“Furthermore, the Solo 401k rules permit you to combine personal funds--this type arrangement is often referred to as Tenancy-in-common Ownership--with your Solo 401k in making the purchase. “
QUESTION: Does this mean, I can purchase the home partnering with my Solo 401k and list us both as Tenants-in-common?
ANSWER: Yes provided certain rules are met. The following links will answer your question about Tenants-in-common:
QUESTION: I had a broker ask me, if I can take the property with me listed as the Trustee? He was trying to see if we can lower the interest rate?
ANSWER: When investing the solo 401k in real estate, here is how title is commonly taken:
- ABC Solo 401k Trust F.B.O. Jane Doe, Trustee OR
- Jane Doe, Trustee of ABC Solo 401k Trust
- Purchases should be transacted under Solo 401k's EIN:XX-XXXXXXX
QUESTION: Do you have a list of lenders that work with lending to a Solo 401k/experience?
ANSWER: Yes the following banks specialize in non-recourse lending to retirement accounts:
North American Savings Bank
First Western Federal
Rick in Georgia