Can real estate agent represent himself
in solo 401k real estate transaction?
QUESTION: I am looking to purchase a rental property with my 401k.
Since I am a real estate agent, can I represent myself on the
transaction? If so, are there any rules or restrictions I need to be
aware of?
My solo 401k plan would be to not
collect any commission but instead negotiate a reduction in price.
ANSWER: Yes the solo 401k owner may
represent his or her own solo 401k in the real-estate purchase provided the
solo 401k owner/trustee does not receive a personal benefit. In other words,
the solo 401k owner may not receive a commission or any other credit for
brokering the solo 401k real estate purchase.
A price reduction would
benefit the solo 401k and not the solo 401k owner/trustee personally.
Thanks you
in advance, Francie from Michigan
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