House Hack Deal Analysis

[Ross Bowman]

Overview: converting detached garage into a studio to rent on Airbnb, or month to month. There is already an attached garage at the house, so I don't need another. 

Cost: 50-70k (construction + furnishing)

Financing: SoFi personal loan of 70k @ 13% APY, 7 years. No origination fees or prepayment penalty. 

Monthly loan payment (principle + interest): approx $1300. Can pay it off early.

Estimated monthly income: $1500-2000

Monthly total mortgage (principle + interest + PMI): $1800

I've always wanted to house hack but I'm a little scared to make any big moves right now with the current economic/global uncertainty. Not sure if this is a rational concern or if I'm just giving myself an excuse to not take action.

Any thoughts on this?