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Updated 11 months ago on . Most recent reply
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I need liquid for a down payment how to get it
So, I kind of of got myself into a pickle. To shorten the story. I'm supposed to close on 2 properties this month.
one property is a rehab which wants cash. 105k the other property is a investment property. 25% down. 57k plus closing cost of 12k so 69k
So I will need about 175k for both properties. I have 90k in cash in a savings account. For the remaining I thought I could borrow 50% of my 401k to make up the differences of the 85k. but I found out I can only max out 50k so that leaves me a balance of 35k. I'm not sure what the best approach for this is. my lender is away so I didn't want to bother him till he returns but can the closing close be rolled into the payment? That would free up 12k ... I have around 300k in a company stock account that does well with dividends, so don't really want to sell of shares.
Would taking a personal loan or doing a margin loan make sense? if the 12k can be rolled over. i would just need 23k if not would be the balance of 35k.