All Forum Posts by: Tom Egelandsdal

@David Campbell

Thank you, For the first one I think I want a property close by, so I can manage it myself. It will also be a good learning experience. Later I might look into upstate NY - we have a cabin upstate and property prices are way cheaper up there! Thanks again.

@Sue K.

Great idea thank you I will consider it.

@Cody L.

Thank you Cody - I really appreciate the input! Now I have to find the right property - I am thinking of starting small with maybe a two family house, kind of get my feet wet. A big multi unit apartment building is a bit to confront with no experience!

@Tom S.

Thank you Tom, the penalties are only 10% plus the tax ramifications, which shouldn’t be more than 20%. I can’t afford the loan option at this time, but it’s a good idea.

@Brenden Mitchum

Thank you for taking the time to reply, I appreciate the input.

I am considering pulling a 100k out of my 401k to fund a down payment on my first rental acquisition. I live on Long Island so real estate is pretty expensive here. I would like to start with a two family house. Anybody do this and how did it work out? Pros and cons? I am not really concerned about the penalty or tax ramifications. Just curious about other people’s thoughts or experiences with this. I am sure over long haul I can recover the penalties. Also I don’t have any other capital available to invest.