Borrow from IRA for BRRR repairs?

[Josh Boyd]

Rookie investor here.  

Is it true that I can borrow from my IRA for the brrr strategy if the funds are being used for repairs? If so, what are the pitfalls? Thank you.

[Brian Eastman]

@Josh Boyd

You cannot borrow funds from your IRA. It is possible to personally borrow from an active 401(k) plan.

Some people will use what is referred to as a 60-day rollover to "borrow" from an IRA for that brief window. You can only do that once per 12 months and if you miss the 60-day window, it is a taxable distribution including penalties if you are under age 59 1/2. Not a good strategy.