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How to get a home loan when I already have a home loan....?

Here are the details...I have 110K left on my loan, my house is worth approx 150-160K. I have a personal loan out for 50K, in which I bought my grandfathers trailer and 2 acres land which I rent out now. That is worth approx 90K. There is a property that adjoins my house that is for sale by owner for 130K, worth about 160K. I want to buy this because if I combine our two lots, I could make two 2 acre building lots which would be valued around 40K each. Then either renovate the new house and sell, or sell my house and live in the other. I make about 50K a year, and with my home loan, the personal loan and car payments, I know my debt to income is maxed. Owner of the home does not want to do owner financing or carry a second. Any ideas on how I can get this done?

Public Comments

1. I hate to be the bearer of bad news, but unless you get married to someone who works or get a second job, this isn't going to happen. You would have to sell your first house first and live in the trailer/older house while you renovate.
2. hear that sound????it's the sound of your finances crashing and burning.....
3. You are getting into way too much debt.
4. 1-I seriously doubt land with a "trailer" has increased $40k in value. "trailers" do no increase in value and land increases very slowly 2-the new property would have to be treated as an investment property, which would probably require 20% down + closing costs in cash and you won;t be getting any super-low int rates either - I don;t think you would qualify for it anyway, making only $50k a year -the 2 loans you already have pretty much max out your affordability calculation (3 times annual salary)
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