To liquidate or Not to liquidate

[Jeshua Patrick]

First, some context. I just recently left a good stable job for a job that appeared to be an opportunity for professional growth. I was upfront on my current skill level and abilities and was offered a temp to hire position with the company with a 90 day upfront contract period. Today was two weeks from the end of my contract period and despite feeling like I did everything asked of me they said I wasn‘t working out and terminated my contract. So to my point, I have a 401k from my previous job worth $80k, $50k after tax, plus about $20k in cash and at least $30k in available credit. I have a couple potential leads on properties I could possibly flip. If I could get one under contract at a price that makes sense would it be worth taking the tax hit, assuming I could make back the loss in taxes of course? Obviously an SDIRA is out of the question for a flip. Go...

[Thomas S.]

Without a job your chances of success is likely very low. Get your career back on track first then consider risking all your saving in real estate investing.

No job means no safety net so when the flip hits the skids you will not recover. You are looking at a extreamly high risk gamble regardless of your past experience.