Can I withdraw ROTH 401K somehow?

[Maple Grove MN Driver]

Most lenders will require that you have that money on hand prior to closing and will verify that by checking the past several months checking account statements.

That is the beauty of a VA loan. 3% origination fee and low closing costs.

3% Origination Fee? You got ripped off.
Paying Cash is the only way to buy real estate.

 

[Maple Grove MN Driver]

Taking out a loan in order to qualify for another loan.
Murica'!!!

The lack of Financial Literacy in America is scary.

 

[IVE GOTTA PACKAGE 4U]

That also assumes that you will be alive to take the money.

Or maybe it would just be nice to retire early, on your own terms. Don't you want your wife to be taken care of if sonsometh happened to you??

 

[1989]

Stealing from your future to pay for your present is not more beneficial.

Unless you’re living on the streets.

 

[UpstateNYUPSer(Ret)]

It may not be stupid, but it certainly was never explained to me at work. And in fact they never told me about this at work. I have asked around at work and absolutely no one knows anything about the ROTH 401k plan. Wouldn't that be nice if someone in fact did call us and inform us about each scenario? It benefits them as well for us to pay into it. Also, it shows that they care, which, atleast in my center is one of the lowest priorities to management.

Of course not being able to withdraw from the ROTH 401k isn't going to break my wife and I getting the house, we have the savings to cover it. But would've been nice to been able to use it as hardship for first home as a lot of other 401k plans let you do for a bit of a buffer, you know?

Thank you for your reply.

There are a myriad of tutorials on the Roth 401k online.

Why do you feel that it is up to your employer to educate you on this or any work related topic?

 

[UpstateNYUPSer(Ret)]

Arguable, depending on your situation.

Unless your situation is a true hardship then it is always best to leave your retirement savings alone.

Not wanting to drain your savings is not a true hardship.

Not having enough for a down payment means you should not be buying a house.

 

[UpstateNYUPSer(Ret)]

3% Origination Fee? You got ripped off.
Paying Cash is the only way to buy real estate.

Purchase price was $82K and I financed $85K. On the market for $110K.

 

[Maple Grove MN Driver]

Purchase price was $82K and I financed $85K. On the market for $110K.

I close on a group of 12 Townhouses on Friday. 4 units per townhouse.
46 of the 48 are rented.
Rent is 650 a month per unit.
29,900 in rent per month is what I will collect
31,200 when all 48 are rented.
374,400 per year when all 48 are rented.
I am writing a check for 900k.
After this acquisition my rental portfolio will be as follows.
My monthly gross rental income will be 140k.
My monthly net rental income will be 100k
1.2 million in my pocket a year.

I plan on purchasing 80 to 100 more properties this year.
For 2019 my goal is a monthly net of 250k.
An additional 175k to 200k increase per month in 2020 to 2025
By 2025 I want to net 1.25 million per month at a minimum from 900 to 1000 rental units.

 

[Rack em]

I close on a group of 12 Townhouses on Friday. 4 units per townhouse.
46 of the 48 are rented.
Rent is 650 a month per unit.
29,900 in rent per month is what I will collect
31,200 when all 48 are rented.
374,400 per year when all 48 are rented.
I am writing a check for 900k.
After this acquisition my rental portfolio will be as follows.
My monthly gross rental income will be 140k.
My monthly net rental income will be 100k
1.2 million in my pocket a year.

I plan on purchasing 80 to 100 more properties this year.
For 2019 my goal is a monthly net of 250k.
An additional 175k to 200k increase per month in 2020 to 2025
By 2025 I want to net 1.25 million per month at a minimum from 900 to 1000 rental units.

Looks like awesome money, but waaaaaaaaay too much work. How do you plan on keeping up with all those properties? Over 100 properties is insane!

 

[Maple Grove MN Driver]

Looks like awesome money, but waaaaaaaaay too much work. How do you plan on keeping up with all those properties? Over 100 properties is insane!

I plan on purchasing as many as 100 more this year.

Have a property management company that takes care of everything

 

[Brownslave688]

I close on a group of 12 Townhouses on Friday. 4 units per townhouse.
46 of the 48 are rented.
Rent is 650 a month per unit.
29,900 in rent per month is what I will collect
31,200 when all 48 are rented.
374,400 per year when all 48 are rented.
I am writing a check for 900k.
After this acquisition my rental portfolio will be as follows.
My monthly gross rental income will be 140k.
My monthly net rental income will be 100k
1.2 million in my pocket a year.

I plan on purchasing 80 to 100 more properties this year.
For 2019 my goal is a monthly net of 250k.
An additional 175k to 200k increase per month in 2020 to 2025
By 2025 I want to net 1.25 million per month at a minimum from 900 to 1000 rental units.

900k for 30k a month in rent is a steal.

 

[Rack em]

I plan on purchasing as many as 100 more this year.

Have a property management company that takes care of everything

So you just put up the money and other people do the work?! That's ing awesome!

 

[brown_trousers]

3% Origination Fee? You got ripped off.
Paying Cash is the only way to buy real estate.

lol.. who would pay 3% origination??? that is highway robbery. for a 300k mortgage, that would be $9000 origination fee. please tell me that this is not true!

 

[brown_trousers]

No in-service withdrawals allowed. You should have saved the money in a savings account for that purpose.

uh-oh. I have been contributing into the roth 401k also. I was always told that a 401k, roth or traditional, can be rolled over to an IRA. Is this not true???

 

[1989]

lol.. who would pay 3% origination??? that is highway robbery. for a 300k mortgage, that would be $9000 origination fee. please tell me that this is not true!

My last mortgage was was with Wells Fargo I believe. $495 origination fee.

 

[brown_trousers]

My last mortgage was was with Wells Fargo I believe. $495 origination fee.

When I bought my house, it was a standard 1% origination at most lenders. 3% sounds ridiculous!

 

[1989]

uh-oh. I have been contributing into the roth 401k also. I was always told that a 401k, roth or traditional, can be rolled over to an IRA. Is this not true???

I believe you can only roll them once you separate

 

[UpstateNYUPSer(Ret)]

Looks like awesome money, but waaaaaaaaay too much work. How do you plan on keeping up with all those properties? Over 100 properties is insane!

Property manager.

 

[UpstateNYUPSer(Ret)]

When I bought my house, it was a standard 1% origination at most lenders. 3% sounds ridiculous!

No down payment or MIP tends to make the 3% sound pretty good.

 

[DriveInDriveOut]

No down payment or MIP tends to make the 3% sound pretty good.

Next you're going to explain all the benefits of leasing your Camry.