All Forum Posts by: Gloria Sheridan

I like that you are being creative...but @Heath Ryans makes a crucial point. Find out what the zoning is for this property and how hard it is to get exceptions. In my area, I bought a grandfathered property (3 small houses nestled close together) that would never be allowed to be built today because of the zoning. (E.g. minimum lot sizes, individual septic required for each house). As long as I don't try to re-draw the property lines, I'm ok to continue as-is. Think twice about totally tearing down whatever house remains there; by leaving a sufficient portion of it intact, you might be able to keep your grandfathered status, which may be in some ways beneficial to you. Worth researching. Also, be sure to think about your exit strategy: In the future do you see yourself selling these as individual homes, or will the land always stay as essentially a multi-family property? Good luck!

Great job - Quite the transformation! You did a great job. I'm sure it will get snapped up as a rental...What do rents on a place like this go for in Anchorage, Alaska?

Non-Invasive Monitoring Systems, Inc. Signs Agreement to Combine with IRA Financial Group LLC and IRA Financial Trust Company

https://www.nasdaq.com/press-release/noninvasive-m...

Sorry for the late reply--I'm just now seeing this request for follow-up info. I decided to use IRA Financial Group to open a self-directed IRA. They key thing they did for me was to create the operating agreement of the single-member LLC. They also did the creation of the LLC in Georgia and the request for EIN, but those tasks are super-easy. The key value point was the 60+ page operating agreement with all the proper legal-ese for the LLC to hold my self-directed IRA funds. I could have bought just the operating agreement separately, but it was just a smidge more to let IRA Financial Group do all the steps.

Once the LLC was created, IRA Financial Trust (their partner company) guided me through step-by-step through the process of getting a business checking account created and then funded. (I rolled IRA funds from two other institutions over to IRA Financial Trust.) I would highly recommend IRA Financial Group and IRA Financial Trust at this point. I never felt like they were letting time get wasted while I was making this transition to the self-directed IRA. I was in a hurry, too, as I was planning to use these IRA funds for an upcoming all-cash close (purchase of a multi-family property). The entire process took about 23 days, from final decision to go with IRA Financial to a funded, functioning LLC bank account.

Anyone can message me me for more details, costs, etc. I feel very satisfied with the transition experience.

I just refinanced a multi-family property today and had to quitclaim deed it back from my LLC to my person in order to complete the refi transaction. No problem. Now that the loan is in place, I intend to quitclaim deed the property back over to my LLC. The lawyer who handled today's closing warned me that putting the property back into my LLC might cause the lender to call the loan. She said there's a paragraph in the loan documentation that permits this.   **Say what??**  The whole point of my opening the LLC is to hold real estate in it to protect myself and my personal assets. Is this language just boilerplate and the lender just looks the other way? It's taken me months to get this refi in place so I don't want to create a major problem for myself by re-implementing the QCD. Anyone experienced this issue? Should I be concerned? I don't want to actually call the lender and ask, thus revealing my hand, but I also don't want to assume it's okay and get caught off-guard. Thanks in advance.

This seems like a pretty normal scenario to me. If you were a lender, you would generally MAKE the borrower file the quitclaim deed (QCD) to move the ownership back to the natural person from their LLC. I literally just experienced this today. Signing/notarizing the quitclaim deed to shift the ownership of the property from my LLC to me as an individual was part of the closing process. The lawyers will just execute the QCD first, then complete the remainder of the filings. (I was refinancing a property I previously owned outright).

Sadly, the day you **decide** to do the rollover and the day it actually gets executed are not necessarily the same. I decided on 10/2, but by the time you open your new account with the IRA custodian, create the LLC, get the EIN, open the new bank account, wait for signature validation ("medallion signature guarantee") with a 3rd party so you can actually even initiate the rollover from your 401k, etc. etc....Believe me, I started 10/2 and was trying to move at light speed and it's still in progress and taking 2+ weeks...Correction started on 10/3, right?

The lesson I'm taking away is: I'm **absolutely** doing the right thing by opening a self-directed IRA so I can do more RE investing and have control over my own destiny. With the correction, my mostly-index-based 401k drops back to ~3% return for the year. Terrible! I'm moving my money where I can reliably earn 12-30%, tax-protected. I just pray nothing worse corrects before the order to liquidate gets acted on.

As a person who was literally about to press GO on a rollover from my standard stock market index-based 401k (with my previous employer) to a self-directed IRA so I can do more REI, I feel sick at my stomach. Literally, about a week and a half ago, I decided to go ahead and take my profits and do the rollover. What a crap sandwich. Now I can't afford wait for the recovery as I'm under contract and need the liquid cash. Ugh. So irked right now. :-(

I'm trying to make a decision on which self-directed IRA custodian to go with. I swear, every time I research the topic, I find more and more potential providers. I thought I'd narrowed it down to 2 possibles, but now I'm in full analysis paralysis...I've eliminated Equity Trust Company based on lots of negative feedback on BP and on my own personal observation of their unresponsiveness when I was buying a property owned within one of their SD IRAs. No one could get hold of anyone at ETC to complete the transaction before the close day and during the day of close. The close txn wasn't ultimately funded until a day and a half later.

Now I am pretty sure I'm going to work with IRA Financial Group (legal setup facilitator) and IRA Financial Trust (custodian). Does anyone have any feedback on those organizations? (Their legitimacy, customer service, issues experienced, etc.?) Thanks in advance...

So, @Dale Nuzum: Did you ever get any feedback on this company? I'm thinking of choosing them to be the custodian for a new self-directed checkbook IRA. What did you ultimately do? Thanks for resuscitating this thread...