All Forum Posts by: Eric Goodman

Evolve is basically you self managing only they take a large commission. 

Why not just self manage? 

I don't think this would work for a self directed IRA investment, you would be active. See previous thread - all about why not to use Evolve.

STR Owners Beware - Do NOT Work with Evolve If You Value Your Bottom-Line (biggerpockets.com)

@John Underwood 

Once you create a Self Directed IRA and select a property, you can manage the property in one of three ways.

1. Manage through a Self Directed IRA Custodian - The IRA custodian is involved in each transaction under this property management structure. When rental income is due, the tenant sends the payment to the custodian, who then deposits the income into the owner's IRA. If expenses (such as electricity and water bills, remodeling costs, etc.) are due, the IRA owner informs the custodian of the amount and where to send the IRA funds. Since communicating with a custodian for each transaction is typically time-consuming and fee-intensive, investors often choose a different way to manage their rental property.
2. Hire a Property Manager - The second option involves the IRA hiring a property manager to perform all administrative duties, including paying expenses and receiving rental income. The property manager typically takes a percentage of the rental income or charges a monthly fee as payment for their services. Hiring a professional property manager can be beneficial, as they understand the rules and best practices of managing a rental property.
3. Create an IRA LLC - The third way to manage a Self Directed IRA-owned rental property is to invest your IRA into a newly created LLC. The Self Directed IRA owns the LLC and the IRA accountholder manages the LLC. The IRA's funds are deposited into an LLC checking account and the accountholder is free to write checks to make payments and deposit rental income into this account. This property management structure is the most popular, as it ensures quick access to the IRA funds and provides asset protection. The IRA owner also has more freedom to manage the property, without having to contact a property manager or custodian. 

https://uscode.house.gov/view....

I assume this is a short term rental? If so I have someone in that area that could help you. Feel free to message me. I use this person for my STR near that area.

Hey @Eric Goodman, from what I understand, you don't have to use a property manager with an asset held in a SDIRA.

What you can't do is sweat equity. You can't go clean it yourself, but the "desk work" (taking reservations, managing cleaning and maintenance etc) is generally OK. That is what you will be doing anyways as self managed.

Here is a pretty good article on PMs and SDIRAs. https://www.irafinancialgroup....

I would really take some time and talk with a knowledgeable CPA or attorney on this topic. I think you are misinformed. 

Hey @Eric Goodman, from what I understand, you don't have to use a property manager with an asset held in a SDIRA.

What you can't do is sweat equity. You can't go clean it yourself, but the "desk work" (taking reservations, managing cleaning and maintenance etc) is generally OK. That is what you will be doing anyways as self managed.

Here is a pretty good article on PMs and SDIRAs. https://www.irafinancialgroup....

I would really take some time and talk with a knowledgeable CPA or attorney on this topic. I think you are misinformed.