Excellent credit, large down payment, low income

[Chanda T.]

Hello! So I’ve been thinking in circles for weeks about how to best pull this off and I figured maybe this would be a great place to gain some insight into what I’m either missing or just not understanding.

I am looking to buy a corner mixed use property in the city, the goal being to open my business in the commercial space on the first floor.

Currently I live in and own a SFH a few blocks away, we pay around $1400/mo. We purchased in Jan 2019.

I have a rental property with no mortgage on it that currently rents for $1400/mo in Nashville, TN. Purchase price of $86,000 and currently worth about $220,000. It has been a rental for 7+ years.

The property I want to purchase is $350,000.

The potential income from the apartment is about $1,300 or $1,400/mo.

On the books we don't make much. I believe including the rental income after deductions we pay taxes on around $55,000/yr.

With the purchase of this property alone (which needs less than $2,000 of work to become my place of business) my income will automatically double as I will not be paying half to another shop owner. I also make close to twice what I was making the previous year currently.

I am open to all scenarios - selling or renting or living above the shop or having roommates, etc. I just can't seem to piece this puzzle together in my head and see the clear path.

Any advice would be appreciated! Thank you!