I received a targeted postcard with a home listed for sale in my town. Targeted because they clearly found one of my hobbies (aviation) and sent a listing for a home for sale on the airport.
It's a dream home. House is really too big, has a pool I don't need, but the acreage is just right, there's a 2nd 1100 as ft home on the property, and a private hangar. It's absolutely facepunch amazing.
It's 1M.
I don't have 1M.
Realistically I have 100k in equity in my current home. No way I could afford the payment on a place like this.... Or could I?
The small house is roughly the same size as our current home. Rather than living in a huge home, I'd rather rent out the large home. Based on the fact that it's on the airport more or less, it might even make for a fancy weekend getaway and do well as a vacation rental.
The house also has it's own hangar - the airport hangars are all full, so I know it could be rented out easily. (I personally know people looking)
So between the large home and a hangar I could realistically see those taking care of their share of monthly payments, while providing a home to live in as well. As a plus, I work next to the airport. Commute time would be a 30 second bike ride or a 5 minute walk.
In short - I'm curious if there are ways to get a loan on something like this - my own cash flow would not get approved, somehow the potential rental income would have to cover the difference.
Amy answers on non-traditional home loans for this type if rental/home purchase? It's a long shot, but it never hurts to ask!
