The high contribution limits of the Solo 401k draws many to the plan
Orange County, CA (PRWEB) May 16, 2013
Local real estate investors attended a recent educational seminar on the practices of due diligence. Attendees from throughout Southern California came to the offices of Sense Financial Services, a co-sponsor of the event. The seminar was held on May 14 in Yorba Linda, CA. “Real Estate Investing, Cash Flows, and Due Diligence 101” explained the practices and strategies involved in purchasing real estate.
Event attendees were able to learn from Leonard Baron, a sought-after speaker and real estate educator. Mr. Baron teaches the real estate investment course for the San Diego State University MBA program. He also teaches private courses and at various conferences for individual investors and real estate professionals. His insights on real estate have been featured in local and national media organizations.
As an active, long term real estate investor, Mr. Baron led the seminar in a relevant and informative manner. He stressed not only the importance of conducting due diligence, but the practical issues and how-to’s. “The process of buying a home or rental property is very complicated, time consuming, and is likely the most expensive purchase you will make in life,” explained Mr. Baron. His goal was to give attendees the tools and guidance to make better purchasing decisions. In his presentation, Mr. Baron covered topics such as:
- Rent vs. own
- Selecting an agent
- Income taxes
Attendees also received a copy of Mr. Baron’s recent book, “Real Estate Ownership, Investment, and Due Dilegence 101.” Mr. Baron has authored several book and is a featured blogger for zillow.com, the popular real estate website.
The evening also included a segment on the self-directed Solo 401k retirement plan. “The Ultimate Retirement Plan” highlighted the features and advantages of the plan. Self-employed and small business owners are eligible for the IRS-qualified plan if their business has the presence of self-employed activity and the absence of full-time employees, explained the president of Sense Financial Services. The company assists its clients in establishing self-directed retirement accounts with checkbook control. Sense Financial is California’s leading provider of the Solo 401k and the Checkbook IRA.
The Solo 401k, also known as the Individual k or Owner-Only k, gives participants additional advantages because of its simplified structure, president Dmitriy Fomichenko explained . Participants can contribute to the plan as both employee and employer, resulting in high Solo 401k contribution limits. This year, the IRS increased the Solo 401k contribution limit to $51,000 for participants under the age of 50 and $56,500 for those age 50 and above.
The Solo 401k plan also allows investment into both traditional and non-traditional assets, including real estate, Mr. Fomichenko went on to explain. Those who wish to diversify retirement savings are often drawn to the plan because of its investment capability. The plan can be used to invest in commercial and residential properties, notes, and precious metals, to name a few.
About Leonard P. Baron:
Leonard Baron is an active real estate investor and educator. He has taught the MBA Real Estate Investment course at San Diego State University. He is also a sought-after educator for individual investors and real estate professionals, teaching at various conferences and courses. Mr. Baron’s insights on real estate have been featured in national and local media organizations. His books include “Real Estate Ownership, Investment and Due Diligence 101: A Smarter Way to Buy Real Estate.”
About Sense Financial Services:
Sense Financial is California's leading provider of retirement accounts with “Checkbook Control”: the Solo 401k and the Checkbook IRA. Over the years, they have assisted hundreds of clients obtain checkbook control over their retirement accounts while providing them with the ability to invest in virtually any investment class, including real estate, private lending, mortgage notes and much more without the need for custodian approval.
To learn more about the solutions they provide, please contact: (949) 228-9393.