Using my 401k money to pay for my first Investment Property
Hey guys, I'm a young investor and I currently have about 95% of my savings in my 401k. I no longer work for the employer I had the 401k with (if that even makes a difference, I don't know). But I really want to get started in REI and am considering using a portion of my 401k money to pay for the downpayment, repairs, etc on my first flip and maybe on my first rental as well... I'm scared of having to pay the 10% penalty I think may be associated with withdrawing my funds early...
-Is it worth it to go ahead and do it and bite the bullet on the early withdrawal penalty?
-Is there any way I can use my 401k money to finance my investment without paying the fee?
Thanks so much for your help! This BiggerPockets community rocks!!