All Forum Posts by: George Blower

@Victor San Gil

Welcome to Bigger Pockets.

@Tiffiny Robinson

Welcome to Bigger Pockets.

@Andrew Albert

Welcome to Bigger Pockets.

@Elizabeth Regan

Welcome to BP.

@Nicole Benton

Welcome to BP.

@Manoj Mathew

Here is more information regarding non-recourse loans:

https://www.biggerpockets.com/member-blogs/9552/70...

All things being equal a non-recourse lender will require more down, higher interest rate, shorter term, etc. given that there only recourse is the collateral.

@Soup Nikk

If your cousin is self-employed with no full-time w2 employees, your cousin could set up a Solo 401k, rollover funds from the now former employer plan and then take a loan from the Solo 401k (assuming the plan provider supports a loan).  The loan would be payable in monthly/quarterly payments of principal and interest over a 5 year perion.

@Mike Reynolds

Regarding your comment that if you need funds you can use money from your side business:

• You can't use non-retirement funds to pay for expenses related to real estate held inside you Solo 401k.
• Subject to the contribution rules and income limitations, you may be able to contribute non-retirement funds to your Solo 401k (e.g. as an employee or employer contribution) and then you could use the funds in your 401k to pay for expenses related to real estate owned by your Solo 401k.

@Chad J Muse

Consider converting partial amounts on a yearly basis or in years that you will be in a lower tax bracket.

@Andrew T.

Yes as the funds would be used to cover costs directly related to the purchase of a principal residence for the employee (you).