We have reviewed the holdings in our high yield model portfolio; here’s a look at some of our current favorite ideas for income investors, suggests Ian Wyatt, editor of High Yield Wealth.

Plum Creek Timber (PCL)

The housing market is recovering, and there is more recovery to come. That there is 50% upside to reach historical norms is good news for Plum Creek Timber, the largest owner of timberland—5.7 million acres—in the United States.

What's more, there is plenty of room to raise the price Plum Creek can ask for its output. In the South, where Plum Creek has a large presence, sawlog prices remain depressed at around $25 per ton. At the historical average of 1.5 million starts, southern sawlogs average roughly $38 per ton.

So, Plum Creek shares have plenty of room to move higher. Of course, the time to buy is before the shares move. The good news for investors is that they are paid a 3.9% yield—one of the highest of all housing-related stocks—while they wait for the move.

The Procter & Gamble Company (PG)

There are many reasons to buy P&G shares. Topping the list is P&G's standing as a premier legacy investment. It is the rare investment you can buy and literally hold forever.

P&G owns the best portfolio of consumer products brands in the world. It boasts a global presence few companies can match.

It has a long history; it's been around for 124 years and it has paid a dividend every one of those years. The stock yields 3.3%. What's more, the dividend grows 8%-to-10% year after year—for 58 consecutive years.

What's more, P&G is hardly resting on its laurels. The company has ambitious plans to cut $10 billion in costs from its operations this year. At the same time, it's expanding aggressively into markets where the middle class is burgeoning, most notably China.

With P&G, investors get first-class dividend growth, near-certainty of price appreciation, and peace of mind from owning the best-branded company in the world.

Natural Resource Partners (NRP)

It's been a volatile three months for coal royalty trust. A kidney shot was delivered by the EPA, which had amplified its anti-coal rhetoric. The good news is that NRP units have recovered and now trade above $16.

Don't buy the "coal is dead” narrative. It's not true. Worldwide, coal is the second-most-consumed energy source, trailing only oil. Here in the States, coal is still very much in demand.

In fact, the US Energy Information Administration predicts that coal's share of electricity production will actually increase to 40.3% from 39% in 2013. Unlike with electricity, where utilities are able to switch to natural gas, there is no substitute for coal in steel production.

Many investors buy into coal's imminent demise. That's good news for investors looking to pick up yield—currently 8.6%—and, yes, even growth, in one of the most misunderstood commodities out there. 

Subscribe to High Yield Wealth here…

More from MoneyShow.com:

Retirement Trio: Growth and Yield

Low Risk, High Yield Play on Asia

Rayonier: Timber Times Two