Taking a Loan on the Farm!
Hello Everyone,
This is my first forum post, but I have been reading them for about a year and have listened to almost every BP podcast episode; trying to soak up knowledge. I am in the Army and started spending my free time learning about real estate. I have purchased 3 multi-family properties since June 2016, and am on my way to closing on a 4th.
My question: I recently inherited 5 acres of land in Tennessee from my grandmother. We have plans to renovate the historic barn on the property to use as a wedding venue. I was wondering if it was possible to take a loan out on the land, use the loan money to buy an income producing rental property, and reinvest the income into barn renovation.
How farfetched is the idea? What kind of financing would you recommend? Any help at all is greatly appreciated. This is a great community, and I am happy to have come across BP.