new investor in florence ky area!
hi my names Joe, ive recently became a pro-member but have been on this site for a couple months now, i"ve listened to 100+ podcasts, mostly the ones that pertain to multi family and apartment complexes but have ventured into the other podcasts on flipping, wholesaling, etc.
I'm bases in northern KY (Kentucky) and have established a good CPA and lender to help me with my future purchases. would also like to meet with some local investors if there are any around me, i've been in touch with a couple good friends who have became realtors and have been set up on MLS. but am always looking forward to meeting new people and analyzing areas that look like good places to invest.
myself and a co-worker both are interested in getting into rental properties I personally have 30k in my 401k that I would like to invest into real Estate as opposed to keeping it in.
Both me and my friend don't have to much faith in the stock market and would rather take control of our investments. Currently our 401ks are handled by fidelity I've been trying to find a way to, withdraw this money for real estate.
I CAN take a loan out against my stocks but will have to pay taxes on what I take out and will also need to pay it back through the course of 5 years. Me and my friend would rather find a way to withdraw without having to pay that money back into our stocks.
has anyone done anything like this before? i talked to my financial adviser who oversees the account at fidelity and they said i could withdraw but would take a 20% federal tax hit a 10% penalty and then another % based on what ky state taxes are for withdrawing out of your 401k. so essentially my $30k would be nearly halfed if i went that route.
i have also looked at getting a H.E.L.O.C (home equity line of credit) for the $40k+ i have in my house but we are currently adding a wet bar, cigar room and renovating a bathroom so i would need at least another 3 months before i could H.E.L.O.C.
what do you suggest for me and my co-worker We are both in northern Kentucky.
Thanks for any help,
Joe L