I am looking for an attorney and CPA with commercial multi-family syndication and self-directed IRA investing experience who can review a PPM over the next few weeks and professionally advise me through the process. This is proving to be much harder than I expected and I'm starting to get worried; anyone I can find who has the type of expertise I need is booked solid for months and usually not taking any new clients.
I have gone through the professional resource lists on the websites of the various self-directed IRA custodians and contacted any that seem to have the necessary expertise. I live in Virginia and everyone I have contacted so far has been from out-of-state. How important is it that I work with licensed professionals in the state I live in?
I am on FindLaw now, which feels like searching for a needle in a haystack. Can anyone refer me to someone, and/or provide me with some ideas on where else to look? I'm ideally trying to find someone I can establish a long-term relationship with for investing through my self-directed IRAs.
Re out of state, this is fine. If you are forming a syndicate, you need a syndication attorney. If you are just investing as an LP, you can find a business attorney to review a PPM, but I'm not sure that is enough work for them to be honest and it might be a long wait.
RE SDIRA - this should be handled by your custodian. If you need a good one, we prefer Horizon Trust out of Nevada.
Re out of state, this is fine. If you are forming a syndicate, you need a syndication attorney. If you are just investing as an LP, you can find a business attorney to review a PPM, but I'm not sure that is enough work for them to be honest and it might be a long wait.
RE SDIRA - this should be handled by your custodian. If you need a good one, we prefer Horizon Trust out of Nevada.
Not a recommendation per se, but the law firm whom I see do nearly all of the multi-family syndications I run across is Kelley Clarke PLLC in Prosper, TX. I'm not sure how much availability they have but probably worth reaching out.
I'm a CPA with experience in multi-family syndications, but I deal with more accounting tasks than legal. Filing 1065 partnership returns mostly and the cleanup of books.
Thanks, Greg. I am just investing as an LP but it's my first time doing it and I would like some professional hand-holding, I guess. I have a custodian already, but of course while they can help explain the steps of the process, everything is always couched with, "talk to your legal and tax professionals." Aside from getting their nod of approval on the merits of the investment itself, I would also like their help with UBIT, and on creating an overall investing strategy long term. I am looking for someone I can have an ongoing relationship with. Are you suggesting that I line up more investments to make it worth their while to take me on as a client? I guess I could do that. Thanks again, -Lisa
Pierce Mccoy is a law firm in Norfolk that has syndication experience, but I don't know about self-directed IRAs. I am a self-directed IRA investor though, and don't really see why an attorney would need extensive knowledge to evaluate a PPM. Your IRA custodian should be able to advise you in that regard. I am very happy with Mid-Atlantic IRA. It is managed by a CPA. He may be another good source for you. His name is Jack Kiley with MidAtlantic, IRA.
Thank you, Patti! I guess it's because I'm new to investing in syndications, know there's UBIT, which I've never dealt with before, and figured that it would be good to hire someone who is familiar with both. The IRA custodian is helpful, yes, but in the end, I seem to be the one who holds the responsibility for anything I don't know I don't know. :)
Hi Lisa: I am looking to do exactly like what you are working on and have run into same issues finding a good and reasonable attorney with experience in Real Estate syndication using Self Directed IRA. Would love to connect and share what we learn.