- Originally posted by krautcan:
So what you are saying Michael is that you pay $200/week out of your wages into the property to cover the costs and then take $10k back out of the equity and pay 7%interest on it?
No not at all.
Thnaks still thinking cashflow.
That’s still thinking I need to wrok for a living and my properties.
What I am suggesting is you use a line of credit or something like that as a “big credit card” from which to pay off your shortfall.
Paying your shortfall out of your wages won’t get you far.
Sure this is a more advanced concept and not always for beginners, but its teh way the rich get richer and clearing explained in my book How to Grow a Multi Million Dollar Proeprty Portfolio – in your spare time.
It will be worth the read
Michael Yardney
METROPOLE PROPERTIES
Publisher of Australia’s leading property e-magazine.
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