Late to the party but...
IO loans are good for flippers and disciplined contractors (those that don't have a set wage). You take an IO loan for a fixed amount that you KNOW you can cover. When the month is good you pay principle when it's bad or you need to replace equipment you just pay the interest. You can get another IO loan in 10 years once your original must be paid normally.
This woman makes me sick. I'm sorry you can't sell your house but c'mon... coach bags and tiffany bracelets? What sort of car does she drive? Plus, I'm lower middle class but I'm no dummy. There is enough food in this house to feed my family for three months. After two months lots of the meals would be rice and beans but we'd eat.
__________________
smoore
|