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Question By
legenddp

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Lost Job! Want to move 401k somewhere so I can easily take a loan out against it???
Want to buy a handy man special to fix up as a rental property. Would use the rent to pay back the 401k loan. My question is where/who can I move my 401k plan to so I have easy access to it so I can use it for the loan. Anyone got any ideas would be appreciated.

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DON'T!!!

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Very few people pay back the money borrowed from a 401K.  Also, there are penalties for withdrawal unless you have reached the retirement age, and the money will also be taxable. 

And, the real estate market is still not strong, so you may not be able to flip the fixer as quickly as you plan.  The major problem with fixers is that you truly do not know how much you'll have to pour into it in order to get it up to code.

Try some other avenues, please, before you make what could easily be a major financial blunder.

Reply by
legenddp

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Let me rephrase my question. I am 53 and just lost my job of 25 years. I am considering purchasing fixer uppers to begin an invensment and retirement portfolio. I want to become a landlord. I do not want to rob my 401k but I would like to move it some place that #1 that  I can control my investments easily and #2 so I can take a loan out against it for the purchase of my starter property. Any suggestions other than get back to what I need not what I want would be great.

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