All Forum Posts by: Chris Weiler

Just remember, punctuation is your friend. :)

Stephen, you did not mention whether this was a self directed 401K or a 401K provided through your work. If you have a 401K though your work, it is up to the plan addministrator and your employer how they want to structure the ability to take a loan against your 401K. Some employers don't allow you to take a loan out for any reason where others are very liberal with their policies. Now if it's a self directed 401K, you have much more leway in how you structure your own 401K policies.

@Account Closed I hate to burst your bubble but you will be a disqualified person with the SD 401k too.

Enforcing the lease is a huge pain. I would have them move out in Feb without a fuss. The last thing you want is your place trashed and/or them abandoning and leaving the front door open (both have happened to me). It sucks, but that's the life of a landlord.

@Bruce M. , what was your question to Mark? Were you or were you not trying to get information from Mark on how to run your own solo 401k provider business? I have a much different opinion of Mark and reached out to him. He confirmed everything @Jeff Boyle stated above. I don't even have a plan with @Mark Nolan and he has taken the time by phone and email to answer my questions regarding solo 401k's. I'm really not sure why you are taking the time to tarnish someone's name and business. But if it's because he wouldn't agree to teach you to be a competitor than that is just disgusting.

@David Beard - the only annual/recurring work that I am aware of for my 401K is accounting/bookkeeping which you don't need a 401K administrator for and to file a 5500-EZ if your account is over $250,000. Filling out and filling form 5500-EZ is a piece of cake. It's a very short form.

Dawn, it's a good question. Those providers with an annual fee are obligated to keep you up to date. John Park, the person who created my plan, has stated that he will keep me informed of any changes. But, to be honest, he has no obligation to do so. From what I have seen updates do not require a rewrite of your plan, just a few additional pages added on to stay compliant. With that in mind, it is up to me to make sure my plan stays compliant. It really comes down to your comfort level. If your plan was ever audited, I'm sure you would have enough time to hire a competent lawyer to look over your plan and add the additional pages needed.

I set up my Solo 401K with John Park. He was recommended to me through Jeff Brown, “The Bawld Guy” who has posted quite a bit on BiggerPockets. I paid John a onetime fee (no annual fees) and he set me up with everything. He is there by phone and email for many of my questions.

After I set up my 401K plan, I also became familiar with 2 other reputable 401K administrators. Both charge a startup fee and an annual fee.

1. @Mark Nolan has been around for quite a while. He has a very informative website www.mysolo401k.net and has answered a number of questions for me.
2. @Dmitriy Fomichenko at Sense Financial is local to me. I have been to a number of his seminars (which I found useful) and he has answered a number of my questions. He has a good reputation and I know people who have been very happy with his services.

Joe, I have done plenty of deals with non-local accountants. @Steven Hamilton II is a great choice. I have used Steven's services for many complex deals in Columbus and have been more than satisfied with his abilities.

@Pam R. - bed bugs can lay dormant for close to a year without feeding. So if you had a previous infestation, it is likely to be the same infestation resurfacing. They are touch little buggers. DDT desimated their population back in the day. Ever since wide spread international travel and a ban on DDT bud bugs have been coming back in a big way.