I have an active employer contribution 401K and was wondering if I can leverage a loan from it to start with my first deal. The cool thing about it is this particular investment firm offers a 7.5% return to myself for the loan as long as it's paid back with an auto withdraw payment after tax from my normal paycheck. I only have about 15k In it as of now and an additional 6k in savings. I have heard of going through a self directed IRA, but not much info on this item I'm referencing. I just need to make sure it's at a comfortable amount on the withdrawal without feeling over extended until enough passive income is made to offset the withdraw.
My son and I have been driving for dollars around the Central Valley and east bay areas and have sent out roughly 40 yellow letters to date all while still searching to try and increase our prospective % ratio and gearing up to try and make that happen when we get our first prospect.
Can this BRRRR strategy still work on pre-foreclosures?