We have a mortgage for around 85k and house worth around double that. We have no other debt and currently manage mortgage payments on a p/t wage no problem as we are pretty frugal.
We have 60k which we had put away to extend our home however we no longer need to do this.
My dh feels the 60k sitting in saving account not earning, not doing much at all and that he'd like to invest it in another property.
We live in an area popular with tourists and also hard to find rental property esp on the cheap side. Plenty available if you have 1000pcm but next to nothing for less than 500. The odd cottage comes up through word of mouth for cheap and these are always snapped up.
There is a little holiday style chalet for sale. Old person has died and now lying empty. It was their permanent home although not standard construction. needs new roof etc but was valued at 100k end of last year. Its on a nice plot with a decent garden which i am sure alone would be worth 60/70k.
Its on the market at offers around 75 but open to offers.
Does this sound like a crazy idea? We might not be able to do much initially but in years to come when we have a bit more cash I'm sure we could do plenty.