Ok time to put your thinking caps on all you mortgage gurus out there!
Here is my situation, catastrophic ankle injury on the job, 7 months no work, no lates on mort or car payment, workers comp settlement of 45k due in about 3 weeks, bankruptcy 2 years ago, Nov 2005 fico 498 , 666 as of yesterday, ( iwish i could raise it or lower it just one point, that # creeps me out!)
I want to buy a bed and break fast in small kansas town, relocating from Atl GA and will also be parterning in a small restaurant and bar with my brother in law. The B&B has been totaly redone by owner, invested over 100k in upgrades, thanks to a deployment to Iraq and a nasty divorce wants to dump it, currently not listed with an agent, FSBO was asking 175k no bites in over a year now at 157k. My sis in law knows the family selling and says they want to dump it asap, says an offer of 125-130 would probably fly. This a property that can make its own mortgage payment! You could start collecting money on the day of closing for rentals for the pheasant hunting season, the house is booked @ 100% for three months in advance(PAID) starting sept 15. Would have 20k-25k to put down.Also expect about 30k from sale of current house
Whew!
My question?
How does a guy with out a job but lots of cash go to a bank and get financing on a deal like this?
The restaurant bar is 90k for the building and every thing in it. Current sales avg for 3 years is 192k, expenses run about 75k a year. I would have an income from the bar and rest of around 35k plus half of all net profit(20k-25k) I know sounds too good to be true but the guy has health issues and no family to pass it along to.
So tell me how crazy I am to do this or even if it is possible! Look forward to your replies.