{ "media_type": "text", "post_content": "Anyone use loans for renovation on a flip before? I’m looking for about $20K to work with and am debating taking it from my 401K vs loans", "post_id": "616dd25e28a8a5003354e184", "reply_count": 2, "vote_count": 2, "bowl_id": "5a5242b78e26290018502ca0", "bowl_name": "The Real Estate Bowl" }

Anyone use loans for renovation on a flip before? I’m looking for about $20K to work with and am debating taking it from my 401K vs loans

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Do you own a primary residence? If so, can you take out a HELOC? How experienced are you in flipping? What’s the projected return on the $20k you’re using? Are you using financing for the purchase of the property as well, or are you doing cash for the property and just coming up a little short on the flip? $20k doesn’t seem like enough money to justify paying the 10% early withdraw penalty + normal income tax rate, especially if you’re in a higher tax bracket. You could almost open up a new credit card that has 0% interest for the first 6 to 12 months and use that if it’s only $20k.

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$20k is not much to work with but all depends what you are trying to do. Good brokerage teams are often paying that amount to do a “light flip” before marketing for sale. They just take the loan back with 0 interest out of escrow (on top of their brokerage fee)

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