I may or may not need to send a $30k wire around this time next week for a property at auction. The problem is I don't know whether or not I will need to send it until Tuesday night when the auction ends. If I am the winner, I have 48 hours to send the wire.
We run pretty lean in cash. Between the emergency account and random savings accounts we have around $8k in cash. I really don't want to sell stocks in my taxable account and trigger gains, especially because I would have to do that now to get the funds in time and there is no guarantee I will win the auction.
I was reading about the short term IRA loans in the link below and it could be a great solution. Has anyone done one before? Is it as simple as selling $30k in stock from my Roth IRA account and just making sure I replenish it within 60 days?
https://www.nasdaq.com/article/dos-donts-for-taking-a-shortterm-loan-from-an-ira-cm227795
