All Forum Posts by: David Deevers

Sounds like you provide a great service, with answering their questions. What would you say is the most common mistake people make, or about to, with regards to what we have been discussing?

It's a definite learning process! I appreciate the quick answers!! 

You guys pick the custodian?  Are they IRS approved?

"You would need to work with a facilitator company like ours to set up the entire structure"

meaning your company creates the LLC's with the appropiate IRA language, non compensated manager, etc for my state?

money would be coming from a 401k rollover

I do not have anything setup. Just gathering as much info as possible first. I know I would have to use one of the trust companies and looks like some can setup the LLC also. I'm actually wanting to build 3 small(1100 sf) rentals and have an LLC for each one for liability purposes. I assume you can have 3 LLC under one self directed IRA?

Would I need to hire an accountant to keep track of what I pay out and the rent coming in?

I understand the rent needs to be direct deposited or such into the LLC checking account.

Seems like I saw a post on here about accounting at your home.

Thanks. I wish there was something that stated clearly what can and cannot be done. 

Thanks Dmitriy!  No financing required. I'm assuming I can tell the builders how i want it built using what finishes etc without providing any "services" ??

Haven't found any google searches talking about building a rental house. I'm wanting to use the LLC checkbook to purchase the lot and then have a contractor build the house. Is that possible? Any headaches?