All Forum Posts by: Brett Synicky

@Michael Calhoun Interesting. Never heard of this.   

I remember this one.  Yes it was Josh and Brandon.  I forget the guys name.  Mormon guy from Utah I had looked him up after I heard the episode.   Since then however, I’ve learned that it’s best to keep life insurance and investments separate.  Term life insurance. I’m sure there are ways to make money with whole life or universal but the fees are outrageous and the payouts are not what they seem to be.  Btw I don’t claim to be an expert here I’ve just heard enough wealthy people talk about this.  

 Another thing is you can't have what's called straw man transaction.  Sell the home you currently own to a non-disqualified person then have them sell it to your retirement account...just in case you're thinking about getting creative.   

@Devin Basile correct. Everything must be done in the name of the IRA LLC front start to finish. All money, home inspection, deposit, down, closing funds etc must come from IRA. If you got a home under contract in your name and wanted to switch to IRA then the contract would have to be canceled and redone.

@Devin Basile Current LLC's should not be part of this. What's the nature of that LLC, what's it used for currently? For the IRA LLC it's a special purpose LLC that's created to be designed by the IRA. This is the Checkbook control style LLC. You can learn more here: IRA LLC

You are a disqualified party to your retirement account so you cannot transfer any assets you personally own or a company of yours owns into your retirement account.  

Learn more here:  Disqualified Parties and Prohibited Transactions

IRA can transfer to SDIRA just like any other IRA to IRA transfer, this is not a taxable/penalty event.

@Denice Contreras you can hire anyone to work on the property as long as the person is not disqualified. You your spouse, your children and their spouses your parents and grandparents think of a vertical line.   additionally any company that they own would also be disqualified  

Talk with @Michael Plaks he’s a great cpa and knowledgeable in this arena.  

@Sheryl Black You can do "white collar" work not "blue collar" work. So yes, you can guide the contractors, you just can't swing a hammer yourself. You cannot do any work on behalf of the IRA so you would not be able to use your license to facilitate a sale on either side of the transaction, even if you don't take any commission. Best to refer it out to a 3rd party real estate agent.

Yes, with checkbook control you will have a checking account that allows you to invest in as quickly as you can write a check or do a wire transfer or online bill pay.   This will avoid time delays and potential transaction fees associated with having to go through the custodian when needing any type of transaction done.  Different companies have different fee schedules...with checkbook control, it's generally more to establish and less over time...do your homework and decide which is best for you.   

Solo 401(k) allows for participant loan of up to $50k or 50% of the plan assets whichever is less.  Paid back over up to 5 years or up to 15 if used for personal residence. 

You can learn more here:  solo 401(k)

@Kevin S. That's the custodian who has those limitations.