Start of our New Business

We purchase our first Vacation Home:

On our thirtieth anniversary we visited Ruidoso, NM we had almost $50,000 in open credit, with offers of 10 to 20 thousand dollars per Credit card with full cash withdrawels at very low interest rates we started looking at houses to start a nightly cabin vacation rental rental business. We found one a nice 1200 square foot 2 bedroom, 1 bath with a loft cabin for sale for $89,000. We took a $15,000 cash withdrawel at 1.4% life of the loan withdrawel and use that as a down payment and then financed the rest with a Mortgage from Wells Fargo. Within a few days we had our second home purchased with another $15,000 cash withdrawel. A 1,400 square foot three bedroom two bath house. These low interest loans work out well as long as you can make your payments on time. everything went well for for more than three years. If you are late on a payment the interest rates can jump to 29% or higher.

To be Continued......