Self directed IRA with check book control

[Michael H.]

hey BP fam,

Im in Houston,Tx and im ready to move some funds over. to get the checkbook controlled LLC two people quoted me prices that were so High it would take a big chunk of my first few hard money deals to pay off the set up fee.

who have you guys used? how long did it take you ? what did it cost?

Thanks,

MB

[Bernard Reisz]

@Michael H. Although you haven't provided figures, based on the median private loan size and interest rate it does seem the prices you were quoted are excessive.

Within the space, broadly, there are 3 types of providers - which are described and listed in order of pricing from lowest to highest:

1. Providers that are doing the rudimentary basics of getting an LLC/trust properly established and assisting w/ SDIRA custodian paperwork.
2. Providers that are providing varying degrees of additional value in the form of compliance, structure, strategy, and more. 
3. Providers that are just selling as much as they can, for the highest price they can get.

Self-evident that you're best off focusing on the 2 former categories and avoiding the latter. Within the first 2 groups you'll be getting honest service from honest providers. You get to select the level of service and value-add you'd like in a market that's relatively efficient.

As an FYI, podcast recording I did with @Taylor L. on this topic has a been a valuable resource to many. 

Taylor - Thanks for the tag! Glad to chime in and hope it's helpful.