Using both self-directed IRA and solo 401k on same property
Hello BP Community,
Not a visit goes by where I don't learn something new. I recently completed a rehab on a SFR thru my LLC using a loan from a private lender for the purchase, and funded the remodel using a HELOC on my primary residence.
Since doing some reading here, it appears I can use better options in the future.
I have a question that I haven’t seen posted, so far.
- Can funds from a self-directed IRA AND a solo 401k be used on the same property? i.e., purchase a property using the IRA and remodel using the solo 401k?
After leaving my last job, I set up a self-directed IRA and moved my old 401k to it.
I still have funds in that company’s defined benefits plan that I believe will be best used by moving to a Solo 401k (I understand the rule of being able to use a max of 50% or $50k, whichever is less. Other than that, I’m still coming up to speed on the solo…much to learn).
Thanks in advance.