What should I look for when shopping for the inn of my dreams?
ANSWER: Aspiring innkeepers should attend industry conferences and aspiring innkeeper seminars to get a feel for…
Owners Quarters
ANSWER: Aspiring innkeeper’s needs vary based on many factors. Moving from a single-family home into an…
Location, location, location….
ANSWER: We have all heard this before. As it related to financing, hospitality properties may represent…
Are inns offered “For Sale by Owner” worth considering?
ANSWER: They could be, but it is difficult for a seller to impartially establish the value…
How can I know how much of a loan I qualify for to purchase a B&B/inn?
ANSWER: A pre-qualification encompasses reviewing the loan application and supporting documentation. The review includes data and…
What does a Pre-qualification accomplish?
ANSWER: The Pre-qualification process establishes a range in purchasing power a buyer/s has as it relates…
How does a Pre-qualification differ from a Pre-approval?
ANSWER: A Pre-approval differs from Pre-qualification in commercial lending in that the “Pre-approval” or Term Sheet/Letter…
How do I determine a fair asking/offering price for the inn/s I am considering?
ANSWER: It is difficult to know until all financial documentation has been provided by the seller. …
How much do I need to have for a down payment to purchase an inn?
Depending on the financial history of the B&B/Inn, buyers should have 30% to 40% of the…
Is seller financing a useful tool when financing an inn?
ANSWER: Yes, it can be used, particularly when the property has been underperforming for any number…
How long does it take to process and close a transaction once I/we have identified a hospitality property?
ANSWER: After the contract has been negotiated and accepted, the inspections and mortgage contingency period will…
Can I really use my retirement funds to open a business without taxes or penalties?
ANSWER: In most cases, yes. Our plans are designed to meet the IRS requirements for qualified…
What if I have more than one retirement savings account?
ANSWER: Not a problem; you can consolidate all your retirement accounts in the new retirement plan…
