Hey y’all.
Here’s my situation: I’ve owned an internet business for the last 7 years. Steadily, its declined in revenues, until recently, my supplier refused to sell me any more product because my volume is too low. This has caused me to transfer the assets of my business to another owner, who is managing them with no guaranteed results.
For the past couple of years, I’ve driven a cab on the side, which has helped our cash flow tremendously. Unfortunately, it is almost impossible to document the income.
We’re wanting to move into a manufactured house on a new lot, for a total cost of about $90k. Because of my loss of revenue with the business, and lack of verified income with the cab driving, (which I am going to do more of to support my family,) its really hard to convince a lender to give me a loan.
We’re currently selling our house in another area, but the neighborhood is in a down-swing. (Nothing wrong with it physically, [40 years old,] but houses are not moving fast here.) We have it on the market for $129k, with comps around the same price.
We need to get a new loan to buy the manufactured house. Traditional lenders will prove difficult. I’m putting this question to creative investors because you may know some strategies I could put to use.
I’m open to any ideas.