Looking for insight in self directed solo 401k

[Mike Williams]

I am looking at starting a self directed solo 401k for the side hustle. if nothing else, I want to be able to roll over my previous 401ks from different employers and consolidate that down. I currently invest in real estate so I am thinking of using more of that money to fund the purchases. Does anyone have any experience with starting up a Self Directed Solo 401k for their small business? If so, could you please share any advice or companies that you have worked with or chose not to work with on this project? Thanks in advance for your assistance.

[Daniel Dietz]

@Mike Williams,

I have both a SDIRA and a SOLO401K, as do my three main partners that I invest with. Why both? Because we didn't know about SOLO401Ks when we did the SDIRAs ;-) 

For the SDIRAs we chose a company that we heard about on here and things went pretty good. We  were in somewhat of a hurry to set things up to purchase a particular property which has been a good investment for us.

When I learned more about SOLO401K (through the BP Podcasts!) , we chose one of the several Plan Providers, who often chime in with their expertise here in this forum. I would recommend calling a few of them (you can tell who providers are through their 'tag lines' in the posts) and see who seems to be a good fit with you. It would probably be hard to find a 'local' person who has as much knowledge as they do. 

A couple of the main things to remember is that there are LOTS of rules about 'prohibited transactions' and IF you are going to borrow to leverage you funds it MUST be non-recourse and typically you will need at least 40% down (unless you find a private lender who is more flexible). 

Dan Dietz