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Asked 6/19/2009
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Can i buy rental property with the money in my 401K? Can i buy rental property with the money in my 401K? My 401K has taken a big hit, like everyone else, so, I thought I would buy a few rental houses while the property prices are low. Rent them for a few years (if not forever) and wait for the prices to increase before considering the sale of the property. Is it within the guidelines of the 401K rules to attempt this transaction? |
Answer 1/1 - Submitted 6/19/2009
Not unless you are over 59 1/2 and take an inservice withdrawal. Hardship withdrawals.. (only ones allowed while you are still working and under the above age, usually) can only be used for certain purposes,.. with regard to real estate it is for you PRIMARY home only.... You can borrow 1/2 your balance up to 50K... other than that there are not many options while still employed by the sponsor...
Each plan is unique... some don't allow ANY loans or hardships, though most do...
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