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Updated about 7 years ago,

User Stats

8
Posts
5
Votes
Sahil K.
  • Rental Property Investor
  • North Smithfield, RI
5
Votes |
8
Posts

Rollover from Employer 401k to Solok.. and more

Sahil K.
  • Rental Property Investor
  • North Smithfield, RI
Posted

Hi! I’m currently working full time (on W2) and have money in my employer 401k. I found another full time job and will have 10 days in between the two jobs. I am planning to roll over the 401k into a Solok, but have a few questions :

1. After rolling over the money, can I make additional contributions to my SoloK going forward (every year), even though I’ll be a W2 employee? Or is this a one time deal and I should max out my 401k before I rollover?

2. My wife has a SoloK as well. Can we combine/partner the two SoloK’s and purchase a property?

3. We will probably have 40-50% of the down payment with our SoloK’s combined. If the answer to #2 is a yes, then can we take a loan to make the purchase under our SoloK’s? Would the loan be in both of our names or can it be just one of us? 

4. Can I go to local banks/credit unions/lenders for the loan on a SoloK property, or do I need to work with specific banks/lenders?

Thanks!

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