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Updated about 1 year ago on . Most recent reply

User Stats

33
Posts
12
Votes
Tyreek King-El
  • Investor
  • Hampton Roads Area, VA
12
Votes |
33
Posts

Looking to Borrow against Retirement to go to Auction

Tyreek King-El
  • Investor
  • Hampton Roads Area, VA
Posted

Hey team. Looking to potentially borrow against my military retirement account to go purchase at auction in my city. Interest on the loan sits at 5% over 5-year amortized period and repayment comes through deductions from payroll, unless I pay in full. Intention is to purchase at auction, and wholesale the place to a cash buyer after redemption period is over if i decide not to hold onto it myself. Looking for general advice as to what if anything, I should be concerned about. I'm fairly confident in my ability to get a place moved after acquisition. 

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