My brother in law took out 200k from his 401k to put a down payment on a $1.2mil USD house (in 2023) that sold for 600k in 2019, is currently assessed at $650k, and is surrounded by houses currently for sale under $700k.
His intention was to pay back once he sold his previous house, but he found out nothing the previous owner (of his old house) did had permits, and the entire house (including his own kitchen remodel by an unlicensed contractor ) was not up to code.
So he had to sell the old house “as is” or he wouldn’t be able to pay the first mortgage payment on his new house that’s over $8,000/m.
My brother in law took out 200k from his 401k to put a down payment on a $1.2mil USD house (in 2023) that sold for 600k in 2019, is currently assessed at $650k, and is surrounded by houses currently for sale under $700k.
His intention was to pay back once he sold his previous house, but he found out nothing the previous owner (of his old house) did had permits, and the entire house (including his own kitchen remodel by an unlicensed contractor ) was not up to code.
So he had to sell the old house “as is” or he wouldn’t be able to pay the first mortgage payment on his new house that’s over $8,000/m.
What a moron.