Solo 401k Condominium Purchase | Solo 401k Bank Account | Solo 401k Real Estate

QUESTION: My Solo 401k is purchasing a condo to use for rental.  I am attaching the papers to make sure we have it titled correctly.  Can you please take a look and let me know?  The closing should be early next week.


ANSWER:  So far you are on the right track with respect to investing your Solo 401k plan in a rental condo. For instance, you have listed your Solo 401k plan as the “Grantee” which is the correct method since your Solo 401k is investing in the rental condo unit. You may also want to use a real estate purchase form to further document the condo purchase. Visit Solo 401k investment forms for a full list of forms.

Here are other items to keep in mind when investing your Solo 401k plan in real estate including condominiums:

  • Since the Solo 401k is the only party buying the condo, the earnest deposit is made using Solo 401k funds and at closing you, as trustee of the Solo 401k plan, will need to write a check from the Solo 401k bank account for the rest of the purchase.
  • Going forward, the Solo 401k will also need pay for the following expenses: property taxes, condo association fees, property insurance and repairs.

Lastly, please visit our Solo 401k real estate purchase procedure for further information surrounding the purchase of real estate.

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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