Looking for an income stream
Posted on February 26, 2011
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My 401(k) loan got approved so next week we’ll have enough money in the bank to pay cash for a house. A “paid for” rental will be a nice little income stream and hopefully will help boost my poor credit rating. The plan is to pay cash for 1 house and then in July (if I still have my job) put 10% down on a second rental. Houses are so cheap in Reno and Sparks right now that you can actually cash flow with only 10% down if you’re patient to find a good deal. All income (and other spare cash) from the 2 rentals will go into paying off the second 1; the hope is to pay it off in 2 years along with the 401(k) loan so I can quit my job without getting hit with taxes and penalties on an early distribution.
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