ROTH IRA real estate transaction
Due to the fact that our contract was signed three days ago with the first deposit of $10,000 made personally and the next deposit due February, 13th
Closing to take place March 14th. No LLD set up or any other documents or intermediary selected, etc.
It is my intent that this real estate transaction be handled as a purchase of real estate through my ROTH IRA. Can you suggest an intermediary?
Thank you
George Gothot
Permalink Submitted by Alan - IRA critic on Mon, 2014-02-10 19:29
You could google “self directed IRA” to find some large custodians. Pensco and Guidant are two that come to mind. It appears that you will need to get your deposits returned to you and your Roth funds substituted.
Permalink Submitted by Jose Morales on Mon, 2014-02-10 23:43
Your first step should have been to obtain an IRA Custodian (not a “facilitator” or “administrator” or any of the other terms used by those not custodians but wish to sould like custodians). I’m only familiar with both of those companies, of which only one I can confirm is an IRA Custodian, due to their clients approaching our bank to help them open a checking account for the IRAs to be held by Broad or IRA Services. We turned both clients away.