All Forum Posts by: Arnold Caceres

I personally used my 401k to buy my home back in 2017 so I know from experience its a pretty easy process. You simply call your 401k provider and let them know you are trying to borrow money to use as a down payment for your home purchase. There is a limit of how much you can borrow to use it towards a down payment. Typically you can borrow up to 50% of your vested value or up to 50k. I would recommend to check with your 401k bank to make sure. Once you take out the loan you make payments via your payroll every month. What's great about using your 401k is that the payment wont count against your monthly liabilities so it wont affect your borrowing power for a larger mortgage. Hope this helps.

@Albert Bui @Matthew Kwan

Thank you. I appreciate your response. The need for money got me thinking of alternatives and it’s good to see others have tried tapping into savings for real estate as well. It’s the way to go!

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Hello all,

As many others in corporate America, I have some savings tied up in a 401k. I still have many years before I can retire and withdraw penalty free, but I was investigating and saw I’m able to take out a loan against my savings and could use it for a home purchase.

This gives me a bit a cash to play with but wanted to check if others have considered the same? My view is that I can get a higher return by parking that cash in real estate as opposed to having some fund manager get me marginal returns on my savings.

Appreciate any thoughts or comments. I’m scrapping up money to invest and this 401k just sitting there barely appreciating (I actually lost money with inflation) .

Thanks

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Quote from @Chris Seveney:

@Arnold Caceres

If the county does not have it online then go to the county with the parcel number and review it with them

Thanks. I see the county has a dedicated line for these questions so I’ll give them a ring.

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Hello all,

I’m looking to buy land to build on but I’m having a hard time figuring out the zoning for my district. What’s a good source of information on what you can or cannot do on a parcel? What sources do you recommend for evaluating properties?

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Hello all,

I gave priority to buying my primary residence given that I rented for the past few years. However, once I get my own home purchase out the way, the next move is to start building a rental property portfolio.

I have some money saved for investing but not much. It seems that I will likely need a decent down payment to get a cash flowing rental property.

What alternatives do I have to raise money for the down payment? My earned income will be going towards my own house and living expenses with little left over for investing out of pocket.

How did you overcome the challenge of not having enough money for your first deal? My savings are falling short after my home purchase so I need alternatives that can be implemented right away (ie I don’t want to wait 5+ years to have sufficient savings to only then invest in rental).

Any feedback is welcomed.
thanks

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All Forum Posts by: Arnold Caceres

Arnold Caceres has started 3 posts and replied 5 times.

Post: Borrow against 401k for real estate?

Post: Borrow against 401k for real estate?

Post: Parcel Zoning information?

Post: Parcel Zoning information?

Post: Closing on primary residence then looking to invest!