Just for the sake of argument, I'm outlining a few assumptions. The major one is that if something can go wrong, it will go wrong, so I always plan for the worst.
Assuming a $200,000 property with 5 acres and a decent house. Taxes $3k per year. The loan will be $175,000 at 4% for 40 years with mortgage payments of $1,040 per month. Monthly utilities add another $1K per month. Add a small tractor for taking care of the land for $10k and $1k per month for food and gasoline, etc.
That means a minimum of $3K of income per month to stay afloat.
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