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Updated about 5 years ago on . Most recent reply

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Devon Foster
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401k early withdraw to purchase a property for 20k (cash deal)

Devon Foster
Posted

I have an opportunity to purchase a property for 20k between me and my business partner. It will be split 10k each.  It needs some rehab, but is a great property for the price. It would be a cash deal no banks. I cannot do a 401k loan, but i can do an early withdraw and just take the penalty. I have 18500.00 vested. I want to use that to pay my half of the property price and keep the other 8500 for the rehab. How do i fill out the paperwork to ensure the early withdrawal gets accepted by principal?

Thanks in advance! 

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