Retirement Account(s) with a Loan Provision Option
Hi BP World,
Here is my situation, I currently have a 401K plan with my employer which I contribute to weekly, this plan does not have a match option.
What I would like to accomplish
I would like to borrow against this 401K plan, however my employer plan does not have a loan provision option. I am willing to rollover from my current 401K plan to another as long as this other account has a loan provision option.
Options that were proposed to me
- I was looking into a self-directed 401K plan, however when I spoke to a representative @ Schwab their plans do not have a loan provision option either.
- Roth IRA accounts, no loan provision option
- Personal Choice Retirement Account, no loan provision option
What is the reasoning for wanting to do this?
I've met a house flipper who has healthy deal flow and I would like to have an account that has a loan provision option so I can borrow against the account whenever he gets new deals and pay back into that account without incurring any tax hits from the federal or state governments.
I would like recommendations on a retirement account or any account that I can borrow against. I realize I would probably need to speak to a CPA and other resources.
Thank you BP World