Is it a good idea to withdraw from your 401k plan in order to make a down payment on a rental property? That’s the first question I’ll be answering on this edition of Q&A Monday! Every Monday, I’m answering three of your engaging questions on the podcast.
This episode covers topics like 401k withdrawal, full-service real estate pricing, and zoning issues. I hope today’s show answers your burning questions. Join me for episode 729 of Investing in Real Estate!
On this episode you’ll learn:
- What you need to consider before withdrawing from your 401k.
- The price range of Morris Invest properties
- Things to consider about rezoning a lot.
What You Need to Consider Before Withdrawing from Your 401k
If you’re considering withdrawing from your 401k, there are a few things you should know:
- Most providers will allow you to take a loan, penalty-free. This can be a great way to reach your financial goals. Remember, this is your money.
- There may be extended provisions available to you because of the pandemic. I recommend reaching out to a sharp CPA who can guide you with this decision.
- Depending on your employment situation, you may be able to transfer your 401k funds into a self-directed IRA and invest directly through that account.
The Price Range of Morris Invest Properties
For the most part, none of our properties are under $100k. We have a wide variety of price ranges available, depending on the property type and quality. I recommend booking a call with our experts so you can get a better understanding of how our process works.
Things You Need to Consider About Rezoning a Lot
Whether or not you decide to rezone your lot depends on your goal! For a rental property, I would suggest reaching out to a local property management company to hear their perspective. If you can rezone the lot and make a higher rental rate, that could be a great option. Ask yourself what the value is, if it makes sense financially, and if it aligns with your long-term goals.
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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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