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Updated over 6 years ago on . Most recent reply

James Fain's profile image
James Fain's profile image
James Fain
  • from Atlanta, Georgia
  • Member since Aug 28, 2017
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James Fain's profile image
James Fain's profile image
James Fain
  • from Atlanta, Georgia
  • Member since Aug 28, 2017
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James Fain
  • Atlanta, GA
1
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7
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General Landlording & Rental Properties

401k early withdrawal

James Fain
  • Atlanta, GA
Posted

Hi. My name is james and I'm trying to get started in my rental business. I have one house right now that I'm trying to get fixed up and rented out. And I Only have about $3000 saved up and was wondering what anyone thought about an early withdrawal from my 401k to get started. I have about $55000 in it. Thanks. 

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Raul R.'s profile image
Raul R.'s profile image
Raul R.
  • Rental Property Investor
  • from New York City, NY
  • Member since Jul 23, 2017
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Raul R.'s profile image
Raul R.'s profile image
Raul R.
  • Rental Property Investor
  • from New York City, NY
  • Member since Jul 23, 2017
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Raul R.
  • Rental Property Investor
  • New York City, NY
386
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492
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Raul R.
  • Rental Property Investor
  • New York City, NY
Replied
@James Fain Penalties are high on early withdrawal you really need to analyze and see if it’s worth it.. Have you considered a solo 401k?? There are many experts on this topic in BP, do a search and you will find them..
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