Hello All,
I am a new Mustachian and am looking for some guidance/opinions. Both my husband and I currently work, but my goal is to stop working in 5 years. I am 30 years old and make $49,000-$55,000 depending on Overtime. We own our own house which includes a studio over our garage that we rent out for $650 a month. This makes our mortgage/taxes/insurance/HOA fees come to about $1,650. I am considering refinancing in my own name so my husband will have his credit freed up so we can downgrade our house in about 1 1/2 to 2 years and rent out our main home.
Is this worth the hassle? We would have to put about $19,000 to pay down our mortgage and for closing costs, but we would then pay about $1,100 per month with our studio rented. How do you all balance putting $ into 401K to retire early, put $ into Vanguard or another fund, and save enough $ for a nice down payment on a house to downgrade financially? Any advice would be greatly appreciated.