All Forum Posts by: Account Closed
Account Closed has started 1 posts and replied 3 times.
Post: What do I need to consider for this down payment?
- Investor
- Fort Collins, CO
- Posts 3
- Votes 0
One reason I had the thought of pulling my entire 401K is that I need a large amount of money and I've read that one can only get a loan for $50,000 or half the balance. I need more.
Post: What do I need to consider for this down payment?
- Investor
- Fort Collins, CO
- Posts 3
- Votes 0
Thanks for the replies. I will do some checking on the rules of my plan. In terms of the loan, I've just read that's it's not a great choice but it's wise to gather that information, too.
Post: What do I need to consider for this down payment?
- Investor
- Fort Collins, CO
- Posts 3
- Votes 0
Hi,
I'm looking into placing an offer on a ten-unit building and best way for me to acquire enough money for the down payment is to cash out my 401K, my Roth IRA, and both of my wife's, too. I realize there will be early withdrawal penalties.
I'm hoping I can withdrawal the money without upfront penalty and be able to pay the taxes next April. Does anyone have experience with this? I'd appreciate tips and advice.
Thanks in advance.