Happy Mother's Day, new ventures, and tightening up income
Hi,
First and foremost, Happy Mother’s Day! If you’re a mom, I hope today you’re feeling super special. My day has been quiet, which is just the way I like it. I’m getting over a cold and got to sleep in this morning which was great. I had brioche french toast for breakfast and ate at my favorite steakhouse for dinner to celebrate Mother’s Day.
I’m watching this new series on Showtime called The Man Who Fell to Earth. It’s about an alien who lands on earth and is trying to save his planet and save the planet Earth.
I won’t say much beyond that. I’m 3 episodes in and it really makes me think about the state of the world and the economy.
Recession fears are looming. We’re living in times of economic inflation. Then, supply chain shortages and all these changes are being felt. It’s not like you listen to it in the news and it’s not impacting your neck of the woods. It’s really hitting everybody.
I went to Burger King on Friday to reward my son for a great week at school. We work toward something small every week and he wanted Burger King fries. I pulled up to the drive-thru to order fries and they were out.
Wait, what? Out of fries..at Burger King?
Yes.
Mind-boggling.
I filled up my tank before heading to another fast-food chain to find a substitute and gas was at $3.99/gallon.
I live in Texas, by the way. I spent the most money in my life to fill up my SUV. When we were traveling a few weeks back, my husband filled his truck up and it was $90!!!!!!!
In grocery stores, I haven’t been able to buy frozen pancakes in months or our favorite brand of box juice.
Reading this back all sounds really shallow. My family is super blessed and these problems are not dire, I get it.
But, it is a change and it’s being driven by the economy and various events happening in the world. I really think it’s only going to get worse from here.
That’s why all this makes me think about tightening up my income tool belt.
I think now, is no better time than ever to really work to create your income streams and have them work for you. Passive income, products, service-based work, whatever path you choose to take, do something.
This is one of the projects I’m working on…
New ventures for 2022
I have always wanted to run an Airbnb business.
Over the past few years, my family transitioned from staying in hotels when we travel to staying in an Airbnb and the change was epic. I LOVE staying in an Airbnb. The space, the amenities, and some of the properties are so beautiful, it really is a treat to stay there for a few days.
I would love to venture into an AirBNB business of my own.
The challenge?
To buy a property now is going to be expensive because of high interest rates. I can’t bring myself to get into a mortgage loan at 5% or 6%. The thought just makes my stomach turn.
So instead, I’ll be doing Airbnb rental arbitrage.
It works the same way as if you owned the property but, you’ll be renting it instead. Airbnb supports this model. And, if you can find a landlord or apartment complex that is also in support, you’re golden!
That’s what I’m working on now.
Here’s the plan…
1. Research and compile a list of properties that are Airbnb-friendly
2. Tour each property
3. Triple check that they do support an Airbnb model and get it in writing
4. Deposits and signing the lease
5. Furnishing the property and listing on Airbnb
I’m in a few Airbnb host groups on Facebook which is extremely helpful.
I can ask questions to seasoned Airbnb hosts and establish the direction I’ll take the business. If it goes well, I see myself investing in more Airbnb properties. First Houston, then Galveston, then probably San Antonio and other parts of Texas, who knows.
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I hope you have a great week.
Cheers,
Jenn
P.S. If there’s something special you’d like covered in this newsletter, please let me know. I’d love to hear your ideas.