Mark Kohler explains how RV owners can roll old 401(k)s into a solo 401(k), then borrow up to 50% or $50,000 to fund a business while paying deductible interest back into the account. He uses RV owners Steve Anderson and Terry Cooper as examples.
One last example. I just had a phone call with an RV owner yesterday, talked to Steve Anderson and Terry Cooper today that are running the RV Inspection association down in Texas. And they've got old corporate employees that have a kind of decent sized 401k. They're going down to Texas, they're setting up an entity, they're forming a solo 401k. They're rolling over a good chunk of their old 401k into their new 401k that they control and the checkbook with some custodial services we provide too. So they could invest in a variety of ways and they can take a loan from that 401k. That old 401k that got rolled out to an IRA. You can't borrow from an IRA for yourself, but you can borrow up to 50% or 50 grand in a 401k. But they don't have a 401k. They left their old employment. So if you got an Old Sleepy IRA or Old Sleepy 401K, you can roll it into a new 401K. They're borrowing up to 50 grand, going back to school to become RV inspectors and RV repairmen and starting a business, and they're paying deductible business interest back to their own 401k. Just this happens every day.
The secret to managing your family's future #financialfreedom #estateplanning #shorts
Moving Property to an LLC: What They Don't Tell You #realestate #investing #tips
