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Updated about 3 years ago,
new business, use business to buy home, we rent it back
Hi, due to a newly purchased business I am in the position of not be able to buy a home for two years via conventional lending. The rental market in my new area is very tight so I am looking for alternative ways of getting into a home for my family. The business does cash flow, I pay myself as a W2 and I do have a business line of credit (125K).
Questions:
- How else can I purchase a home before the two years?
- Could I use the money from the line of credit as a down payment via a owner carry deal and rent it back to me at a fair marker value?
Any information if helpful and thank you!
-Niles19