Personal home mortgage

[Quenton Monroe]

Hey guys not new to the site but my first time posting. I’m reaching out regarding my primary residence. I have an active offer but need some input on my options. I’m trying to figure out if Its worth my money to throw 40-50k from my 401K towards the purchase of my home. I have about 10k in liquid cash but will be pulling the rest of the money from my 401k withdrawal. I’ve already called about the taxes as I’m not of retirement age but wanted to know if this made any sense. Long term goal is the make this an investment property PAY IT oFF AnD hAvE IT FoR AdDITIONAL RETITEMENT INCOME Asking price is 205 Offered 200 I wanted to originally put down the 3% But after seeing the numbers (monthly) I’m not comfortable paying that amount. If I throw 30-50k at the loan the monthly payment will be way more comfortable for me. HOA-$410 MONTHLY-OUCH Current I work for a fortune 50 But plan to make real estate my full time after 5-7 years. I’ve been a landlord before for 12yrs went through divorce and starting over. But am not sure what direction to go. ANY INPUT would be greatly appreciated

[Jason D.]

@Quenton Monroe here are my thoughts.... Paying $200k with a $400 monthly HOA is a stretch on your budget, so to counteract that, you want to put a substantial downpayment to make the payment more manageable? May I suggest you find a home without an HOA, or an HOA with a smaller monthly due? You're basically putting $50k down to simply counteract the HOA dues. Find a $200k house without an HOA, it wont be a stretch on the budget, and take the $50k to invest in a property that makes you money.