Am I Crazy buying house with cash with mortgaged property

@alexandratree Some parts of Offaly. I was fortunate to get first refusal on a house for €180k. I've a €157k mortgage using the local home authority loan. I'm renting out a nice double room in the centre of a big town for €580 per month including bills. The €14k in the rent a room scheme you can earn is inclusive of bills. Most people forget that. It's still a great way to make money and give someone a room to stay in.
 
@alexandratree It's a very nice room, in the centre of a big town near all local shops and amenities. €580 including bills works out at €400 per month after you factor in electricity, internet, etc and a house that will only improve. The rent is never going to go up because I don't want to cross the €14k threshold. Don't act like Offaly is a shithole, shitting on rural counties doesn't achieve anything. County councils are charging more than I am too at the moment.
 
@isak84 5/600 a month won’t pay a mortgage on a 180k house unless they combined to do it which has its own issues. Also the matter of the 20k deposit etc and the fact that the guys might be happy with the flexibility of being able to walk away/have no interest in owning a home at the moment. If you’re on a half decent wage paying 600 a month for rent + bills you can live a very comfortable life and save money for whatever your future plans are
 

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