need real self directed IRA info - Posted by don

Posted by Keith (OH) on March 30, 2006 at 10:13:56:


I have heard you mention your report on IRA investing before but I have yet to locate it. Is it on this board ?

What else have you been hiding from us… :wink:


need real self directed IRA info - Posted by don

Posted by don on March 29, 2006 at 20:34:38:

I have been doing mobile home notes successfully for
about 3 years. I would like to start doing some of them in a self-directed ira. I have read all the archives on this subject and have really only found one
that sounded realistic. This was Mr. Karl Kleiner’s post about setting up a trust and having IRA custodian
direct funds through trust. When I speak to the people
at any of the self directed ira custodian services like
Equity Trust or Entrust I get the same vague answers on
self directed iras as the irs puts out about “self dealing” “prohibted transactions” blah blah blah…
I would like to speak to some one on this board who is
really using a self directed ira for mobile home notes.
I would like to know how you handle repocessions,
rehabbing,reselling,and all the other “realities” of
mobile home investing.

Thank you

Re: need real self directed IRA info - Posted by Greg Sorter

Posted by Greg Sorter on May 01, 2006 at 09:42:50:

I also am interested in buying repo’d mobile homes with my IRA money and either leasing or reselling them. Regarding the self dealing problem with a SDIRA, would there be any restrictions on doing this if I also own the park that the home is at? I would have the tenant pay with 2 checks, 1 for the lot rental to the park, and 1 to my IRA for the home rental so as not to mix accounts.

Re: need real self directed IRA info - Posted by Tim (NC)

Posted by Tim (NC) on March 30, 2006 at 06:56:14:

I have been doing deals with my SDIRA for a year now so I am by no means an expert on the subject. For the last 6 months, I’ve exclusively been doing trailer deals. Working within the SDIRA for me has been a matter of following a few simple rules. All expenses are paid by the IRA by faxing a “Bill Pay”. I have the checks sent to my home but made out to whoever I owe money to. The expenses can be for handyman work/materials, newspaper ads, lot rental, purchase of trailer, etc. On the other side when payments are made, they are sent to me by the tenants and I send them into the SDIRA. I avoid self dealing by not “personally paying for expenses”. Contact me directly if you’d like more detail.

SDIRA for RE not compicated - Posted by John Merchant

Posted by John Merchant on March 29, 2006 at 23:59:48:

As my Special Report plainly tells, it’s really a simple deal using your IRA funds in a SDIRA to buy and sell MHs, or MH notes…with no illegal self dealing as prohibited by IRC.

Although there are outfits like the one mentioned in WA State, to provide info and services mentioned, (for substantial fees), as my SDIRA investor partners would tell you, those services are in no way necessary.

Re: need real self directed IRA info - Posted by Les Caffee

Posted by Les Caffee on March 29, 2006 at 21:24:38:

I am in the final stages of having my self directed ira set up through Guidant Financial in Bellevue, Wa. A good staff, they provide outside counsel, and guide you through the entire process start to finish. They also guide you for an additional six months thereafter to ensure you don’t fall into those “prohibited transactions” which the irs takes a dim view of. Their # is 888 472 4455, punch in ex 3212 for Kathryn Lawrence. She will send you an intro package and schedule a follow up intro phone call for an hour to explain the company and the process. They are quite good as this is their only business. Good luck.

A custodian/trustee IS required - Posted by John Merchant

Posted by John Merchant on March 31, 2006 at 11:06:11:

I did not mean that NO C/T is required, and a C/T certainly is legally required to handle the funds in a SDIRA.

The C/T companies that handle the great bulk of SDIRAs, such as Eq Tr, Entrust, Pensco all do a very good job at reasonable cost and normally, in my humble opinion, most SDIRA investors don’t need big fee, “special expertise & management” (?) of their SDIRAs.

Remember this is just my opinion and I’ll guarantee you that for every opinion I hold, I could quickly find you an opposite one :wink: