Orlando, Birmingham & Memphis

[Jennifer Shambrook]

My husband and I have a former residence/rental in Memphis, four houses in the Birmingham area (and currently in the final stages of closing on another there), and we are looking at properties in the Orlando area where we now live. I work and he is a stay at home dad. I am a little over 6 years from my State Teachers Retirement benefits. We are buying as a part of our retirement income strategy. I am also a cookbook author with books on Amazon about home food preservation. I have already learned about Solo 401k through BP and am hooked on listening to the podcasts during my commute time and while doing kitchen projects. Of the seven homes we now own, four were foreclosures and one was a short sale. The other two were listed on the market a long time and the sellers were in a situation where they had already purchased their retirement homes and were very motivated. We use property managers on our Memphis and Birmingham properties. We haven't decided whether we will do that with any properties in closer proximity. Husband is handy and he has done or oversaw renovations on our existing properties. Our goal is to replace my income through various revenue streams and have a solid net worth of over a million dollars. We hope to be able to do some overseas mission work on the Mercy Ship after I retire if our health stays good.

[Mark Nolan]

@Jennifer Shambrook

Welcome to Bigger Pockets. The following IRS website also covers the solo 401k.

https://www.irs.gov/Retirement-Plans/One-Participa...

https://www.irs.gov/Retirement-Plans/Plan-Particip...