Does anyone have any information on Empowered Qualified Retirement Plan- EQRP? I heard it on a podcast through NORADA. It was discussed as another option for SDIRA, more control less fees?
I also heard the NORADA podcast on eQRP, and would be interested in hearing any feedback from the BiggerPockets community who have opinions on this option of investing in Real Estate ?
Just another name for "Solo 401K" Check this thread for detail
Elly is correct, an eQRP is a marketing term for a Solo 401k, which is a type of qualified retirement plan under IRS rules.
Solo 401k is not for everyone - you must be self-employed or own a small business without full time employee to qualify. If you are eligible however it would be superior option to SDIRA for several reasons such as higher contribution limits, ability to take personal loan, checkbook control and more... Here is a discussion on the topic that you may find educational:
@Christian Sifuentes What does it generally cost to set up an initial eQRP account?
Yesterday I attended a conference in Dallas, there was an eQRP vendor, when I asked the fee, he mentioned the fee will be $3K to open the account, $400/year for maintenance. I thought I would share it here. By the way I do have Solo 401K account.
Thanks for sharing! As you probably know, that is pretty expensive compared to other options in the marketplace.
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