Hi all -
I am looking to open a SDIRA Checkbook LLC. This is a special kind of Self Directed IRA, where you create an LLC, so the SDIRA Custodian doesn't have to approve every private deal you do and consequently does not charge you per deal investment fees. There are several guys that do this (eg. Rocket Dollar, Equity Trust) but I was hoping to get some real life reviews from fellow members about who they use and if they could answer my questions:
1) What was the cost to set-up and ongoing fees?
2) Did the custodian set up the LLC on your behalf, create an LLC operating agreement, get Federal EIN?
3) Does your custodian handle LLC annual reporting such as filing annual report, paying annual filing fees, registered agent, etc.
4) Can you select the Bank for the LLC bank account? For example, I have JPM Private Bank relationship and I would like to use them as I have unlimited free wire privileges. It would be a huge pain if I was forced to use the Custodian's designated bank and then have them wack me like $40 for every wire for each investment I made (or for each distribution I received)
5) Does your Custodian allow you to invest in stock, ETFs, mutual funds for the money you want to keep at the custodian (vs. the money you send your LLC bank account)? If so, what do they charge you for simple ETF trades - like buying and selling SPY?
6) Does your Custodian have a reasonable money market option? I have heard some horror stories about how any idle cash is stuck in the equivalent of a 0% interest bank account at custodian and want to avoid that scan where you are forced to give them "free float"
7) Any complaints / negative things about your custodian?
Thanks in advance for any help!
I am looking to open a SDIRA Checkbook LLC. This is a special kind of Self Directed IRA, where you create an LLC, so the SDIRA Custodian doesn't have to approve every private deal you do and consequently does not charge you per deal investment fees. There are several guys that do this (eg. Rocket Dollar, Equity Trust) but I was hoping to get some real life reviews from fellow members about who they use and if they could answer my questions:
1) What was the cost to set-up and ongoing fees?
2) Did the custodian set up the LLC on your behalf, create an LLC operating agreement, get Federal EIN?
3) Does your custodian handle LLC annual reporting such as filing annual report, paying annual filing fees, registered agent, etc.
4) Can you select the Bank for the LLC bank account? For example, I have JPM Private Bank relationship and I would like to use them as I have unlimited free wire privileges. It would be a huge pain if I was forced to use the Custodian's designated bank and then have them wack me like $40 for every wire for each investment I made (or for each distribution I received)
5) Does your Custodian allow you to invest in stock, ETFs, mutual funds for the money you want to keep at the custodian (vs. the money you send your LLC bank account)? If so, what do they charge you for simple ETF trades - like buying and selling SPY?
6) Does your Custodian have a reasonable money market option? I have heard some horror stories about how any idle cash is stuck in the equivalent of a 0% interest bank account at custodian and want to avoid that scan where you are forced to give them "free float"
7) Any complaints / negative things about your custodian?
Thanks in advance for any help!
Statistics: Posted by grkmec — Sun Sep 15, 2024 4:52 pm — Replies 0 — Views 34
