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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?

Account ClosedPosted
  • 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?

Account ClosedPosted
  • 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?

Account ClosedPosted
  • 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.