Sell house, buy $340,000ish dollar duplex. Rent out half, live in the other half.
Now take the remaining $60,000, put it in a CD ladder that pays out $5000/year. The rent from the other side gets paid into the same account as the CD ladder.
The account can be used in its entirety for household expenses, repairs, and upkeep. It pays out 80% of rent to me every month, unless I did more than $1000 worth of work to the house that month, then it will only pay out 50% that month.
My questions are; What type of account does this? Can I put strict rules in place like this that I'm forced to follow? My schizophrenic ass won't follow them unless someone else is making me.
Also, what would you change about it if it were you?
Submitted July 21, 2021 at 08:50PM by pillfromdarkweb https://ift.tt/3zhM5dE
