I have an opportunity to make a real estate investment with my Father that would considerably change my future. Essentially it is buying into an existing
holding he has that would result in equity to me of about $400k (over twice the current value of my 401k account) and include a substantial improvement in my
monthly cash flow as well.
I recently used most of my liquidity to refinance my ARM mortgage in a declining market (stupid position to put myself in, I know). So, the only option I really have to acquire the funds is my employer-sponsored 401k. I have a 401k loan already, so per the plan, I can't borrow anywhere near the amount needed. Regarding any hardship withdrawal angle, Great West says I only have $12k available (against a balance of $170k, does that make sense?).
Thus, the question is: Is there a method to "cash out" or some other lump sum distribution that would not require termination of my employment? I'll still need the job for 10+ years. I understand the heavy tax consequences involved, but in this situation, the math is still heavily in favor of paying the taxes to access the funds.
Family politics (and my Father's own cash flow for the next 10-15 years) prevent him from just cutting me in for free. Any ideas/suggestions will be appreciated.
I recently used most of my liquidity to refinance my ARM mortgage in a declining market (stupid position to put myself in, I know). So, the only option I really have to acquire the funds is my employer-sponsored 401k. I have a 401k loan already, so per the plan, I can't borrow anywhere near the amount needed. Regarding any hardship withdrawal angle, Great West says I only have $12k available (against a balance of $170k, does that make sense?).
Thus, the question is: Is there a method to "cash out" or some other lump sum distribution that would not require termination of my employment? I'll still need the job for 10+ years. I understand the heavy tax consequences involved, but in this situation, the math is still heavily in favor of paying the taxes to access the funds.
Family politics (and my Father's own cash flow for the next 10-15 years) prevent him from just cutting me in for free. Any ideas/suggestions will be appreciated.
