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Updated almost 7 years ago,

User Stats

222
Posts
294
Votes
Cam Jimmy
  • Investor
  • Anchorage, AK
294
Votes |
222
Posts

Borrowing from your 401k question!

Cam Jimmy
  • Investor
  • Anchorage, AK
Posted

I've been aware of the strategy of using your 401k to borrow money from to buy real estate for some time now. You can borrow up to $50k and pay interest to yourself... got it...awesome. However, in my area the houses and multifamily buildings are not cheap. The average house probably costs 250-300k, and probably 400k+ for a duplex. SO here is my question, IF I had multiple 401k accounts (1 vanguard 401k, 1 fidelity account, etc..) could I borrow 50k from each one? That way if my and my wife each had 2 accounts, we could borrow 200k to purchase real estate with. Is this even possible, and if so has anyone ever done this? I hope I am on to something here!

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