Updated about 12 years ago on . Most recent reply
Become Your Own SBA
If you have IRAs, or have been laid off by some firm and have an old 401K floating around, you can become your own SBA.
The SBA seems to dislike start-ups, and concentrates solely on expansion. No matter what kind of experience you have in your field, when you go on your own getting an SBA loan is not only annoying, but is almost impossible.
If you roll all your old retirement accounts into a Solo 401K, you can borrow 50% of your funds up to $50,000. If used for business purposes, the interest you pay yourself is tax deductible.
Are you getting started in real estate? Do you have a few deals under your belt? What would an extra $30k to $50k do to your ability to make deals happen?
Borrowing is not possible in an IRA, so this strategy remains unavailable to IRA investors, even those with checkbook control. All prospective and current real estate investors should investigate the superior nature of 401Ks.