From: utzoo!decvax!ucbvax!cbosgd!ted
Newsgroups: net.invest
Title: Need help with self-directed IRA
Article-I.D.: cbosgd.3475
Posted: Wed Apr 27 15:06:39 1983
Received: Thu Apr 28 04:19:28 1983

Where are good places to look for self-directed IRA's?

Here is my problem:  I want to buy a mortgage bond from a church
and keep it in an IRA.  One of the major reasons I want it in an
IRA is that it pays full principal and interest at maturity ... 
and I don't want to have to fool with paying taxes on interest
I have not received every year for the next 15 years.

In calling around to various firms (trust companies, stock brokerage
firms, banks), I have gotten several different (and often wrong) answers.
To wit:

TRUST COMPANY:
	Interest earned on church bonds is tax-exempt ... why do
	you want to  put it in an IRA? [Interest on church bonds is taxable,
	just like corporate bonds.]

STOCK FIRM 1:
	If it doesn't trade on a stock exchange, the IRS won't
	allow you to invest in it.  [Wrong, again.]

STOCK FIRM 2:
	We can't handle anything we don't normally trade.
	[At least this firm admitted that it was their problem,
	not mine or the IRS's.]

STOCK FIRM 3:
	There is no such thing as a bond issued by a church.

STOCK FIRM 4:
	The IRS specifically disallows investments in a church bond.

(1) Have you had any experience in "unusual" self-directed IRA investments?
(2) What kind of fees were you charged?  (I consider $100 for setting up the
	account, the first year's custodial fee and transaction fees to be a bit
	steep, but those appear to be quite normal for self-directed IRA's.)
(3) Are the firms that I have tried the best ones for me to patronize with
	IRA accounts?  Should I try other types of firms?  Any suggestions?

			Ted Aseltine
			BTL-Columbus	cbosgd!ted