All Forum Posts by: Dan Franks

These are nowhere near the same products. Propstream helps you sort and manipulate data so you can market to the records. There is no list service with REI Blackbook. There is an event in BiggerPockets events for Monday, November 30th in our meetup group. One of the REI Blackbook guys is going to speak to us and promises to give out a bunch of freebies. It's worth checking out.

Do you have a recording of these event?

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Definitely connect with @Caitlyn Hummer!

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Cincinnati, Ohio

I live in Allen.

If you need an inspector still, Dale Busbice is the best in the area: www.ntxhi.com

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Originally posted by @Dmitriy Fomichenko:

Dan,

you can't have a checking account for an IRA, this is custodian's role - have custody of your funds and IRA assets. Perhaps you are referring to checking account for IRA owned LLC (aka Checkbook IRA)? Are you trying to open bank account for the LLC that your IRA owns?

Yes, I have an LLC owned by the IRA. Trying to open the account in the name of the LLC, but the banks are not understanding.

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Originally posted by @Brian Eastman:

@Dan Franks

Do you simply have an IRA account with a trust company as custodian, or have you established an IRA owned LLC?

Only the latter model will allow for a separate bank account.

The firm that did the LLC work should assist you and make this piece of the process very simple. If they have not or cannot, then it would be entirely appropriate for you to call them out as a shoddy provider for others to avoid.

If you do not have a LLC and are trying to open a bank account, then you are very lost and should speak with a licensed professional.

Thanks Brian.

I did indeed open an IRA owned LLC. The firm that did the setup provided me the paperwork, and told me that was all i would need to take into a bank.

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Originally posted by @Jeff Greenberg:

First suggestion is to get another custodian. All that should be done by the custodian. If you take possession of the funds improperly, it will be a taxable event. Who is the custodian?

Yikes. I don't want to call them out publicly if I am misunderstanding something. Will shoot you a DM.

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This might be a dumb question, but I am having a difficult time opening a checking account for my self directed IRA.

My custodian advised me to set up a bank account with my SDIRA as the Member (owner) and myself as the Manager and signer. I did exactly this, and have taken the paperwork to a few local branches of national banks....and they are super confused and send me away.

Any thoughts or suggestions?

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I've used Greensheets in DFW with decent results. Lots of competition in there, and sellers will typically go down the list calling them all. Many of the ads, though, are straight to voicemail phone numbers, so if you can answer the phone and lock something up before they call anyone else you can make it work.

Thrifty Nickle is another, but I did not have any luck.

I also have advertised in Coffee News (the little free publications that are available at most breakfast spots in the area) to decent results. You just have to target the right neighborhoods for these, as they are very localized.

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Hi Peter. I grew up in Ponder and graduated from North Texas so I'm very familiar with Denton!

I am based out of Allen now, so still not too far away.

You've come to the right place to get started!

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All Forum Posts by: Dan Franks

Dan Franks has started 5 posts and replied 39 times.

Post: Denton, TX Investor Meetup

Post: REI Blackbook vs Propstream

Post: In Cincinnati this evening

Post: Property Inspector in Allen, TX

Post: Self Directed IRA friendly banks

Post: Self Directed IRA friendly banks

Post: Self Directed IRA friendly banks

Post: Self Directed IRA friendly banks

Post: Wholesaling in a SELLERS market?

Post: Newbie from denton texas