Can I make this happen?
My mother and father went through a divorce a couple of years ago. My father moved to Tennessee and my mother has since remarried. I live in the house that they used to live in (it is owned by my mother). It is worth about $160,000 and could be worth nearly $200k with about $10K in repairs and upgrades. She is willing to let me purchase it for the payoff, which is about $55,000. My father owns a piece of property across the street which has a mobile home on it that rents for $400 a month. He is willing to let me have it for $25,000, it would go on the market for about $38-40K. I had a bankruptcy about 3 years ago, and have slowly been building my credit. I purchased a new truck in 2008 and have my payoff down to $11,500. I also have about $9,000 in other debt for a total of just over $20,000.
I could purchase these properties and pay off my truck and other debt for about $100,000 and instantly have $100,000 worth of equity.
My credit score is about 600 and rising, mostly because of the bankruptcy and lack of accounts. I am drawing unemployment which about $1,700 a month. I have been receiving benefits for almost two years. I was a Sales Manager for for Fortune 100 Company. I went back to school for a year and have recently found myself back in the job market.
What I would like to do is obtain about $60,000 to start a small car lot with about 12-15 cars in inventory. About $40K of the $60 would be inventory purchased at wholesale price. $10K would be cash in a reserve account and the other $10K would be for dealer's license, insurance and other initial expenses.
If I were able to purchase these properties for $80,000, payoff my truck and other small debt for $20,000, receive funding for a car lot of $60,000 my monthly payments would be less than what I am paying now.
Do you know of anyway that I can make this happen in whole or in part?