About 7 years ago my wife and I got really excited about wanting to be debt free.
So we enrolled in Dave Ramsey’s Financial Peace University and paid off all our debt!
It was liberating and life changing.
Because of that I was able to quit my job as an insurance agent to pursue a career as a full-time freelance copywriter.
We didn’t have any debt for about 6 years until we bought our motorhome last year. I haven’t felt too bad about it because when we’re not traveling I use it as my office. And the $500/month payment is the same amount I used to pay for a traditional office space.
So I sort of consider it a business expense.
But it’s still a loan and it’s still debt. And in the back of my mind I’m always aware it’s the ONE thing we have a loan on and I don’t like it.
However, last month my wife decided to try and rent it out when we’re not using it. And she did. Not once. Not twice. But five times! Most of them are for 4–7 days. And we’ll make about $6,000 for those five bookings.
Pretty cool considering that covers our whole motorhome payment for a year ($500 x12).
So anything we make beyond that will be all “profit.” I wish I could take credit for this but this has been all my wife’s handiwork! She’s been doing such an awesome job at it. She even bought a sewing machine so she could redo the furniture in the motorhome (there was some wear and tear on the sofa and chairs). And the improvements she’s already made look great!
So anyway, just wanted to share this idea with you if you’re considering getting a motorhome but are concerned about the payment. I’m not saying you’ll be able to rent it out just like she did but I don’t see why you couldn’t.
It feels pretty good knowing that we basically get to have a motorhome that’s “paid for” this year. We still get to use it (we’re in it on a trip to Bend, OR right now) but when we’re not we get to make money from it.