Self-Directed Solo 401k for Lyft or Uber Drivers

BACKGROUND & QUESTIONS: I have started the process of becoming an Uber driver. As an Uber driver, I would claim the income on a schedule C. If that would suffice for being able to start a Solo 401k, I'm interested in starting this process and moving one of my 401ks over to start investing.

With your guidance, I am ready to start the process with MySolo401k. Can I open my own bank account in DC? Also, when you purchase property with this type of account, under what name should real estate contracts be issued in? Am I able to negotiate the contract on my own, of course working through a real estate agent?

ANSWERS: Yes income generated through Uber or Lyft that is reported on a schedule C satisfies the self-employment requirement for participating in a solo 401k.

You can start the process by completing our on-line solo 401k account application.

 http://www.mysolo401k.net/solo-401k/open-a-solo-401k-account/

Yes you can open your own bank account in DC.

Yes you can negotiate the real estate investments and see following procedure for how title is taken.

http://www.mysolo401k.net/solo-401k-real-estate-investment-procedure/

http://www.mysolo401k.net/reale-state-401k-purchase-methods/

Rollover as Business Startup (ROBS) vs Solo 401k Loan

Some of the benefits of investing a 401k in your own business through an equity/stock purchase instead of a using a solo 401k participant loan are discussed in the following video. For example, because an equity investment is not a solo 401k loan, interest payments do not apply and the full 401k balance may be used to finance the business startup or existing business.

      

Solo 401k with Checbook Control | Self-Directed 401k