Updated about 2 years ago on . Most recent reply
Buy a hold rental loan from hard money lender who can use a trust?
Hello,
I am opening a solo 401k with a check book access and it seem that they will set up a Trust and get the EIN from the IRS. Once we have that, we can open a bank account and invest in buying and holding rental properties in the future.
I just reached out to a hard money lender and they said that they can consider the funds from the Trust Bank account but the property will have to close under an LLC or a Corp.
Will this be considered a prohibited transaction?
Does anyone know of a Hard money lender who will be willing to close under the Trust instead of an LLC/ Corp?
Thank you
I am opening a solo 401k with a check book access and it seem that they will set up a Trust and get the EIN from the IRS. Once we have that, we can open a bank account and invest in buying and holding rental properties in the future.
I just reached out to a hard money lender and they said that they can consider the funds from the Trust Bank account but the property will have to close under an LLC or a Corp.
Will this be considered a prohibited transaction?
Does anyone know of a Hard money lender who will be willing to close under the Trust instead of an LLC/ Corp?
Thank you