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Passive income properties

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Hoss | 23 Jul 2015, 09:45 PM Agree 0
I've just finished a the Steve McKnight book 0-130 properties in 3.5 years. He goes by his 11 second rule, weekly rent divided by 2 multiply by 1000 should be the max buying price! I've been doing a lot of research around my area and can't even get close to this target. Is there any such thing as a passive income property any more or am I doing well to find a property that the rent covers the repayments? I don't have a huge income but my house is valued at $250,000-$270,000 and I owe $80,00. I've thought a lot over the last 5 years of getting into property investing but have only started looking into it fully. I've found in my area the rental yield is around 6.5% and am wondering if a house in this range is reasonable or not? My goal I guess is to build a portfolio of properties but am concerned that I'll only afford one that I'll have to sit on long term to find small gains?
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