How did you first start using your Self-directed IRA?

[Page Huyette]

I'm in the process of converting a 401k into a SDIRA and was wondering if any fellow BPer's would care to share what has worked or not worked for them using this investment approach. Is it best to purchase individual notes on a case-by-case basis, work with a group of private investors pooling money together or ????

Did your initial approach work or not? How did you tweak it to suit your business goals?

I've read the other posts on finding a good company to manage the SDIRA and have found some valuable information, but am more interested in individual opinions on the best places to start, with the intention of increasing the amount of cash available to put towards purchases and rehabs.

[Chris Weiler]

Originally posted by Page Huyette:

This might work for someone who is self-employed, but what about someone who isn't? It is my understanding they would not be able to open a Solo 401k.

Page, you are right, you have to be self-employed to partake in a SD 401K. But, you could also have a full time job and a part time self-employed business on the side. You may not be able to contribute much to the 401K, but if you have a large chuck of change from a previous employer, an SD 401K may be a better option than an SD IRA.