A decision I’m trying to make

2 Replies

Ok, say I have 26k in my 401k and soon I’ll be gettinnlaid off my job this year, should I just take my money out or at least 10k to buy a property to flip and keep flipping til I can rent some houses out should I consider doing that

After penalties and taxes, your $26K is likely to be less than $15K.  And it's unlikely that you'll be able to flip much with just $15K and no job.  I would recommend leaving the money in the 401k, let it grow and figure out another way to build cash that you can use to flip.

Just my $.02...

Not so fast. It sound like your not sure what you are doing yet. No offense. Let me ask you ...who will be doing the home remodeling. If it you, are you a carpenter? If yes that is good. That will save you money, if you know what your doing. My next question... do you plan to get a home loan? How much are you planning to spend on remodeling the house? What is your budget? What is your time frame? Do you have experience in home inspections? Flipping a house is hard work, are you ready mentally?  Take your time, make sure you have no large personal bills, study the rental market in your area. Make sure you are ready mentally and you know the numbers be realistic what. I suggest you take some of that money and invest in property liens. Study to show yourself approved. Best wishes. Stay in touch.

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