First deal - looking to use a 401K loan
I am looking to make my first investment in commercial real estate. In doing a lot of research here on BP and elsewhere, there is so much information regarding using 401K's and self directed IRAs for real estate down payments. I need some $'s for a down payment (no more than $50K). My CPA told me that using a self directed IRA would limit my ability to invest in the property to the annual contribution limit. Also, I can't take any money out before qualified retirement. Additionally, the administrators of the self directed IRAs tend to charge high fees.
Would a personal loan from my 401K be a better option? What are the limitations with that beyond the $50K limit. Is this allowable for an investment property owned by my LLC? Any help/advice would be appreciated!! Thank you.