All Forum Posts by: Russelin Kisiel

@JOSE LIRA & @Walt Payne

Thank @JOSE LIRA

I've found the same to be true of @Dmitriy Fomichenko .

He has been very helpful and patient with my questions and I've felt his responses to many other posts I've read are always clear and helpful.

I appreciate the feed back from all of you.

thanks so much @Katharine Chartrand for the information! That's just the feedback and firsthand experience I'm looking for. I did come across another discussion on the same topic and gathered some helpful insight. I'm down to Sense Financial & mysolo401k.

So the money that I can borrow personally, with interest from my solo 401k can be used to purchase RE in my own name as long as it's not through my LLC? Is this correct?

I would like to know which companies you are utilizing for your solo 401k and why.

Thanks for the feedback.

@Account Closed Is your loan from them under $50,000? I'm asking because I'm considering a solo 401k and taking into consideration how I would purchase rental properties within the 401k. I'm under the impression you can only borrow up to 50% of the 401k value or 50,000 (which ever is less). This means I'm looking at properties between $50-65,000 and yes, I want to leverage to maximize my ROI. I've read here and there that I would need a none-recourse loan but am hearing they are difficult to come by. I need to figure out if this is truly an option for me or pie in the sky because the beginning value of my solo 401k will be too low to fine none-recourse loans. Thanks

@Dmitriy Fomichenko yes thanks! I'm also wondering if it's difficult to get conventional financing through the LLC. how do you purchase the first property using my solo 401k $$$?

so do I understand correctly that if I've set up an LLC for RE purchasing and then set up a solo 401k for myself, roll over my existing IRA funds, I can then purchase with leverage a duplex in my name to hold and rent but use all funds from my solo 401k?

Thanks so much!

My question is regarding reinvesting profits back into additional property acquisition. If the money stays in the LLC does it still get reported as income that I will need to claim on my personal income tax? Sorry if this is unclear. This is my first time. :-)