All Forum Posts by: Brett Synicky
Brett Synicky has started 25 posts and replied 779 times.
Post: Best institute for Solo 401k
- Solo 401k and SDIRA Consultant
- Orange, CA
- Posts 805
- Votes 436
There are many good companies that offer this type of service. When deciding, obviously check online reviews and also understand the difference between custodial solo 401k and checkbook solo 401k. Another major factor is...what do you want to invest in? You can have a "solo 401k" at one of the major financial firms like Vanguard or Fidelity but they only allow you to invest in their portfolio of stocks, bonds and mutual funds. If you're looking to take advantage of the tax benefits as a self employed individual AND invest in alternative assets be sure the company you go with also offers that ability.
Post: 401k to Self Directed IRA
- Solo 401k and SDIRA Consultant
- Orange, CA
- Posts 805
- Votes 436
Quote from @Gabe Bouldien:
Hey BP,
I work a traditional 9-5 and I have a pretty healthy 401k. I stumbled upon the SDIRA while researching different financial vehicles and now I’m curious. Ideally I would like my 401k to be a pass through account so I get my employer’s match. My dream is once I am paid, the money hits my 401k, gets matched, and then feeds into my SDIRA. Then I can use the SDIRA monies to purchase real estate. Is this process possible? If so, how do I get started?
@Brian Eastman is correct and I will add that outside of being 59.5 there are some (though super rare) employer plans will allow you to roll over some or all of the funds in your 401k. Chances are slim but can't hurt to ask. Of course, the fix is to make them a former employer....
Post: Operations Manager Union Company
- Solo 401k and SDIRA Consultant
- Orange, CA
- Posts 805
- Votes 436
@Veronica Brawley So you have an SDIRA, right? What are your investment goals?
Post: Can a parent-in-law lend to a SDIRA (non recourse loan) from non-IRA funds?
- Solo 401k and SDIRA Consultant
- Orange, CA
- Posts 805
- Votes 436
Quote from @Ivan Chirolla:
Hi:
Question for the group.
Can a parent-in-law can lend to a SDIRA (non recourse loan secured by a property)? The sources of the funds are not IRA funds but regular accounts.
Do you have resources or recommended law firms that can help in drafting documents and answering SDIRA non recourse private loan questions?
Your help is greatly appreciated.
Thank you
@Brian Eastman hit the nail on the head. Probably best to get a non-recourse loan from an arm's length lender to keep it risk free and as clean as possible.
Post: self directed IRA to invest in real estate
- Solo 401k and SDIRA Consultant
- Orange, CA
- Posts 805
- Votes 436
Yes you’re a disqualified person as is your spouse, your parents, your children and their spouses. None of you can personally benefit from something the SDIRA owns.
Doing this would likely render your SDIRA invalid and could cause all kinds of trouble like taxation/penalties etc.
Post: Using 401K to purchase first property
- Solo 401k and SDIRA Consultant
- Orange, CA
- Posts 805
- Votes 436
Quote from @Johnell Jones:
I plan on using a portion of my 401k (50,000) as a down payment on my first property. I can't take a loan or hardship because this is from a previous employer. And my current job doesn't accept rollovers. I know I will take a penalty and pay back taxes. Is there a way to bypass this or not let the hit be lessened? I looked in IRA but there is a timeframe before taking (5 years) and I want to start in a couple of months on the first property. I have looked at a self-directed IRA but I want to receive all my profits from my property. What do you guys think? I'm almost to the point of just taking it out and dealing with it.
Have you looked into a Solo 401k? They have a participant loan option for up to $50k or 50% of the total plan assets whichever is lower. Are you self employed with no w2 employees? Uber counts.
Post: low cost SDIRA (self directed IRA) company recommendation
- Solo 401k and SDIRA Consultant
- Orange, CA
- Posts 805
- Votes 436
@Tina Wang As you now know, there are companies out there that have checkbook control plans and also do a good job with educating the client on prohibited transactions and disqualified persons. Truthfully it isn't rocket science, however checkbook control is not for everybody in the sense that some people feel a piece of mind having a custodian in the middle, despite delays, however short or long and transaction fees, however little or high. Different companies have different fee structures. At the end of the day it's about educating yourself on the different models and deciding which one is for you then which company you want to go with or just keep doing what you're doing.
Post: Financial Consultants/Advisors overseeing all investments
- Solo 401k and SDIRA Consultant
- Orange, CA
- Posts 805
- Votes 436
Quote from @Sandy K.:
Are there financial consultants that oversee all investments (401K, Crytpo, Gold, realestate, 529 plans, Roth IRA).
What would you like to invest in?
Post: low cost SDIRA (self directed IRA) company recommendation
- Solo 401k and SDIRA Consultant
- Orange, CA
- Posts 805
- Votes 436
Quote from @Tina Wang:
Oh, I have not. I can still hold properties under check book SDIRA?
Yes absolutely, it functions the same in regards to what you can invest in. You still have to have a custodian per IRS guidelines but the way around having them be involved in investments which causes extra fees and delays either a special purpose trust or LLC is created that gives you "checkbook" control. You can invest in as long as it takes you to write a check.
Post: low cost SDIRA (self directed IRA) company recommendation
- Solo 401k and SDIRA Consultant
- Orange, CA
- Posts 805
- Votes 436
Quote from @Tina Wang:
Is there any good lower cost SDIRA company that any of you are happy with? I currently use New Direction Trust Company, but their fee structures have been increasing. So I'm shopping around to see if there are other trust worthy one out there.
Have you considered a checkbook IRA instead of custodial? This would save on fees for sure.