All Forum Posts by: Steven Burrows

All,

I really like all the feed back in this discussion. So glad I found and join BP.

@steven Hamilton

I like your suggestions. I think I'll wait until Jan 1 to make any moves with my 401K which is over 250k. My ytd earnings at the time I was let go in Aug was already at 125k and I don't want to be pushed into a higher tax bracket.

I am currently thinking about doing this.

Michael Lauther

If you are 55 at the time you leave your current employer you can take the monies in your 401(k) without incurring the 10% early withdrawal penalty provided you don't get another job. You still have to pay the taxes.

Thank you all for the warm welcome. With all the positive responses and great info on this site, I'm pumped!!

Mehran Kamari

I'm looking more to flipping and buy/old.

While I have been in the IT field for the past 25 years, I have also completed a number of bathrooms, kitchens, and basements in my spare time, so I know my way around a tool belt. this will allow me to do a lot of the work myself in the beginning.

Thanks for the info @Steven Hamilton. I really appreciate the info.

Welcome @Mukul Lalchandani. I am also a newbie. Grew up in NYC and now living in Dutchess county. Looking to hookup with others from NYC.

The 401(k) is with my former employer who was forced to let me go due to downsizing. I currently had outstanding loan when separated. I don't want to withdraw the funds due to taxes.

Is there a way to leverage the funds I have in my 401(k) and annuities to acquire hard money?

I recently lost job in IT after 20 years and would like to start fresh in real estate investing here in the mid hudson section of New York. Been reading everything I can get my hands on relating to the subject. Looking forward to any and all advice. Thanks