All Forum Posts by: Kreighton Reed

Just in case you're still looking.  Karsten Reed @ Utah South Realty

Karsten is also an appraiser so he can tell you a steal of a deal when he finds one.

@Omri Liba Did you get your account open?  Where do you plan on doing most of your business?

@Brian Eastman is 100% correct.  You can open an account at any bank.  I specialize in opening SDIRA/Solo 401K checking accounts.  Below are some things to consider when choosing the right bank:

1) Consider the fee's:  Balances in these accounts tend to fluctuate wildly.  One month you could have 100K, the next you might purchase a property and the balance might go down to $50.  Make sure to understand the minimum balance requirements of the account. Pro tip: Find a bank that has free business accounts, as these accounts typical go with minimal activity with low balances for months.

2) Wire's: SD IRA/401K owners tend to do a lot of wires for real estate transactions. Find a bank that allows you to initiate wires through your online banking, or over email. Typically you have to sign a wire agreement that.

3) Get the advice of your SD IRA/401K advisor: Most SD IRA/401K advisors have a short list of banks and even individual bankers that are familiar with that they refer most of their clients to. These bankers are very familiar with these accounts and particularly when you are trying to roll over your funds they can facilitate it smoothly

If you choose to go through your own bank here are some tips: To avoid the deer in the headlights look from the branch representative don't mention "IRA" or "401K" they will stop listening and immediately try and get you to sit down with a broker or financial advisor. Instead simply say that you'ld like to open a LLC or Trust account. When filling out the forms to roll over the funds into the checking account remember that funds are being rolled into your LLC or Trust NOT into "ABC Bank". If you mention ABC Bank then the institution rolling the funds out will want your bank to fill out rollover forms (which they cannot do).

@Jean Nicolas I service a number of Sense Financial clients after they've opened their Solo 401K and are ready to open a checking account.  This is what I've observed from talking with over 30 of his clients:

1) Dmitriy & Staff are extremely knowledgable and prepare their clients well with the rules of their solo 401K.  I don't get any clients that are confused on how it works, or what the next steps are.

2) In our day the gold standard for customer service is follow up.  I was completely blown away by the attentiveness of the Sense Financial.  They had a missed call from me and I didn't even leave a message and they called me back within 30 min mentioning that they saw they missed my call and asked if I had any questions.  I looked at their linkedin profile to research them and got a nice message asking if they could be of assistance.

3) Sense Financial has an internal web portal for all of its clients that has a library of information.  It has been nice when a client has a question over the weekend to send them their to get their answer.

I agree with @Jeff B.inconvenience at all.