Advice on self-directed IRAs and SAFEs

3 points by AimeeD 5y ago ↗ HN

For our friends and family round, we've had two investors looking to fund us through their respective self-directed IRAs. Unfortunately, it has been difficult to submit details of our SAFE agreement to the custodians for approval. One even asked for us to get a valuation through a 3rd party agent, which seems counter to the point of using a SAFE agreement.

Has anyone had success in securing funding from an investor using a self-directed IRA for the funds? Any specific experience with Strata Trust? Any advice on other ways to handle?

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gbrayut 5y ago ↗

Strata was the custodian for LendingClub IRA accounts, but sounds like they have had some sort of falling out recently. Got an email this month about switching to https://www.altoira.com/ and then another from Strata trying to get me to stay. Now Stratas charging $100 fee for any accounts that didn't renew earlier this year.

I've only ever used their site when moving money in or out of the IRA but it's a pretty terrible UI and they don't seem to be very responsive. I've had a withdraw pending for over 4 weeks now trying to move money to another custodian.

You are probably better off finding a different approach.