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Updated about 8 years ago on . Most recent reply
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Looking to finance home and business
I am new to this site and not a real estate investor or flipper. I am looking to buy a lake/fishing resort. The property was built in the 50's, has 4 cabins, 15+ RV spots and a small store. The property has an asking price of 625K but that is negotiable. This would be our primary residence as well as our source of income. It is currently making about $100k per year after expenses. Because it is a business and because it is old and would need work there are not any lenders willing to look at financing it. I have been told to look at hard money lenders but they are to short term for my needs. What I am looking for is an investor that would be willing to finance the property for me as an investment - longer term (15 years) I will have $50k to $70k to put down on the property but I would still need liquid cash to put into property improvements. About me: 49yr old account executive currently making 200+ per year with credit scores in the 670 - 680 range...good mortgage history, good auto, good credit cards. Credit was hurt in 2008 after crash but we have recovered.
Looking for advice - we want to make this happen before the season opens mid April.
Thank you,
JR