All Forum Posts by: Dameron Shore

Though these events have likely come to their resolution at this time, for those following this thread and for future references, I would not use an emergency line for a non-emergency. You can construe what has been stated to "justify" an emergency situation, but it is not being viewed as an actual emergency. It is being viewed as a way to gain lawful access without getting into trouble with the law yourself. The fact is there is a problem that the tenant reported with the property. The landlord must get access to resolve the problem. The landlord is legally bound to resolve the problem, and the tenant is required to allow the landlord access to resolve the problem (obviously with some adjustments depending on statutes & ordinances of different municipalities). All law enforcement agencies have non-emergency lines. This would be a perfect opportunity to utilize a non-emergency line to request officer assistance. If that officer deems emergency services necessary, let him make that call. The local authorities have an interest in preventing situations to escalate to emergency status (which will generally require significantly more resources than a single officer escorting a landlord onto their own property with a non-cooperative tenant). 

Law enforcement is there to "protect & SERVE." Police escort is a function of their job, and I believe they would send an officer out to assist in this circumstance. In my city, the Sheriff office will also do this. 

@Steven Myers 

Thanks, I'll keep you in mind when the time comes!

@Dmitriy Fomichenko 

Thanks for the reply Dmitriy! That solidifies my thought process and is consistent with my negative opinion of cash transactions within this style of account. I think a brokerage platform with their checking account equivalent will probably suit me best, as I do intend to maintain some investment in the stock market. 

@Jeff S. -Thanks for the reply! It is a SD Solo 401k w/ checkbook control that I am about to initiate (I was just using the shortened "i" for "individual"). The question had more to do with where to open the checking account and if there is a particular benefit to opening one at a local bank vs opening one through an online brokerage. 

I have already inquired with a Credit Union if they think they can/will be able to open a checking account for the trust in the name of the 401k (I know they can; I was in there opening a business account and inquired so see if they know they can). As an alternative to a local brick & mortar, another alternative is a cash management account, such as those offered from Fidelity or Ameritrade, where you can get features such as debit cards, checks, etc and it operates just like a checking account. 

The old 401k is administered by one of the brokerages, and I thought it might be easier/quicker to open the checking account at the same place. Also, I intend to have a brokerage account for the trust, as I intend to make traditional investments through the solo 401k as well as alternative investments. 

I was just trying to figure out if there was an advantage to a local brick & mortar bank for the checking account as opposed to an online bank for the checking account. Cash withdraw & deposit was all that I could think of and I don't think cash would be used often if at all for an investment account (precious metals maybe?). Although, with the online accounts you can still use ATMs, though the max amount is usually lower than your local bank's. That just leaves cash deposits. I don't think using cash would be smart for a 401k account. Any other benefits to the local bank?

Thanks all!

I am about to initiate an i401k and have put in an inquiry with my preferred CU as to whether they can (or actually whether THEY think they can) handle the checking account for it. The assets are currently in an old 401k from my previous employer, at one of the big online brokers. These brokerage companies currently offer cash management accounts with checking and debit card service that function or can function similarly to a standard checking account. I expect I can setup the trust account directly with them. The assets are in company stock, and I don't want to liquidate the assets during the setup process. 

The crux of my question is, is there a particular benefit to having the trust account at a local brick & mortar other than the ability to withdraw or deposit cash (which I don't think would need to occur for the i401k). 

I believe I forgot to pose that question to the plan facilitators I have already contacted (I have not purchased the product yet), and while I know I can call them up again, I have already taken enough of their time for "free" and don't want to take any of their weekend time for business. 

I am posting my obligatory introduction before I start an actual topical thread of inquiry in one of the forum subject areas. I'll put up a picture or company logo at some point to satiate those that don't like to see the same icon for everyone, but there will likely be no mixing me up with another member by my name!

I am self-employed (non-RE) and came across this site researching the Solo 401k. At some point, I may add RE to my focus for income or as a retirement account investment, but I am not there yet. I am in my 3rd year of self-employment, and am just getting around to formalizing the business as a separate entity as myself (though it is a Sole Proprietorship, and thus no business logo to upload as of yet). I look forward to learning some more about RE as I am able to spread my focus in the future.  

I have a business education background, and have been in the trucking and auto insurance industries professionally before working for myself. Currently, I sell used cars through a local dealership group, and used commercial and non-commercial equipment and merchandise mostly online.

By nature, I am a researcher. I don't ask questions much until I have either exhausted my research efforts, or am on the fence with a decision and have come up to a deadline requiring me to pull the trigger.

And my "Occupation" is not "Homeowner." I believe the question in the signup had to do with RE experience & involvement...so why that suddenly translates into my "Occupation," I don't know.