Flip Tip Summary
While there are lots of benefits of various self-directed account vehicles, the Solo 401K has something unusual. Dmitriy Fomichenko of Sense Financial shares more in this FlipNerd.com Flip Tip.
Flip Tip Transcript:
Mike: Hey, it’s Mike Hambright from FlipNerd.com and we have a quick VIP Tip to share with you from Dmitriy Fomichenko, who’s going to share a benefit of using a Solo 401k loan.
Dmitriy: Solo 401k is a self-directed retirement account that offers you the ability to take a participant loan from it. It’s your retirement account and typically the funds are not available to you until you reach your retirement age. Well, guess what? With a Solo 401k you can access up to $50,000 from your retirement account, prior to retiring, and you can use those funds for anything that you’d like, up to $50,000, but you need a Self-Directed Solo 401k to do that.
Mike: That’s great. For those of you that didn’t watch our interview we talked about a Solo 401k and how it compares and contrasts to a self-directed IRA that a lot more people know about. Check out that interview or go to sensefinancial.com to learn more about the Solo 401k, very fascinating retirement and wealth-building vehicle. Thanks, Dmitriy.
Recording: Thank you for joining us for another FlipNerd, Flip Tip.
We’d like to thank our sponsors, RealtyMogul.com and National Real Estate Insurance Group.
To access the most robust social platform in existence for real estate investors, where you can find off-market wholesale deals, find great vendors to help you in your business, and learn and socialize with other real estate investors, please visit the all-new FlipNerd.com. If you’re not yet a member, you can set up a free account in less than a minute.
Mike: Please note the views and opinions expressed by the individuals in this program do not necessarily reflect those of FlipNerd.com or any of its partners, advertisers or affiliates. Please consult professionals before making any investment or tax decisions, as real estate investing can be risky.
