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Updated about 13 years ago,

User Stats

116
Posts
11
Votes
Toni D.
  • Rehabber
  • Fillmore, CA
11
Votes |
116
Posts

Wholesale Process with a Restricted 401K

Toni D.
  • Rehabber
  • Fillmore, CA
Posted

In process of buying an investment from Wholesaler, a Short Sale, have cash with our Corporation, but it is a restricted 401K which cannot do partner & or have loan docs. This is our 1st Wholesale deal, but no one seems to know the process & understand the restriction we have with our 401K. It is not a self directed IRA. We are not on the Purchase Contract so trying to figure out how to close & change title the same day. Our corporation cannot loan the money to the wholesaler because its not allowed with our 401K.
Can someone send us some directions, Thank you in advance for all your assistance.