Hi fellow mustachians
We're looking to buy a house that can be divided into an upstairs/downstairs arrangement. We'll rent out the downstairs and live upstairs.
Here's the figures:
House cost: $750,000
Mortgage required: $187,000
Term: 30 or 20 years
Fixed interest: 5.25% with ability add up to 500 more each fortnight (fixed)
Annual salary: 44,590
Passive income: 20,000
Additional payments to mortgage: 7,800
Annual expenses: 23,000
Residual income: 36,790
Rental income: 360 - 400 per week
We'll use the rent to pay the mortgage, the passive income to pay the expenses and the salary to top up the expenses, top up the principal payments and invest the rest.
Does this sound OK? I've gone over and over it in my head and just need an external perspective now.
Accrued thanks to you!