Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 3 years ago,

User Stats

31
Posts
18
Votes
William Mitchell
Pro Member
  • New to Real Estate
  • Gilbert Arizona
18
Votes |
31
Posts

Is it a bad idea pay off credit card debt with my 401k?

William Mitchell
Pro Member
  • New to Real Estate
  • Gilbert Arizona
Posted

Hello All,

This is only my second post so I hope this is the correct  forum. 

We have over $20k in high interest credit card debt and the payments are keeping us cash strapped every month. We are just starting to look at real estate investing and feel that it will critical to pay that off as soon as possible. I have $30k in my 401k and was curious if there was a way to withdraw that to pay down the debt penalty free or with as little fees as possible.  I do not plan on investing any more into the 401k as we are going to be focusing on real estate investing.

We also have $250k in equity in our home but thought we would it might be better to use that for our first investment property.

Obviously we are just starting out in this and not even sure what questions to be asking yet. I appreciate any and all feedback. 

  • William Mitchell
  • Loading replies...