will forward a 1099 to the IRS - and verbatim - "Did I want the IRS to come after me with a 1099"?  This company is a nightmare.   Nothing short of it. 

Any advice from anyone that has encountered anything like this?   Have I just completely blown my retirement savings with this company?

-Carol

Nice quite area with land available to store large equipment. Great for landlords. Large rooms for family.

PRICE: $61,000

ARV ESTIMATE: $110,000+/- (Comps show average $53 sq ft – ARV adjusted from $125,000 due to larger size than other comps available)

REHAB ESTIMATE: $20,000 - $25,000

RENT ESTIMATE: $1,100 - $1,250

Construction: Manufactured Home

SqFt: 2356

COMPS

Require cash or a private/hard money loan only. No conventional financing. All inspections must be completed prior to buyer signing the contract. Buyer will need to provide a $1,500 non-refundable deposit at time of contract.

Manufactured home on 1.2 acres (MOL) land in Zephyrhills. Needs TLC. Nice neighborhood. Perfect for anyone who wants a home on land. Great opportunity for landlord/investor. This one will not last. Cash buyers ONLY!

ARV - 98,000 based on recent comps in immediate area
Repairs approx - 15,000
Asking - 61,500

Rent Potential: $975/month

Good to hear.  Thanks. 

Hello,

I'm purchasing properties in SouthBend IN, that have long term tenants under the Section 8 program.    I'm reaching out to the group to determine if anyone has experience with this subject in the area that can provide any insight to pros' / cons', etc.

Thanks in advance.

Sincerely,

-Carol

Hello,

I'm purchasing two properties in SouthBend, IN and need recommendations for Property Management Companies, Home Inspectors and general contractors as I'm not located in that area.   Anyone have any recommendations?

You can message me privately if you prefer.

Thanks in advance,

Sincerely,

Carol