All Forum Posts by: JOSE LIRA

Hi Russelin,

While I have not worked with mysolo401k , I did look at them a few years ago. I looked around quite a bit before I decided on working with Dmitriy at Sense Financial Services LLC. They were very hands on and that made the setup of the bylaws documentation, checkbook opening and transferring assets to it to use, very easy. I have my checkbook for my solo401k with Wells Fargo bank.

You could probably do this very inexpensively but for me I needed to find someone I could trust to know what I was doing was correct. I loved the solo401k ability to take a loan. Anyways it was very hassle free and paper work is minimal. Bought some silver and gold in the solo401k, now looking for SFH for income. They also helped me with filing a distribution I made last year to offset some losses.

Totally recommend them, hope that helps.

Jose

Jeff Barnes is right.

For my solo 401k , I only have a checkbook account. I'm not interested in buying stocks with it so I don't need a brokerage account. I can buy stocks with my 403b at my job.

For me I had about 45k in losses on another investment which would give me back about 11k in tax refunds and put me into a small tax bracket. Knowing this would happen I choose to take a distribution and pay the taxes on the distribution at my lower rate. It was a one off kinda year.

Hello David,

While I have not worked with mysolo401k.net I did look at them a few years ago. I looked around quite a bit before I decided on working with Dmitriy Fomichenko at Sense Financial Services LLC(). They were very very hands on and that made the setup of the bylaws documentation, checkbook openning and transferring assets to it to use, very easy. I have my checkbook for my solo401k with Wells Fargo bank.

The nice thing about the solo401k is the ability to take a loan. Very hassle free and paper work is minimal. Bought some silver and gold in the solo401k, now looking for SFH for income. They also helped me with filing a distribution I made last year to offset some losses.

Totally recommend them, hope that helps.If you need more info on what I did just ask.

Jose

Hi @Hugo Gort, I saw your postings on BiggerPockets, new to the site and just looking at blogs. Have not heard of that company but hope it worked out. If you decide on a solo401k later (could have both) I think you might look at http://www.sensefinancial.com , I did and are very happy with them. I thought I'd share my experience with solo401k's. I too am employed full time and was looking for a way to make other investments with my IRA and work 401k money. I looked at CDIRA but I settled on a solo401k. I liked the borrowing part of it and the fact that like CDIRA's I could buy gold and silver and real-estate property with it. I too was put off by having to have a side business but I decided to jump in anyway. It has worked out great with Sense Financial Services helping me setup the solo401k and then they helped me setup the checkbook and move some of my IRA and work 401k funds into it. For me creating a part-time business was easy. I already manage my own rentals so I looked for other folks and friends that had real-estate and needed some help. So now I manage a few other properties and that's my side business for my solo401k. Doesn't pay a lot but it works well for me now and maybe I'll expand it once I retire. One of the other benefits I found with Sense Financial Services was that when I had a large loss last year and wanted to take advantage of it by off setting some solo401k distributions they helped with the paper work. Always nice to have someone that knows what they are doing on your side. I'm very happy with them, like I said if you ever decide on a solo401k I recommend them.

Jose

Hi, I'm new to the site. Was just learning and exploring and came across this post. I'll provide my feedback and maybe it will be helpful to someone. I am a client of http://www.sensefinancial.com/ and I can say I am a happy client. I found the company using web search. I typically skeptical doing business with someone I never met in person, but after doing my due diligence and talking with the representative several times I felt comfortable. They have a good reputation, I could only find positive review on Yelp, LinkedIn and Google. I been investing in real estate for many years and now have the ability to do it tax free using my self directed Individual 401k plan with the trust account and checkbook control.

Once you reach 59 1/2 you might be able to move it all into an IRA if your company place permits it. Mine did and the minute I turned 59 1/2 I move it all into a self directed solo401k (i wanted the loan option) used http://www.sensefinancial.com/ they were great at helping me set it up, fees were reasonable. I'm still with the company and every few years I have been moving from my 401b (hospital system) to my solo40k. Next year I am going to retire, enough is enough. Hope that helps

Just joined this forum, very interesting information on it. I used http://www.sensefinancial.com/ to set up my Solo 401k Trust, I am the trustee and have a checkbook control. So far I have put gold and silver into it, taken a loan from it and looking to buy a few homes for cash flow. I found that http://www.sensefinancial.com/ has reasonable fees and great customer service, plus very knowledgeable. I can recommend them.

Thanks, Dmitriy. I get what your saying, I'll have to run some figures but I have time. So what I got from your answer, is if I do a cash buy for 200,000 at my RMD at 70 years of age would be about 27.4, so I would have to have cash in the solo401k of $13138 for RMD, assuming a $20,000 return for 8 years which is 160,000 plus my original 200,000 divided by RMD factor of 27.4, which looks doable. It's enough to give you a headache,... LOL

Thanks again.

Thanks Edward, you know one question that I have is how the IRS required-minimum-distributions (RMDs) apply to solo401k's. Meaning if I put a home or homes into the account, would I have to take RMDs of assets at 70? How would one do that? I suspect yes, and it is a few years down the road but it is something to think about now. Just an interesting question, maybe for another forum.

Thank you Ned, will do.