First of all, please don’t take this as a derogatory title. I am the principal, and I am by choice, a redneck. 
If you think there is no way this could happen, I’d also like your opinion on that too.
Here are the details:
-
I currently have a lease option on a 16 acre property in Wilson county TN located inside a state park, property values in this area have gone way up in the last 18 months and are now approx 2x the price I have agreed to buy it for. My landlord has agreed to let me sell the lease option (by finding a buyer for the property and keeping the difference)
-
I have found a property with 5 acres a little further out in the country. It has a 1997 singlewide, barn and fences. It is selling for $115,000. Depending on the sales price of my current property I will have between 40,000 and 80,000 to put down.
Best case scenario I would like to combine the following in a construction - type loan:
115,000 purchase of new property
30,000 trade difference on new single section mobile home
34,000 additional outbuilding for riding arena
179,000 total
- Due to some recent business problems, my credit is lousy. (515 mid) I have current car notes, etc in good standing. I could also buy the property as a trust or corporation if necessary. Currently, I have good cash flow. (10k/month)
QUESTIONS:
- Is this possible?
- Is there any other way to do this? (just buy the land, pay cash for the other, etc…)
Thanks!
rvps