Every day we talk to people, who after asking them a few questions, we determine a Check Book IRA or Solo 401(k) is not needed or simply not in their best interest. Many of them are in disbelief when we advise them to set up just a self-directed IRA, without checkbook control. One of our guiding principles has always been to act in the best interest of the client; even if they aren’t a client.

If you’re wondering whether a checkbook controlled IRA or Solo 401(k) is for you, here are a few statements to see where you fit.

Checkbook-Controlled IRA’s or Self-Trusteed Solo 401k’s are not for you if:

• You are a bad record keeper
• You want someone else to control your investments and handle the due diligence of your various investments.
• For convenience sake, you’re willing to put up with administrative delays in processing payments and deposits.
• You are investing in one asset and are going to let hold it for the long-term and hopefully it increases in value.
• You are uneasy with the risk of doing something “different”.
• Your Financial advisor is a friend or relative you don’t want to offend them

Checkbook-Controlled IRA’s or Self-Trusteed Solo 401k’s could be right for you if:

• You are comfortable keeping financial records of sales and purchases, and account for monies going in and out of your retirement account.
• You want complete & immediate control over your investments and the due diligence on those investments.
• You want immediate access to funds to be able to take advantage of those opportunities that require immediate action.
• You have a multitude of investments all that require different interactions.
• You want to invest in rental real estate, lending, tax-liens, foreclosure sales, home flipping, cryptos – etc.
• You have a good relationship with your financial advisor who thinks outside the box.
• Hidden fees, transaction fees, and asset fees for everything you invest in are not something you’re willing to put up with.

Regardless of which of the above categories you fit into, we’re always happy to answer any questions you have about checkbook-controlled IRA LLCs or Solo 401(k)s. If you’re still mulling the idea over, give us a call. You can be assured that if you don’t need one of these structures, we’ll be the first to tell you.