We're going to talk about introductory IRA questions to ask your custodian for a self-directed IRA. Once you research and create a list of 10 or so potential self-directed companies you may like to work with, then here are some of the questions you can ask to help you narrow down your choice. Ben is with us again this week sharing what he has learned by going through this process himself.
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Now you have this list of companies, when you call them up and talk to them, they'll send you to the sales department.
1) The first question to ask them is what type of investments do you allow in your self directed IRAs? Talk about the specific real estate investment, for instance, I want to get into a debt fund, it's a 506(b) fund, do you allow me to do that in your type of funds in your self directed IRA accounts? They'll let you know if you can or not.
2) What type of fee structure do they offer? One size fits all or Ala Carte. One size fits all is where for $295 or $350 a year, we will cover almost all the fees. They're not going to nickel and dime you to death, with every time that you want to move money in and out. Ala carte is a fee for every move made in your account. Sometimes you can see it on the website and just go to fees. Sometimes you have to ask them for it, and they will send you a list by email.
3) Do you need an LLC? It may be worthwhile to get a dedicated LLC specifically for the IRA if you are going to do multiple similarly grouped transactions. This way the custodian moves funds to the LLC and from there you can make investments through the LLC. The bottom line of an LLC is this, only get one if you absolutely have to, because it adds complexity. For instance our debt fund, it just works for you and continues to grow. Talk to us about how that works.
4) Can you use non IRA funds to pay fees? Can I use my credit card in my own personal money to pay the $295, one size fits all fee or your $95 moving money transfer fee on that? Can I do that with non IRA monies? Most of them will say yes. If they don't say yes, just be aware that there are other IRA custodians that allow you to be able to do that.
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