Collecting Tenants checks for solo 401k owned real estate

QUESTION: I am buying a rent property with my Solo 401k. How should I instruct my tenants to pay rent? please make checks out to …? What if some one pays with cash or a cashiers check?

ANSWER: Because the real estate property is owned by the solo 401k, the rental checks are made payable in the name of the solo 401k and deposited in the solo 401k account.  It is not recommended to accept cash because it is tough to track.

You can use the investment deposit form found on the forms tab of the website to help document the solo 401k rental deposits. This form is for your records as the trustee of the solo 401k.

Zach in Michigan

About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>


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