I’m planning to apply for a home loan to get my very first home soon, and I have plans to apply for a small business loan to buy a small business. Should I get my home first and then apply for the business loan or vice versa? Also, my income at the moment is not enough to support both, but once I get the business, I will be making more money.
I should add that the business I’m interested in has consistently made money, so that would make it easier to get a loan for it, right? The Home loan I’m looking for would be in the 100,000 dollar range and the business loan would be about $35,000 (yes, it would be a small business and a very small, affordable home). Also, my income right now is about $20,000 (I’m a student) and it will go up to $45,000+ once my business is established. I should mention that I need the home soon so that can’t wait too long.
How should I go about it all? Thanks!