$300k. ADU, HYSA, Pay off debt?
$300k to invest. Our goal is moving abroad in 5--8 years. We'd be 55 and 51 years old and need to bridge the gap until Social Security. We would be living in low cost of living countries in Central America and Asia, so $6k to $8k monthly would return a nice standard of like.
We live in Southern California, own our home at 3%, $550k remainingn on mortgage with $100 HELOC at 7% interest only. We have a 1 acre desirable lot with pool, putting greens and pickleball court, so it would rent for a premium while we travel probably $7K. We have $2k of recurring income from another investment.
Here is the question. With the $300K we are considering building a 2bd 2ba ADU, which would rent for around $3k. That's $10k or more renting out both which would get us to where we need to be monthly. Our household income is about $400k, so we could pay off Heloc and other minimal debt over time before we move abroad.
Is the ADU the best use of our savings given our goal? Thanks!
Submitted December 15, 2023 at 09:31PM by jtsscrolling https://ift.tt/uhdJUkM
