Hi,
My husband and I have just recently opened our eyes to the possibility of investing in property using the positive cash flow approach. (Previously we thought we ‘couldn’t afford’ property investing because mortgages were so high and we weren’t in a high income tax bracket to take advantage of negative gearing).
My question is – how do we get started? There’s so much information out there it feels overwhelming sometimes. I’ve just finished reading Steve’s book “0-130 Properties in 3.5 Years” which was very practical and helpful. I’ve also been involved in a lot of personal development for several years as I’ve been building a network marketing business, so mentally and emotionally, my husband are definitely ready for this new and exciting challenge.
On the practical side, I’ve been spending some of my time looking on line for properties that would be positive cash flow based on his ’11 Second Rule’ but so far have found none. Can you recommend where to look – ie. what regional areas? Also, are most loans for PCF properties ‘Interest only’ or ‘Principal and Interest’? And can an interest only loan be sustained for 25 years? Surely the bank would want it’s money back at some stage?! How does this work?
Any insights/clarity would be appreciated.
Cheers!
[blush2]
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