Client Testimonial: Donald about Checkbook IRA
Donald Jackson, resident of Orange County, Southern California is one of our past clients. He shares his experience about using our services to set up a Self-Directed Retirement Account with Checkbook Control (also known as Self Directed IRA LLC or Checkbook IRA). He used his newly established Checkbook IRA to purchase rental property in Phoenix-AZ market and now enjoying the rental income this investment property generates. The income is going back into the account and is sheltered from taxes. He and his wife are very happy that they diversified their retirement portfolio into real estate and now have full control over retirement account.
A Checkbook IRA from Sense Financial Services is a very cost effective and time efficient investment vehicle available to self-directed IRA investors.
This investment vehicle is a popular choice for gaining “checkbook control” of an IRA. Here’s how the process goes. First, an IRA is opened and funded at a custodian. A Special Purpose Limited Liability (LLC) company is then created, and the account owner directs the custodian to fund the LLC, which is managed by the IRA account holder. As a result, you get a legal structure allowing you (the account holder) to make transactions at the LLC level without involving the custodian. The Checkbook IRA method is used to cut down on any wasted time in signing contracts and checks, and it also allows the IRA to not be subjected to transaction-based fees from the custodian.
Sense Financial is the leading provider of retirement accounts with “Checkbook Control”: Solo 401k and Checkbook IRA. Over the years we assisted hundreds of clients obtain checkbook control over their retirement accounts while providing them the ability to invest in virtually any investment class, including real estate, private lending, mortgage notes and much more without the need for custodian approval!
