Checkbook IRA Representative

[Evan Kraus]

I currently have a Checkbook IRA that I invest in Mortgages.

Since I started the process I have had some issues with the company that set up the IRA. They are not the Custodian but only a representative. Once they got the funds to start the Checkbook IRA going the entire picture of the company changed. I have had issues with them responding to email about questions and charges. I recently made a transfer from one Custodian (Fidelity) to the Custodian that is associated with my Checkbook IRA LLC. There was a mistake in the routing number and it was canceled. The representative had the nerve to charge me the transfer fee any way. Trying to correspond with them to get it removed after 3 attempts I have gotten no response.

Here is my question. Do I need the representative? The Custocian has informed ma that I can remove them at any time.

[Jared Lopez]

You will need someone (administrator, custodian, or other qualified individual) to do the asset reporting for the IRA. It's very important you feel comfortable with the firm you are working with. Some places make you feel like you are in the Wild Wild West and others will take the time to assist you with everything you need.