first time refinancing and selling a property
Hey I am needing some incite from someone that has done this before. I purchased a home for 216900 in may of 2016, for us to live in and start our new business of boarding dogs. My mother in law (mom) co-signed to help me get the house. Mom is currently living in our 1500sqft basement. I came up with the idea to sell one of my properties that is 100% paid off to my fiance for 100k, so we could keep our asset and get the money to finish in the basement and 2 bedroom and a bonus room from the carport and garage. My plan is to put 50k into refinishing our home and utilize the 1031 tax deferral clause with the other 50k. I am currently going though an application process of a USDA loan of 150k for our business. I am currently full time in my business, will i be eligible for a 3rd mortgage? will the banks see me as unemployed? will i be able to use the 1031 and put 50k down on a new property if i am getting a business loan? will i be able to refinance my current home after remodel and purchase more rentals? I currently have 3 properties 1 paid off with rent at 1000, worth 100k or more. my current residents with 1400 mortgage, and another rental with a mortgage of 1000 renting for 2000, worth over 200k. I want our business to be our first priority but our house keeps running into problem. I recently got shammed by some guys clamming to be AAA septic tank disposal, to have find out from the next septic people i called. im having expensive septic issues and in terrible need of a new hvac and electric is costing us close to 600 a month:( I am looking for any advice. I am 24 years old in Nashville TN and my goal is to be financially free by age 30 to start my next venture of raising my family.