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Step 1
Talk with a bank or investment firm about opening a self-directed IRA. If you don't have a relationship already established with a firm, talk with your accountant; he can often recommend a reputable individual who manages self-directed IRAs.
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Step 2
Consider using an asset-based administrator. These administrators will charge a percentage of the total value of your investment to solely manage these types of investments. You can expect to pay from 1 to 2 percent of the total investment value.
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Step 3
Check out hybrid administrators. These advisers charge a small percentage of the investment value, plus a transaction fee.
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Step 4
Write a check to open the account. Once you've selected an administrator, you'll need to fund the investment. When using a bank or investment firm, an opening deposit may be about $1,000, while an asset-based administrator might need a larger investment.
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Step 5
Roll over your retirement from a previous employer. Another option to consider when using a self-directed IRA is rolling over funds from old employer accounts. For example, if you resigned or were laid off from your job, you can roll your employer-sponsored IRA plan into a self-directed IRA. Typically, your investment firm or administrator can take care of the paperwork for you.
