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Updated about 8 years ago,

User Stats

21
Posts
8
Votes
Joseph Dunphy
Pro Member
  • Rental Property Investor
  • Tennessee and Georgia
8
Votes |
21
Posts

Taking a Loan on the Farm!

Joseph Dunphy
Pro Member
  • Rental Property Investor
  • Tennessee and Georgia
Posted

Hello Everyone,

This is my first forum post, but I have been reading them for about a year and have listened to almost every BP podcast episode; trying to soak up knowledge. I am in the Army and started spending my free time learning about real estate. I have purchased 3 multi-family properties since June 2016, and am on my way to closing on a 4th.

My question: I recently inherited 5 acres of land in Tennessee from my grandmother. We have plans to renovate the historic barn on the property to use as a wedding venue. I was wondering if it was possible to take a loan out on the land, use the loan money to buy an income producing rental property, and reinvest the income into barn renovation.

How farfetched is the idea? What kind of financing would you recommend? Any help at all is greatly appreciated. This is a great community, and I am happy to have come across BP.

  • Joseph Dunphy
  • Loading replies...