If you are wondering what the best retirement account is for your specific situation, then you might want to consider looking into what is known as a checkbook IRA. There are many reasons why this can be so important to own.
You Have Control
When you invest in this type of IRA, you can invest in anything that you want. You have complete control of the account and can put your money into investments that you yourself actually understand. This is much different from other IRA accounts. You also do not have to wait around for the approval of an account custodian because you are that person.
Invest Immediately
When you open an IRA LLC account, it is legally recognized as a business account. To invest in something that piques your interest, all you need to do is issue a check or make a wire transfer from your account, and that investment is now yours.
Cost Effiecient
Since you are the person who is doing all of the investing, there are no custodial or transaction fees associated with the account. All you pay is an account setup fee and there are no additional charges after that.
Perfect For High-Frequency Transactions
If you are investing in things that generally require a high number of transactions, such as real estate or house-flipping, then a checkbook IRA is the perfect vehicle for your investments. Constantly having to pay transaction fees can have a seriously negative effect on your profit margins after a while.
