The First-Time Home Buyer’s Guide (Reading)

[Adaora Nwogbo]

I started reading the First-Time Home Buyer Guide and I wanted to ask a question. When it comes to getting ready on the financial side for a home purchase Mindy Jensen says ''You'll want to have more than "just enough scraped together" for the down payment''. When investing in real estate would you consider your IRA and retirement plans as financing funds or is it best to look at other ways to gain funds either through creative financing or using standard saving methods. Im just in the first chapter she might talk about this later but i would like to get some opinions about how some investors approached their first home purchase and also around the topic 'Should and IRA and retirement plans be considered for use for financing? Thanks

[Dawn Brenengen]

@Adaora Nwogbo You can definitely use retirement funds for real estate investing, but you want to really make sure you understand that process. For instance, I would not borrow from my 401k to buy, but I would use a self directed IRA. Also, I think what Mindy was really trying to stress in that statement is make sure you have some cash in reserves to prepare for the unexpected.