All Forum Posts by: Haley Gant

@Ian Green no problem! I will also say that when you have a SDIRA, you can either pay the fees from the IRA or from outside of the account. Personally, I am also growing a somewhat small Roth IRA, so I pay my fees from funds outside of the IRA. It's not much, but it definitely helps!

Hi Ian,

You bring up a lot of good points. I think one of the biggest things to consider when shopping around for a SDIRA custodian is where the fees fall in relation to other factors that may be equally as important to you. What are your long term goals? Are you looking to make a quick profit or compound your growth? Sometimes the fees may be slightly high now in relation to things, but as these self-directed accounts grow, the tax free long term benefits can outweigh the initial costs of getting started. Of course, other things like good customer service and what your custodian can do for you is also something to weigh. There are some custodians that have very low fees initially, but charge others on the back-end. Right along with that is a custodian’s funding time. In an industry where you have to move quickly, having a custodian who may have a slightly higher fee, but understands these non-traditional investments - and their urgency - can make all the difference.

Ultimately, it comes down to your personal situation and the long term wealth building strategies you’re looking to employ. Essentially, you pay for what you get, but there are some that can definitely offer YOU more than others can. I would suggest shopping around until you find that one that can offer you more benefits than just being a place to hold your alternative assets! I hope this was able to help!

Hi Bruce! I'd have to agree with Rick's suggestion. Providing the best customer service while still offering competitive rates is always the goal. I'm sure working with a live staff member that's not only knowledgeable, but friendly, too, is another reason a lot of people looking to self-direct have gone with Rick's recommendation. It may be worth shooting over a quick call to work with an IRA Specialist for an account that fits your exact needs. Even if you don't ultimately go that direction, representatives still share information for free, some of which could be beneficial for your situation. Every SDIRA custodian has a different level of customer service and expertise that they offer, and it can be extremely helpful to go with a custodian who is knowledgeable about the types of investments you are holding in your IRA, although everyone has different priorities in mind when shopping around for a custodian. Hope that helps a little bit!

Hi Brendan, 

The $7k is the total amount you can contribute to an IRA each year. However, once you are investing your IRA, profits from investments back into the account are not subject to the yearly contribution limits. With self-directed IRAs, we see a lot of people fund these accounts from current IRAs or 401ks that they might already have qualified funds in, but we do also see a lot of people starting with small amounts through these contribution limits. Once your funds are in the IRA, there is no limit to how much you can actually invest with the account each year.

If you do not currently have an IRA and are starting new, there are several different ways that you can utilize creative investment strategies to grow a small account, as well as the ability to partner multiple IRAs together if your funds are spread across different IRA accounts. For individuals who have self-employment income, there are also a few accounts (SEP and Solo 401k) that the contribution limits are much higher, potentially up to $57,000/year based on how much self-employment income you have.

When it comes to self-directing an IRA, it really comes down to knowing the types of accounts that can be self-directed, what types of investments you are interested in, and then utilizing your network to find ways to put the money to work. If you have other questions, I am more than happy to help answer them for you!

Haley Gant, CISP

Certified IRA Services Professional

Hi Damon, 

There is probably someone out there who can speak for the LLC ownership portion better than I can, however, you would not be able to use SDIRA funds for the rehab of these properties since you/your mother currently own the properties outside of the IRA. Unfortunately, it would be considered a prohibited transaction to use IRA funds to rehab a property that either you or your lineal ascendants/descendants currently own. If you have any other IRA questions, feel free to reach out!

-Haley Gant, CISP

Certified IRA Services Professional

Hi @Cheryl Vargas! Yes, if you no longer have a HDHP, you can still use your HSA, invest and grow the account, and use the distributions tax free for your qualified health expenses. If you are no longer covered on a HDHP, the only thing you can no longer do is make new contributions to the HSA. If you have any other questions, just let me know :) 

@Mark Sewell I miss that event so much!! a lot of companies have switched to online, including Quest Trust, Noble Mortgage, Houston REIA, and Jet Lending to name a few. I really like Noble Mortgage's online networking event they are doing bi-weekly right now

Hi Bryan! 

I invest with my self-directed IRA and also work for a self-directed IRA custodian (full disclosure). I have used my IRA to be a private lender as well as partnered on a few fix and flips. I think self-directed IRAs are a great option for your retirement funds to help you diversify and have more control over where your retirement funds are invested. If you are starting with a small amount or a new IRA, it also gives you much more control to grow your funds more quickly because you are able to structure the deals yourself. Although you cannot personally benefit from your own IRA investments, there are a ton of investment options out there for you! One thing you definitely would want to keep in mind is knowing IRS rules and regulations as far as what you can and cannot do with your IRA, and make sure you do all of the due diligence you normally would as if you were using non-IRA funds. If you have any specific questions, I'd be more than happy to answer them for you!

-Haley Gant, CISP

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Hi @Tushar P., Brian is correct that this would not be the most simple set up, but it is possible. Our company uses compensation strategies for our self-directed 401k for our employees. This is not a cheap setup, nor is it for every company, but it might be something worth looking into if you are interested!