Hi everyone, first time posting. I figured I would consult the collective Mustachian wisdom out there.
I am looking to move to Denver for work at the end of the month for my current employer. I will be working in the lo do area.
Currently I am trying to evaluate my options for housing. The way I see it, I have two possible options.
1. Shell out ~$1,000 a month for a rental within a reasonable distance (biking) from lo do.
2. Borrow against my 401k to scrape together a 20% down payment (no PMI) to purchase a home within the same area. If purchased, property must have decent potential as a rental property as relocation in 2-3 years is highly probable given the nature of my work.
Employment is relatively stable, and I figure I could pay back my 401k within a year without reducing my 401k contributions (18k a year). I know the prevailing wisdom is to not borrow against 401k balance, but it seems like it would be a decent approach to access my funds to diversify my holdings into real estate as long as I exercise discipline and rapidly repay the loan balance.