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Updated almost 7 years ago,
Borrowing from your 401k question!
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!