All Forum Posts by: Kyle Southard

I was going to write what @Nick C. said, then I read that he wrote it.  Advertising that a property doesn't allow guns does not make the tenants or you any safer IMHO.

@Scott Snow, thank you for your response.  We will explore the seller carryback financing with lenders in the coming days.  The only part I'm not clear on is the following: "it would have to be on standby for it to count, meaning no payments for the life of the loan."  Does that mean the sellers would be completely out their 20% (assuming they left 20% equity in for us to pay back) until the 30-year loan period is up? Thanks again, great response!

Greetings,

Does anyone have experience using the USDA Rural Business and Industry Loan Guarantee, or the SBA Loan Guarantee? Bottom line: trying to figure out which one to use with a wedding planning business's purchase of a rural wedding venue.

Details: fiancee is a wedding planner who has been in business for 3+ years, earning money for her consulting services. With this real estate purchase, she can now charge for her services and for use of the venue, which is huge plus for the business.  We have a buy-sell agreement on a venue, and just need to finance it now (our deadline is December 2017, but we want to get it as soon as possible).  The venue is in a USDA-deemed "rural" area, and is USDA Rural B&I Loan-eligible.  Ideally, we do not want to put any money down, which is why we're looking for USDA or SBA coordination.  Does anyone know which route--USDA or SBA--would be optimal for financing? 

Any anecdotes (good or bad) or advice would be greatly appreciated!

Thomas Landis absolutely, count me in! Thank you!

Thank you everyone! This answers all my my questions and then some. I learned a lot by everyone's insight--it confirms my thoughts that there MUST be a reason why I wouldn't want to...and I found out there are actually a lot of reasons. 

I'm committed to buying a house in Colorado Springs, CO, before the end of this year, hopefully buying another property afterwards for investment. Here's the problem in C-Springs: ZERO properties stay on the market more than a few days before going under contract, unless they're just not good deals. Buy the time Zillow or I get to a desirable property, it's gone. So, assuming I have the time and money to pursue a real estate license in CO, why would I NOT do that? This way I save money on the purchase and I get first look at MLS. I appreciate anyone's thoughts if they have experience with my thought process in any way.