Should you cash out your 401k to buy rental real estate? That’s our first question on today’s Q&A Monday! On this episode of Investing in Real Estate, I’m tackling three listener questions.
Today’s Q&A episode features listener questions about cashing out a 401k, dealing with tenants who can’t pay during the pandemic, and finding private money partners. Press play to hear my A’s to your Q’s!
On this episode you’ll learn:
- What to do if you’re considering cashing out your 401k.
- How to respond if your tenant can’t pay their rent.
- How to find real estate partners.
What to Do If You’re Considering Cashing Out Your 401k
Should you cash out your 401k and invest in real estate? That’s a personal question. While I can’t give you financial advice, here’s are a few things to consider. Do you qualify for the CARES Act? Do you want your future tied to the stock market? Could you make a better return in a self-directed account?
How to Respond If Your Tenant Can’t Pay Their Rent
If you have a mortgage on your rental property, contact your bank and ask about their forbearance programs. You may be able to suspend payments under the CARES Act for up to 12 months. You can also call your local municipality at 611 to see if you or your tenant qualify for assistance. If nothing else, consider selling the property.
How to Find Real Estate Partners
Under normal circumstances, I’d suggest going to local meetups. You may be able to attend virtual or socially distant meetings. Otherwise, LinkedIn can be a great place to find real estate partners.
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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