Transfer Schwab Solo 401k to Self-Directed Solo 401k

My wife and I own a S-Corp with no employee. We are the only employee for this company. We also set up a solo 401K under this company. My wifeand I each has a solo 401K account and is under Charles Schwab. Thecurrent acct with Schwab has very limited investment option and I want to invest in real estate instead. If I set up a Self-Directed Solo 401K, can I transfer all the money from Schwab to the new account? If we can, after we set up and transfer the money to the new acct, can we write checks to purchase properties by ourselves instead of involving the custodian for each transaction? After that, can we still make the 401K contribution and do the company match to the new solo every year 

thereafter?

Hope to hear from you soon
Thanks
J. Ng

Yes you can transfer your current Solo 401k with Charles Schwab to Self-Directed Solo 401k that allows for investing in alternative investments such as real estate, promissory notes, precious metals, private placements etc, as well as Solo 401k loan (borrow from Solo 401k). The key is to use the services of a Solo 401k provider whose Solo 401k document allow for investing in alternative investments. 

The process of converting from a Charles Schwab Solo 401k to a Self-Directed Solo 401k with checkbook control (a/k/a Solo 401k checkbook control) is painless. Basically, you just need to restate your current Solo 401k. This is a fancy way of saying switching Solo 401k plan documents. Therefore, you will not be terminating your Solo 401k but rather switching Solo 401k provider. 

To learn more about the process of updating from a Schwab Solo 401k to a Self-Directed Solo 401k read following blog posts.

http://mysolo401k.blogspot.com/2012/06/switch-solo-401k-providers-real-estate.html

http://www.mysolo401k.net/Blog-for-MySolo401k.html?entry=consider-self-directed-solo-401k

Yes Self-Directed Solo 401k comes with checkbook control. This means that, as the trustee(s) of the Solo 401k, you will have complete control over the administration of the Solo 401k including processing investments by writing check from the Solo 401k checking account. Therefore, you will not need to use the services of a Solo 401k custodian as you will be the one responsible for assets of the Solo 401k. You will also be able to continue to make your annual Solo 401k contributions to the Solo 401k by depositing the contributions in the Solo 401k checking account at your local bank.