I have an inside opportunity to purchase lakefront property in a highly sought after resort area in MN. I can purchase the lot with $30k, which will get me an interest in the lot. ($350 - $450k value) Then I can flip my interest in the lot and gain the profit there, either immediately or wait and sell when the homes actually start going in. I can realistically expect to gain somewhere between $50k to $75k on this in the next 12 to 18 months, or maybe $20k if I flip it quickly.
Can I do this inside my 401k? If so, I need to know who to talk to in order to get it done.
Thanks for the info. Is a lot loan like a construction loan, where there are no payments until the home is completed?
I’m sorry that I can’t divulge information on the exact location. Suffice it to say it’s in a major resort area on a prime lake. That’s about all I can say, sorry.