I've purchased a rental home in Columbus OH Section 8 with a renter through Accuplan; American Estate and Trust FBO and am looking at converting to a Checkbook Control as the paperwork and compliance approvals was something that I do not want to go through any longer.
I'm planning on purchasing another rental soon, so I started looking into this. It turns out that you have an LLC created in the SDIRA and then you get Checkbook control. All for a price, $1995 on a credit cad, not from your SDIRA, and a $500 fee to create overnight.
Now I find out that since I've already closed on this first home that I'd have to have that home retitled under the SDIRA LLC/ICO for the Checkbook control of that home and all associated future cost.
So lets say that you are on the Checkbook Control, now there is no compliance review, I would be fully responsible to comply with all laws, so it appears that the CPA interaction will increase, and costs with that also.
I've got about $42,000 into this purchase and I am looking to flip for $50,000. If interested it is a 3/1 2 story 1250 Sqft with a detached garage. Please see the link for the picture for 1593 Gesessee, Colubus. OH 43211
So has anyone done this before? And what is the feedback on this strategy?
Thanks so much, Bret Major
__________________
Bret Major
Managing Member
Timberknollwest, LLC
858.220.5311 Cell
I've purchased a rental home in Columbus OH Section 8 with a renter through Accuplan; American Estate and Trust FBO and am looking at converting to a Checkbook Control as the paperwork and compliance approvals was something that I do not want to go through any longer.
I'm planning on purchasing another rental soon, so I started looking into this. It turns out that you have an LLC created in the SDIRA and then you get Checkbook control. All for a price, $1995 on a credit cad, not from your SDIRA, and a $500 fee to create overnight.
Now I find out that since I've already closed on this first home that I'd have to have that home retitled under the SDIRA LLC/ICO for the Checkbook control of that home and all associated future cost.
So lets say that you are on the Checkbook Control, now there is no compliance review, I would be fully responsible to comply with all laws, so it appears that the CPA interaction will increase, and costs with that also.
I've got about $42,000 into this purchase and I am looking to flip for $50,000. If interested it is a 3/1 2 story 1250 Sqft with a detached garage. Please see the link for the picture for 1593 Gesessee, Colubus. OH 43211
So has anyone done this before? And what is the feedback on this strategy?
Thanks so much, Bret Major
Bret Major
Managing Member
Timberknollwest, LLC
858.220.5311 Cell