Buying the second rental property

[Vy Mai]

To The BP world:

I like to set my goal because it keeps me alive and focused. So far I have achieved what ever I set out to do financially. My next goal is to buy another rental income property within the next 6 months. 

Plan A:

- We have $10K in our roth ira as emergency money.

- Save to $20k within 6 months.

-Take mom's 401k out.  We'll borrow her $15K

- Buy a condo for $150,000

- Net after payments: $400. We'll give mom $200 profit and start paying her back her $15K

- We will give her profit money until my parents pass away.

Plan B:

- Refinance our primary residence to free up some cash and keep saving to buy the next house.  Maybe Plan A and plan B can be together.

Plan C:

- Take out home equity loan on the 1st rental property to buy a 2nd rental property.