Still on the search for ‘positive cash flow’ property and the second one was much harder to find. It seemed all of Auckland had been at Dolf de Roos ‘ three day property seminar that I had attended! We would have to be creative.
My husband had a brainwave. He ‘letter dropped’ the area we were interested in and, despite being chased by a crazed man growling like a dog(!), his plan worked.
We had two replies and bought another house just down the road from the first. This one had a large section so we were able to add a three bedroom minor dwelling and ‘hey presto’, another stream of rental income. Having two streams of income like this means less risk. Should one lot of tenants move out unexpectedly, you will still have some money coming in.
A note on this strategy is when you come to sell, the property will mainly be of interest to investors. They will want a bargain! So, don’t sell!!