Hey Mark great video on the solo401k strategy. I have a few questions for you: Is it possible to roll over a defined contribution union pension plan into a solo 401(k) or self directed Roth IRA? I’m a union Electrician and want to use that money in my pension plan to invest in real estate but they don’t allow me to do that from my pension plan. I know you need a business to start a solo 401k. I do electrical side jobs aside from my regular union job. However I don’t make much from my side jobs. I probably make around $5k-$10k per year on the side. Is that enough to justify opening a solo401k? Is it best to be a sole proprietor since I don’t make more than $10k on the side per year? I will also have my first 4plex rental property by mid march 2023. I will be doing the househack strategy where I live in one unit and rent the rest. My positive cash flow would be around $7200 per year after I move out. Would a back door Roth be a better option?Please help and thanks in advance.
Answered on today’s show. 3/8/23. Thank you so much! Mark and Mat.