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Updated 7 months ago on . Most recent reply
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Two separate properties auction
Hello! I am looking for some insight on an interesting property that has come up for auction near me. The properties are next to each other. The first one is a 3 bedroom 1 bath house on 1.67 acres. Expected to go for between $100 and $150k. The second is a 2 bedroom 1.5 bath mobile home on 1 acre. With a 64x30 pole building that would be ideal for a our dog grooming/boarding business. Expected to go for around $100k. Obviously it's an auction, so you never know for sure.
I would love to purchase both. The house would be our primary home and would rent out the mobile home. Then turn the building into our grooming/boarding business. We currently own our house, fully paid off. I would like to keep it as a rental as well. Worth $120 to $140k. Rent between $900 to $1200.
With all of that, I would like to know if anyone has done this before. Or have ideas on creative lending options as two separate down payments may be too much for us. I am going to reach out to lenders and see what I can find. I wanted to see what the experienced and knowledgeable people here may have in mind for this situation.
Thank you so much, Joshua Steed.