I work in the student loan servicing industry, and my company was recently bought out by a competitor. Because of this, I will either be able to roll over my pension for discounted stock options in the new company or roll over into a self directed IRA or cash out with penalties. I am 50 and single, and my concerns come from being a child of a struggling trailer park owner in the 1960/70's and a former wife of a struggling carpenter/general contractor. I have been diligently listening to the BiggerPockets podcasts and would really like to invest for cash flow and leave a legacy to my grand daughters. Should I Cash Out My Pension To Invest In My First Rental Property?
before you cash out anything check out the govt. programs in your area that offer grants or financial assistance to buy real estate . That's how i bought my first . You will be surprised as to what you will find . you will have to do some research. or go to lesko.com/tutor
I got all mine from there. he really helped me out.
Hope this helps. If not, sorry .I tried . All the best.
Thank you, Maria, for the suggestion. I was thinking of using an FHA 3.5% down mortgage to house back my first property. I wasn't aware there may be grants available to help. You're right. I need to do more research.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing