I found a great foreclosure investment opportunity that is 25%-30% below market. The only significant savings I have, however, is my 401K from my old company. Does anyone know if I can cash out my 401K to buy this investment property?
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11-16-2007 12:22 AM #1
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Forclosure Investment Opportunity
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11-20-2007 02:07 AM #2
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Re: Forclosure Investment Opportunity
Self Promotion Removed
Last edited by SEO Nick; 11-20-2007 at 07:23 AM.
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11-22-2007 08:42 PM #3
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Re: Forclosure Investment Opportunity
From my understanding you can run it too ways. You can borrow 50% of your 401k as long as you repay it in installments I think over 5 years. On the other hand instead of using your 401k to invest in the stock market you can invest in real estate. But all the money you get from rent needs to be put back in your 401k or you pay early withdrawal penalities.
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11-23-2007 10:19 PM #4
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Re: Forclosure Investment Opportunity
Why would you use your 401k??? I am sure like most forclosures...it needs a lot of work. Do a search on Hard Money loans (these type of companys look at the property and not so much the credit) and use your 401k as a last resort. Is there any equity in your current home?
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