In the last 10 years I have been focused on getting my finances in order and raising my kids.In doing that I was working more than 50 hours a week and sometimes I would go months without a day off. This has prevented me from having focus on my home business. I have promised my kids that this is going to change at the beginning of 2022.
We are currently looking for property in Arkansas to buy. The prices there are very good for real estate, and we can have land to garden and build things on our own. It is taking some planning to make this happen, but it is finally showing real hope that it will happen.
I currently own my home in Colorado. It is a small A-Framed home on a little less than an acre. I purchased the home five years ago for $84000. In the last few years the cost of living has went up dramatically, so now my home is worth close to $200000. I have been in the air about what to do with my house, but I finally found a great lender to help with a lot of question. So I decided on a refinance.
Refinance
Mortgage rates are at historic lows right now, so I took advantage of that. I refinance the home and was able to pay off $25000 in credit card debt, a $30000 truck and put up $22000 for a down payment on a home in Arkansas. In doing a refinance I came out very well. I actually only added $300 a month to my mortgage, added two years of payments, but got out of debt completely other than my home.
Getting a Plan Together
Now that I have the refinance complete I am able to plan out the move and the beginning of my home business. The fist thing I am going to do is make some repairs on my home, then use it as a vacation rental. The home is located close to fishing, hiking, and has a view of Pikes Peak from the yard. Rentals for the area for this size home have an average rate of about $1500. That means an income of about $700 a month less fees.
In addition to the real estate income on the home I am looking at properties in Arkansas that are large enough to set up a couple of small camping vacation rentals. Two for sure, but possibly more depending on the land. That gives me an additional potential monthly income of roughly $1500.
That would give me a monthly income of about $2200 less some fees, so I am giving myself a rough estimate of $1500. That will not be enough to cover everything and I want to continue to save money for my kids future. I do not want to go back to living well below poverty. So I am putting a business plan together for a sales and production business for my family and I. This will include a website for antiques and collectibles as well as hand made items that we will all make. There has been thoughts of opening booths at flea markets or farmers markets. We also plan on growing a lot of food, so that is also an option to sell.
There are many options that are out there, and I am putting a complete plan together to start my home business with my family and have it be very profitable. Other employment options are still on the table, but I have promised my kids that I will only work part time and will never give my life to a company like I have done for the last 10 years. I am grateful for my job but I have to do this for my family. As a single mom, my kids need me more that my job does.
I am doing it all for my family, FINALLY!
