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Updated over 5 years ago,
Investing with 401k. Using a partner.
Hello BP community,
I am an experienced house renovator with no experience in flipping houses. Let me explain. Ive been in home construction, remolding and maintenance all my life. I worked as a commercial maintenance man and rental house flipper for many years. Well its time that i start doing it for my self rather than putting money in other peoples pockets.
I have a very small 401k I would like to invest with. I cant retire with this 401k so I'm going all in on something I know very well and that's home renovation. I plan to buy a quick flip with money down using my 401k monies. I have not yet found a lender.
My question is is there a good way to take out my 401k to invest with. Should I borrow against it or take it all out?
Also should I flip a house on my own or is it a good idea to have a partner onboard? If so why is a partner a good idea?