All Forum Posts by: David S.

No separate entity is necessary. It's all under the construct of the Trust and MySolo401k provides all the required paperwork for the trust (I forget if you have to obtain an EIN, but it is no big deal). They may do it. Too many years ago to remember. Maybe they do it, but will charge (I am a CPA so comfortable with certain items other people may not be).

Hi Eric,

Extremely happy. To give you the rundown of what I have done within my Solo 401k

* I have a brokerage account with Ameritrade (normal stocks, ETF, etc.). They made it very easy at MySolo401k to setup.

* I have a Wells Fargo bank account (business/trust account, no fees). Also due to MySolo401k relationshuip (no fees, especially). I am part of a syndicate of lenders where loans are funded daily and payments are received with regularity.

* I invest in real estate partnerships - money is wired (or I setup a bill pay) out of the Wells Fargo account. I receive distribution checks and exit proceeds and deposit those right into the checking account.

All of the above stays under the umbrella of the Solo 401k. When I hit 250k in assets I think there is an additional tax filing requirement. MySolo401k seems ready to handle that as they send out reminders.

I have never had any difficulty contacting someone there. I receive answers and fairly prompt service if needed. Mark and his team are top notch.

Feel free to PM me, and I am happy to discuss further if you need.

-David

Hi Dionne,

What would your involvement be in this transaction? Also, are the people still living there? Also, it's been listed for a few months at 700,  now 650. Have there been any offers better than 480 to your knowledge?

Jose,

Why do you need by-laws for a Solo 401(k)? It's not a corporation.

@Linda L.

I actually took the dive after speaking to the people (or should I say person at mysolo401k.net). So far it's been a very positive experience. They really seem to have things setup and ready to go and have solid existing relationships in place (such as places to open up an actual bank account and put you directly in touch with people at the bank who respond to you). Currently, my TD Ameritrade account is open under my Solo 401k Trust and the internal transfer should happen soon. Additionally, they seem to have a good degree of knowledge about the process (I can't speak to their knowledge of actually investing in assets or prohibitive transaction issues as I haven't asked and plan to conduct my own investigation if I am ever worried).

My only concern is that it almost seems to be one guy running the show (not true, there are 2 head people and 4 other people that handle operation and administration on the back-end), so I worry about "key man risk." I am still going to explore that but even if something happened, it is still an approved plan by the IRS, so there aren't any real reprucussions as far as I can see.

I would be happy to answer any further questions to you or anyone else.

Best,

David

Hi,

I am looking to move IRA money into a Solo 401K with checkbook control. For now most of the funds will go into real estate partnersips but eventually I may move some into direct real estate.

Does anyone have any direct experience with mysolo401k.net? Their fees seem to be the most reasonable of all. $595 setup and $125 annual. Would be great to hear of people's experiences both positive and negative.

Thanks!

I am in NYC. Would like to have a look. [email protected] please

Hi all,

I'm focusing on getting my first fix-flip underway, and I want to have a clear exit plan. What do you do when you're selling your fix/flip on the retail end? Do you sell it on your own or do you utilize a realtor? Obviously 6% is a huge amount of juice - what kind of discounts/deals have you formed with realtors you worked with?

Thanks for your time.

Dav

Hi Gil,

I feel your pain as well. I live in NYC and work a full time job. I am regularly looked into deals and it is difficult to find value in NY/NJ. Are you ever in NYC? Would be great to chat and connect.

Adam,

Is this still available? Please send details to [email protected].

Thanks!