In this work, we propose a novel two-component mixture model: the first component is the three-parameter generalized Gaussian distribution (GGD), and the second is a new three-parameter family of positive densities on the real line. The novelty of our mixture model is that we allow the two components to have totally different parametric families of distributions with asymmetric tails of the mixture density. We extend the scale invariant variable fractional moments (SIVFM) method proposed by Song for the GGD to the parameter estimation of our mixture model. We show that the SIVFM population and sample equations for the second component share very similar desirable global properties such as convexity and unique global roots as those for the GGD given in earlier research. The two-component mixing of these properties make the SIVFM mixture population and estimation equations well-behaved resulting in easy to compute estimators without the issue with starting values. The asymptotic results such as consistency and limiting distribution of the estimators are presented. Furthermore, SIVFM estimators can also serve as a consistent initial estimator for the EM algorithm leading to improved accuracy of the EM algorithm. These algorithms are applied to the analysis of the average amount of precipitation (rainfall) for each of 70 United States (and Puerto Rican) cities clearly demonstrating the bimodal distribution of the estimated mixture density.