Should or how can I use my 401K for my first deal?
I've currently got a 401k with my full time employer (also part time RE agent). About 2 years ago I decided to change my allocations to Roth 401k. However, 8 years of automatic enrollment had me in the pre-tax plan and there is a decent amount in my pre-tax plan. I called the 401k plan administrators and they said that currently my plan does not allow me to convert those pre-tax dollars into the Roth plan. Being head of the IRA department at my full time job, I know darn well that anyone can convert a Traditional to a Roth through your standard accounts at the bank. Yes you will pay taxes on it as income but you can remove the principal amount of that plan any time you want without IRS penalty. My plan was to convert my entire 401k plan to Roth, and remove a portion of principal to pay a down payment on a property. Thoughts?