My Father is going to pay the house in full (760k) by using the funds in his 401k account through some kind of process through "theentrustgroup(dot)com". They have 1 personal house, 2 rentals and this additional house they are planning on buying. Though this sub it has been embedded in me that a 401k should never be use to buy a house...especially all of it.
Their reasoning:
- No Mortgage and renting the vacation rental house will bring profit.
- 2 other rental properties is giving them profit
- vacation rental house will be my dad's source of income for retirement.
- My mom has a pension/SSS/ 401k (900k), she states that when retirement comes around, she will be recieving 7k monthly
- My dad has his SSS and the new rental house
I tried explaining the possible worst case scenario of slow business..possible natural disasters.. but it did not convince them..
Can you guys give me some advice to convince my folks otherwise?
Are they truly making a wise decision?
Submitted September 11, 2018 at 10:28AM by Just4Redditz https://ift.tt/2x1tG7p
