Where should you open your Solo / Individual 401K

Question

Hi! I moved from my W-2 job to being self-employed. Has anyone found a great company to hold their solo 401K plan, and borrow from it for real estate purposes? I have found "Solo 401K by Naber's Group", they have a $99 annual fee, and $500 initial setup fee. Has anyone found success doing this, and with what bank? Cheers!

Patrick Prunty · Answer

@Andrew Robert Kearney

I have 2 self directed retirement accounts, an SDIRA LLC and a Solo 401k and I used Dmitriy Fomichenko of Sense Financial Services for both.  Be advised that Sense Financial is a compliance and service provider but not a custodian.  As I'm sure you know, however, no custodian is needed for the Solo 401k.  Instead you, as the Trustee, serve as the custodian.  I use Solera Bank as the bank who holds my Solo 401k accounts.  I can't say enough about Dmitriy and his team and SFS, they are good people but also a wealth of information, reasonable fees and top notch customer service.

Chris Seveney · Answer

@Andrew Robert Kearney

We are using madison trust