All Forum Posts by: Bryan O.

@Dmitriy Fomichenko correct. @Dan Mahoney it is a self-directed solo 401k.

I will be calling Solera to move the accounts; thank you for the recommendations.

@Dmitriy Fomichenko you are right... they should act as a depository (and they used to). This time they required all kinds of information and kept trying to tell me I had to treat moving money out of the account as a distribution because the account is a trust and the destination was an LLC. They couldn't figure out that it wasn't me just pulling money out of a 401k account. That's why I'm leaving them for somewhere else. I was as confused as you ;)

@George Blower I have to disagree on not needing a specialized bank. I tried to transfer money to an LLC; a thing that a solo 401k does very well and is a "bread and butter" sort of transaction for a solo 401k. It took me days and multiple calls before I finally just wired the money out of the organization altogether. You are right that their role is limited, but when they cannot even move money without thinking it is a "distribution," hold up a quick turnaround, and cost me hours of time then their limited role is not limited at all; it is a show stopper. So maybe the bank does not need to be specialized, but they need to be conversant in how the structure that they hold actually works.

Thanks @Brian Eastman and @Dmitriy Fomichenko!

@George Blower none of that was related to my question... I was actually looking for a recommendation on where to open accounts since I have a solo 401k and am not happy with the brokerage.

What are some of the best banks to establish 401k accounts in? I originally used TD Ameritrade as recommended by my 401k plan provider, but they have changed over the past couple of years and are excruciating to work with (I just got off my 4th call with more needed tomorrow) just to invest in an LLC. It didn't used to be that way, but now they think that anything that is not buying stocks is a withdrawal from the 401k.

@Sean Maginess let them know that it is a cosmetic issue and it was there when they viewed the property and signed the lease. If you end up needing to repair an actual issue, you can always try to touch it up a little while you are there, but I would make sure that you set the tone correctly at the beginning: they accepted the place as is, and you will keep it safe and habitable.

@Mauricio Parrarios It sounds like your pension is a standard monthly payment that should be easily used by a landlord as income. Are your 457B withdrawals scheduled and regular? Is there a way to prove that? If so, things should be simple enough.

How many property management companies have you contacted where you are moving to? It sounds like only 1 unless all of them have a $90 application with $250 holding. Where I am, that would be non-standard, but be sure to call a few management companies to find out the requirements. While you are on the phone, ask how they vet pension payments and retirement accounts. You should get everything you need from them.

Hi @Nguyen Phuoc Loc. I do not see any responses and I assume it is because the title of the post makes no sense, and the text of your post also makes no sense. Can you try to rephrase what the problems are and what your questions are?

@Dan Moore +1

Just tell them you have selected another applicant (assuming you get one).

We should have a decent turnout judging by our regulars and those signed up here and on Meetup. 

Looking forward to seeing you all this Tuesday!