All Forum Posts by: Steven Burrows

Thanks Justin

Looking for feedback on company called My Solo 401k

Can I not use the proceeds of the loan to purchase real estate outside of the solo 401(k). I was under the impression I could use 401(k) loan proceeds for anything I wanted to, (car, vacation, college tuition....) as long as I repaid the loan.

I thought you were allowed to borrow up to 50,000 from your 401(k) for any purpose you wanted to and you would have to pay it back within 5 years. I believe that's what Chris is referring to when he said he would use his 401(k) as a hard money lender.

Is it possible to setup a solo 401(k) on your own. I've been researching solo 401(k) providers and I am having a problem getting my head around the cost some providers are charging to provide the documents (800.00 and more). Aren't they just using a boiler plate type document and inserting your company info into the blanks? I don't mind the yearly maintenance fees to keep mu documents current, but really, 800.00 to fill in the blanks and send the documents to me. Are there any companies that will provide the docs only?

What's the asking price for each. Based on the pictures, 5K rehab cost is low

How did you come up with ARV of 84k? My research gives me an ARV of 50K

Looking to open a solo 401k under my current Home Improvement business which is a LLC. Need checkbook control and ability to take loans. Any recommendations from those that currently have the same.

I was let go due to downsizing after 17 years with the same company. While working as IT analyst for 17 I did home improvement on the side and have a number of kitchens, bathrooms, basements, and other improvement projects under my belt. Since being let go I decided to start my own home improvement business full time. My issue is, how can I get a loan with no pay stubs. I received a very nice severance package and have a nice chunk of money in savings and 401(k). I have about 50k that I can use, (don't want to use all my own money), but here in NY that won't get much so I would need other funding to purchase properties for flipping and or buy and hold.

I'm from NY, and somewhat interested. What's the price range of the houses you're looking at?