All Forum Posts by: Joel James

Loren, yes that sounds good. I live in Superior and we could meet for coffee. I will give you a call.

Joel

Dan, very interesting. So you had 3 separate SDIRAs for investing then, for convenience sake, you incorporated a 3 member LLC, opened a checking account in the LLC's name and put in three equal sums of money. Now you have checkbook control and no transaction fees. Am I on the right path? Is UDirect IRA services still your custodian for IRA tax purposes? I can't do a Solo 401K at this point but maybe down the road but thanks for the suggestion.

Joel

I am looking at self directed IRA's using LLC's. From what I have read, this give the investor total control because the funds are at a local bank with check book control. This sounds great because it lowers the transaction fees and also gives you some legal protection. You still need a custodian, but they are removed from the day to day monitoring and approval process. It sound like a great option but seems too good to be true. Has anyone ever used this self directed method and, if so, can you recommend a custodial company? I am new to this so any advice would be great. It does sound like one should have an attorney generate and file the appropriate paperwork to insure that is done correctly.

Thanks;

Joel