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All Forum Posts by: Nicole P.

Nicole P. has started 6 posts and replied 20 times.

Post: SD IRA & Rollover IRA

Nicole P.Posted
  • Garden Grove, CA
  • Posts 20
  • Votes 4
Originally posted by @Theodore Rivera:

@Nicole P. A self directed IRA is simply a marketing term more than anything else. It is simply an IRA no different than a traditional IRA. I would venture to guess that if you rolled over an IRA it is more than likely sitting with a traditional custodian that invests in stocks, bonds, and mutual funds.

To answer your question, yes you can invest your IRA in real estate as long as it is rolled over to a custodian who deals in self direction such as Quest Trust Company. Based on your intent of investing you may want to look into a checkbook control option.

 Thank you for the recommendation!

Post: SD IRA & Rollover IRA

Nicole P.Posted
  • Garden Grove, CA
  • Posts 20
  • Votes 4
Originally posted by @Carl Fischer:

@Nicole P.

I believe you have enough answers to your direct question. If you are interested in a truly self- directed custodian/administrator, I recommend you take a look at this list that bigger pockets has compiled

Also, I recommend you learn a little about these accounts as they have some different rules and responsibilities than a normal brokerage IRA.

 Yes, I agree. It looks like I have some researching to do. Thank you for the suggestions. 

Post: SD IRA & Rollover IRA

Nicole P.Posted
  • Garden Grove, CA
  • Posts 20
  • Votes 4
Originally posted by @George Blower:

@Nicole P.

A rollover IRA generally means the IRA was funded via a direct rollover from a 401k or another qualified plan.

Chances are, the custodian that currently holds your IRA will not allow the IRA to invest in real estate. Therefore, you would need to transfer it to an IRA with a self-directed IRA custodian such as IRA Services Trust Company who is welling to provide IRAs that can be invested in real estate.

 Thank you so much! I will look into this. 

Post: SD IRA & Rollover IRA

Nicole P.Posted
  • Garden Grove, CA
  • Posts 20
  • Votes 4
Originally posted by @LEONID ORLOV:

One does not need a custodian.

Open Solo401k, assign yourself as an Administrator. Totally legal.

Place all funds in a non-prototype account named after your Solo401k.

You have a checkbook privilege,

 Excellent, thank you!

Post: SD IRA & Rollover IRA

Nicole P.Posted
  • Garden Grove, CA
  • Posts 20
  • Votes 4
Originally posted by @Dmitriy Fomichenko:

@Nicole P.

In order to invest in real estate or other alternative assets with your IRA you will need a self-directed IRA, an IRA held by a custodian allowing alternative assets. There are number of custodians specializing in this, some are active participants on this forum. This topic has been discussed here on the forum many times, I suggest you search for related keywords and start learning from related discussions.

As a real estate agent you are considered self-employed, therefore qualify for truly self-directed Solo 401k plan. It has several major advantages over SD IRA therefore it is likely going to be a better choice for you.

Thank you! I will search the forums for more info.

Post: SD IRA & Rollover IRA

Nicole P.Posted
  • Garden Grove, CA
  • Posts 20
  • Votes 4
Originally posted by @Levi Rudder:

@Nicole P. An All IRAs are self directed, it just depends on what you can direct the funds into according to you custodian that you have the funds with. A rollover is just a transaction that is made from one type of account to another. Traditional IRA to a Roth IRA, 401K to an IRA, SEP IRA to a Roth IRA, etc... Morgan Stanley, For, and the standard custodians don't allow you to direct your funds into physical RE but custodians such as Quest Trust Company do allow such transactions and Quest is easy to work with from my experience and provide fast transaction funding compared to other custodians that I've heard others have used. I hope this helps!

Yes, this helps clear it up a lot! I have my IRA with Fidelity, so I will call them and ask. When you talk about directing funds into a physical RE does that mean there are some custodians that will allow you to put money into actually buying a home as an investment?

Post: SD IRA & Rollover IRA

Nicole P.Posted
  • Garden Grove, CA
  • Posts 20
  • Votes 4

What is the difference between a self-directed IRA and a rollover IRA account?

I currently have a rollover IRA account. Can I invest in real estate directly with this account?

Post: Auction Sites for Bank Owned & Foreclosure Properties

Nicole P.Posted
  • Garden Grove, CA
  • Posts 20
  • Votes 4

@Wayne Brooks I'll look into that. I'm guessing the EM may be the same as the "bid deposit" I saw on one site.

@Account Closed Thanks for the info.

Post: Auction Sites for Bank Owned & Foreclosure Properties

Nicole P.Posted
  • Garden Grove, CA
  • Posts 20
  • Votes 4

I've been looking at sites that auction bank owned & foreclosed homes. I don't have ANY experience with homes like this. I'm wondering what are your experiences with purchasing a home off websites like auction.com, hubzu, etc. What are the fees like? Do you get your bid deposit back if you don't end up purchasing the home? Thanks for sharing!

Post: Multi-family Loan Advice?

Nicole P.Posted
  • Garden Grove, CA
  • Posts 20
  • Votes 4
Thanks. I talked to my lender again yesterday and they mentioned the 203k loan and that they are looking to start offering that in a few months so that’s good. 🤞