All Forum Posts by: Loren Whitney

Your point is noted Chris, thanks. That isn't the case in this scenario. 

Both my listing agent and the buyers agents had TCs on deck to help them with the transaction. Somehow the buyers agent TC fee ended up on my sellers statement. What is the probability that this sort of thing would happen without people knowing about it? Clearly someone was trying to make an extra buck.

I question if the buyer was charged a duplicate fee. This seems like a dishonest and unethical practice in my opinion.

Thanks for the feedback Chris

Hey all, I'm in the final stages of selling my primary residence, in fact the closing was today. My wife and I signed closing docs and a preliminary settlement statement a few weeks back in preparation of a new baby on the way. Well, the new settlement statement has a new fee on it and I'm trying to understand the how and why behind it. Can anyone help me understand how a "transaction coordinator fee" might have snuck into my final settlement fee as a sellers expense? Interestingly enough the fee is being charged by a fellow team member/agent on the buyers agent side. I'm scratching my head trying to figure out why this is a service I'm supposed to pay. Please help me understand. Thanks in advance.

Feel free to ask questions Roxanne, there are many experienced SDIRA professionals present on BiggerPockets. 

If you're looking to learn more, my BiggerPockets blog has lots of real estate IRA related content available.

Cheers!

@Cory Damon

It sounds to me like you should contact your custodian and question the content on their website.

@Cory Damon

That's correct. Your SDIRA can engage an in-law but an in-law's IRA cannot engage you. The one-way road example holds true. Good catch!

Regardless of the self-directed vehicle you decide to operate, you should consult with a tax specialist that can sit down and review your particular circumstances (tax wise).

You can begin by determining if pre-tax or post-tax savings are right for you. You may even find that a combination of the two  works well. The solo(k) A.K.A individual 401(k) is most definitely a flexible option as Dmitriy mentioned.

Good luck!

@Bryan C. You've got it! Let us know if you have more questions.
 

Being a decision maker for your SDIRA is not prohibited by the IRS. Taking action that results in goods or services, that is prohibited. For example, collecting cash rents directly, fixing leaky faucets, and making improvements would all be prohibited. However, screening and selecting tenants, hiring contractors to make repairs, and coordinating other efforts is not prohibited.

Below is a BP blog post I wrote on this exact topic:

Can I be the property manager for my IRA-owned real estate?