I was so excited a few months ago. That is when I finally settled on the idea of purchasing an Airbnb. It appealed to me because I love traveling and finding unique places to visit and stay. Mine was going to be the best-themed Airbnb in my city. My own words, of course. I had met with my finance guy to go over the numbers, and everything looked solid. I even began looking for houses with my realtor all over the city of Atlanta and its surrounding areas, but things changed after I came back from a mini-vacation.
What Changed?
Last week I was ready to go back out and look for more properties. That’s when my realtor decided to stop me and send me back to my finance guy. He told me the rates were rising daily at that point, and we were now more than a point over where we had started. Since I was not locked into a rate, he noted that by the end of the month, or in a few months, we could be looking at 6% or 7% interest. His new calculations came in at $200 more a month than my initial mortgage calculation. Now for some, that would be chump change, and I’ll admit I could pay it, but I do not want to. When it comes to business, I operate in a safe and comfortable mode. That means saying no to an extra $200.
What Now?
I have been watching the interest rates and let my realtor know that we could put the search on hold for now. In the meantime, I will be saving more money towards a downpayment for the future. If I can not buy the rental property a budget vacation home will likely be the next move. Otherwise, I’m looking for more business and side hustle ideas. If you have any good investment or business vehicle ideas, comment below.
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Shatel Huntley has a Bachelor’s degree in Criminal Justice from Georgia State University. In her spare time, she works with special needs adults and travels the world. Her interests include traveling to off-the-beaten-path destinations, shopping, couponing, and saving.
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