Effectively, I can convert the draw for a certain amount into a loan and pay it off at the current interest rate.

Prices have also outpaced the growth of rents and inventory is low, so finding a deal that I can house hack effectively has been tough. 

Hi All, in recent re-finances of loans I have noticed the lender asking me to confirm via signed statement that my income has not been effected by COVID.

It could effectively be used by buy properties, as you could pay off existing mortgages (acceptable use) and use that equity to acquire new ones. 

With forbearance still in effect, I think it is too early to tell for residential and collections in the multifamily space have remained steady from what I have seen.

Due to COVID effecting my residency i no know i will have to leave.

The repayment terms for a 401k participant loan are equal monthly/quarterly payments of principal and interest (typically prime plus 1%) over a 5 year term (longer if used to acquire your principal residence).Please note that if you take a full $50,000 and then pay back the loan, you can't take another $50,000 until 12 months after the first loan was fully paid back.Per the loan offset rules that went into effect with the 2018 Tax and Job Act: if you leave your job and the loan is current at the time you leave your job but then the loan goes into default because you left your job, you will have until your tax return deadline (including any timely filed extension) to make the loan current by depositing the outstanding balance into an IRA (and thereby avoid the taxes and penalties that would otherwise apply).Please keep in mind the multiple loan rules:Under those rules, the sum of the balances of a participant's outstanding 401k loans under a single 401k plan (using the highest outstanding balance of each loan over the last 12 months) can't exceed 50% or $50,000 whichever is less.

But, I do understand they are still effectively pass through entities so their profits, active or passive, are being spit out to you on a K-1 form every year.If you are using a traditional bank (e.g. wells Fargo, Chase, etc.), they have been slapped with so many regulations after the 2008 crash apparently, they are now originating a mere fraction of the loans nowadays and are in the minority. 

I have seen people mention postcards, hand written letters, and so forth, but I want to know what has been effective for the BP community, especially in my area.Thank you all for your time and I look forward to reading the responses!

The repayment terms for a 401k participant loan are equal monthly/quarterly payments of principal and interest (typically prime plus 1%) over a 5 year term (longer if used to acquire your principal residence).Please note that if you take a full $50,000 and then pay back the loan, you can't take another $50,000 until 12 months after the first loan was fully paid back.Per the loan offset rules that went into effect with the 2018 Tax and Job Act: if you leave your job and the loan is current at the time you leave your job but then the loan goes into default because you left your job, you will have until your tax return deadline (including any timely filed extension) to make the loan current by depositing the outstanding balance into an IRA (and thereby avoid the taxes and penalties that would otherwise apply).Please keep in mind the multiple loan rules:Under those rules, the sum of the balances of a participant's outstanding 401k loans under a single 401k plan (using the highest outstanding balance of each loan over the last 12 months) can't exceed 50% or $50,000 whichever is less.