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Want to buy art gallery
by cpcdartist, Window Shopper
- Created: August 8, 2011, 9:57 am
Hi - I have been a fine artist for about 28 yrs., with gallery representation. I am very familiar with the business. I want to open my own gallery. I have found a great property that has living quarters on the 2nd & 3rd floor, plus an art gallery on the first floor. It also includes a rental cottage in back, and is across the street from a beautiful harbor. It is a rural community on an island, with tourism & 2nd homes as the main economic resource. I want to buy this propertry for 1.5M, which is about 800k less than the original asking price. It has already been reduced by 500k, so I'm hoping the remaining 300k won't be too much of an issue. My problem is as an artist I don't have too much personal income to show for the past 3 yrs, although I am due to inherit a house worth about 330k, which I plan to sell and use to pay off my present home on the mainland, and use 250k for a down payment on the art gallery property. Not sure when the inheritance will actually come through, as well as how long it will take to sell the house. Any suggestions on how to purchase this property before it's too late? What loans would I have a chance on getting? I am a single woman, 53, with about 600k net worth and impeccable credit.

ngoriel | Community Moderator | 8/8/2011 - 7:33 pm
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