Previously I had been thinking about starting an indoor dog park, and I still would like to, some day. The overhead and start up process was too much for me to handle on my own, I have no idea where to get a trustworthy business partner and my husband was not too keen on the idea. I think that it is one of those, might be great when I am older and a little more secure in the industry.
I currently run a dog walking and pet sitting business and do dog training for a big box pet store. The husband and I's gross income is around $70,000 per year.
So one of my hubby and I's main goals is to buy a house. We live in Seattle though and it is very expensive. So I have been thinking about moving north a bit and commuting, and that made me start thinking about property and acreage and what to do with it. I decided that maybe I want to have my own private outdoor dog park and bus in dogs every day and do some boarding as well. So I started looking at realestate ads for fun when I came across an add for a dog training and boarding facility on 4.7 acres with two mobile homes, no stick frame house but lots of out bulidings and the two mobile homes. I have been talking to friends and relatives about the home buying process. Hubby and I have good-great credit and can qualify easily for a home loan, but have little to no savings and nothing for a down payment. If I bought a property for a business that has monthly income already, what could I do to get a loan for a property that doesn't have a stick frame house on it? The banks/ mortgage companies I have checked with only loan up to 75% on a mobile home. I doubt we could ever get $80,000 scraped together for a down payment. Is there some different way I could do it because the property would be used primarily for a business and housing secondarily?
I know that the correct way of doing this would be to save up for a year or two then buy a property and then renovate so that it suits my needs. But I didn't expect to find a property that has exactly what I need allready set up for me! I am going to see the property on saturday and I can ask more then about what the income is on the property and if they suggest any places to get a loan for it. I don't know if I trust realtors though. It seems these days they are a little too much like used car salesmen.
Any suggestions?
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