All Forum Posts by: Brionne Johnson

Hi @Brionne Johnson its not the company you used to work for that controls whether or not you can take a loan its the 401K plan policies. Lots of fidelity plans for instance will do it. If your plan doesn't allow you can roll over into one that does. Loans by IRS regs can be half the value or 50K whichever is less. Payback is usually over 5 years, and some plans have 15 year amortizations for primary homes

Oh, ok. I understand. I will reach out to the company and see what they say. Thank you!

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Quote from @Dmitriy Fomichenko:

@Brionne Johnson,

There are several possible scenarios:

- taking a loan from your 401k to help finance your personal investment

- taking distribution from 401k and using proceeds to buy personal investment property

- converting your 401k into self-directed 401k and then buy property inside of your retirement account

- using someone else's 401k as the lender to fund your deal

Which one you wish to do?

Wow, I didn't know there were so many options. I need to do a little more research because I cannot take out a loan on my 401k since I no longer work for that particular company

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Quote from @Nicholas L.:

@Brionne Johnson

can you house hack instead?

I cannot house hack due to personal reasons, but I may try a live in flip.

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Wow, I didn't know there were so many options. I need to do a little more research because I cannot take out a loan on my 401k since I no longer work for that particular company.

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How does using your 401K work? What types of forms are needed? What is the process like? What might be some consequences of this? I really want to get started investing in my first property. I'm looking for creative funding, or something to help. Any information would be greatly appreciated.

2 Votes

All Forum Posts by: Brionne Johnson

Brionne Johnson has started 1 posts and replied 5 times.

Post: Working with 401K funding

Post: Working with 401K funding

Post: Working with 401K funding

Post: Working with 401K funding

Post: Working with 401K funding