All Forum Posts by: Mike Hay

@Denver Gray, @Robert Leonard, thanks guys. Good to know there are local folks I can reach out to! 

@Andrew Syrios thanks. I lived in Springfield, MO as a kid. Loved that place. 

@George Blower Thanks for the links. I did find all of that information while trying to find an answer. Like Dmitriy said, I guess specific requirements would be a question for my plan administrator. 

@Alexander Owen That is correct about my plan. It requires that all loan options be tapped before hardship withdrawal would be permitted. 

@Dmitriy Fomichenko Thanks for the helpful links and tagging tips. 

Thanks @Courtney Fricke. I’m planning to focus on Baker/Zachary/Central for now. 

Thanks for the offer of help @Jeff V. I’ll be sure to remember that if I need some advice. 

Yes @Matt Motil, stumbling sums it up well. 

Thanks Shaun. I’m an operator also. I’ve been here lurking for a while, gorging my brain on all the info. I never had much of an interest in real estate until I had my first taste. No going back now. 

No, nothing in life can prepare you for triplets. 

Good advice. Thank you kind sir. 

Thanks for the reply Dmitriy. 

My plan lists purchase of a principal residence (down payment, closing costs, etc) as an eligible hardship as long as required documentation is provided. Am I missing something? 

I don’t intend to touch my 401k. This just seemed like an interesting question and couldn’t find answers anywhere. 

I’m still learning the layout here so my apologies if this is in the wrong forum. 

My question pertains to a 401k hardship withdrawal. I’m aware of the 10% penalty and income tax ramifications and that it is generally a bad idea to withdraw under most circumstances. 

But....If my 401k plan allows me to take a hardship withdrawal to use as a down payment on an owner occupied residence, is it then possible to do a cash out refinance on the property 1-2 years down the road? Effectively recovering the 401k withdrawal as cash (minus penalties, taxes, closing costs of course). Assuming all LTV requirements are met and I still occupy the home.

The question popped into my head and I can’t find an answer anywhere. 

Thanks in advance to anyone who may have answers. 

Hello all, my name is Mike Hay and I’m from Zachary, LA. I work for a chemical manufacturing company and have owned a sfh rental for 2 years. 

My wife and I became accidental investors 2 years ago when we moved into a larger home to fit our growing family. We kept the first house as a rental and quickly realized the power of RE investing. After being blessed with triplets, we realized RE investing could be a great help to us in the future for things such college expenses for the triplets. So we decided to keep going. We’re still working out our long term goals but our immediate goal is to buy our second investment property in 2018. 

I’m passionate about expanding my knowledge and experience and look forward to learning as much as I can, and then putting it into practice.