s10350
06-02-2014, 12:57 PM
I am interested in purchasing a business that would also include a personal residence. I would be purchasing the business, home, and land with the intention of living there. I currently own my home and would keep that to rent out. I have a high debt to income ratio, about 46%, so I doubt i could go in to the bank and get a home mortgage to buy everything.
I have access to the financial records of the business as it is a relative. It is a dog boarding/grooming facility, and when near full capacity it more than pays for the business expenses as well as the home mortgage. I have no idea if this is something that is even worth my time to look into considering my debt ratio? I don't know where to look for help so I figured i'd start with some questions on forums.
thanks
I have access to the financial records of the business as it is a relative. It is a dog boarding/grooming facility, and when near full capacity it more than pays for the business expenses as well as the home mortgage. I have no idea if this is something that is even worth my time to look into considering my debt ratio? I don't know where to look for help so I figured i'd start with some questions on forums.
thanks