Open bank account for solo 401k for investing in real estate

BACKGROUND/QUESTION: I currently have my solo 401k funds in a brokerage account at Fidelity. I purchased a rental property last year and would now like to move the remaining 401K funds from Fidelity to a bank checking account so I have more flexibility with my funds to maintain the property and deposit the rent checks/cash.  I tried to open a checking account at PNC and/or Bank of America and I go nowhere. Neither bank understood what I was trying to do and referred to their investment groups who didn’t have a clue.  Can you help shepherd me through the process of opening a checking account for my funds at PNC Bank and then rollover my funds from Fidelity?

ANSWER: If you opened a solo 401k at Fidelity, I’m perplexed as to how you were able to invest the solo 401k funds in a rental property. Reason being, it is my understanding that a solo 401k where fidelity is the solo 401k plan provider restricts the solo 401k participant from investing assets outside of equities (stocks and mutual funds).  Perhaps you utilized a solo 401k provider whose plan documents allow for investing in real estate and then opened a brokerage account at Fidelity for the solo 401k. If so, you should consult with that solo 401k provider in assisting you in opening a bank account for your existing solo 401k. On the other hand, we can assist you if you need a solo 401k provider whose plan documents allow for investing in real estate, and we can also assist you opening a bank account for your solo 401k.

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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