jpete wrote:Bill, I have been looking at a self directed IRA too. I haven't found any solid information. Is there a good place for information? And apart from getting my 401k out at the top, it seems like we are on the same path.
Setting up a self directed IRA through a brokerage house is pretty simple. The downside is the custodian (brokerage house) must store the assets. In my case I want to be the custodian. I'll keep the assets in storage (safe deposit box in local bank). That way I'm sure I won't get taken advantage of.
I've just started doing the research for setting up an LLC. There are quite a few 'kits' to do it yourself. From what I've read they're dubious at best. I decided to go to the source, the IRS. I've found the appropriate publications and will begin wading through the regs this week.
My wife works in the admin staff of a regional accounting firm. She talked to the partner that handles retirement planning. He told me what I want to do is a lot of work and can turn ugly. He recommended I just set up a self directed IRA through a brokerage house. Of course he's one of the people that told me I was nuts to get out of the stock market when I did.
I'll let you know how I make out.