All Forum Posts by: Patrick Busch

@Julius Vincent. I was literally jumping on the forums to ask a very similar question. I'm thinking about cashing out my IRA to purchase a short-term rental. I'm 44 so I know I'll have the 10% penalty but wasn't sure about the tax implications. I do qualify as a real estate professional, so I also thought about the cost seg and bonus deprecation. Just so I understand if I cashed out $100K, I would be penalized $10k plus pay ordinary income tax (say 30%). Basically, be left with $60k and no tax benefit from buying a short-term rental?? Greatly appreciate your time to get involved on here!!

I have excellent credit and plenty of equity in my personal home.  I do fix and flips and am looking for the best options for HELOCs.  Any recommendations on lenders with great terms?  Thanks in advance!!