dimanche 19 avril 2015

Financing a Down Payment?

We're looking at a gorgeous historic building located smack on the main street of our small town, with a storefront and a 3-bedroom loft apartment above. Both store and apartment have been beautifully restored, and it's on the National Register of Historic Places. Initial asking price for the whole building is $265k. My husband and I currently own a 2-bedroom house valued at $72k, but we're worried about selling in time to jump on the store building. There's really not many other options for us in terms of buying, as the chances of a bank loaning us that amount without some money down are slim to none. It's a very tempting possibility, this place, with enormous potential for renting out the store/ opening something of our own someday (we're thinking an old fashioned ice cream parlor/soda fountain). Our first big obstacle is the big question: Where are we going to get the money?



Anyone have any ideas, hopefully something other than taking out a second mortgage on our current home? It's a lovely little house and we tried selling a few years ago, but it was a bust. People in this town want to rent like crazy, but not buy.




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