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Aspiring Innkeepers FAQs NEW

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  3. Aspiring Innkeepers FAQs NEW

What should I look for when shopping for the inn of my dreams?

  • Post author:Rita Robinette
  • Post published:July 19, 2022
  • Post category:Aspiring Innkeeper FAQs/Aspiring Innkeepers FAQs NEW

ANSWER: Aspiring innkeepers should attend industry conferences and aspiring innkeeper seminars to get a feel for…

Continue ReadingWhat should I look for when shopping for the inn of my dreams?

Owners Quarters

  • Post author:Rita Robinette
  • Post published:July 19, 2022
  • Post category:Aspiring Innkeeper FAQs/Aspiring Innkeepers FAQs NEW

ANSWER: Aspiring innkeeper’s needs vary based on many factors.  Moving from a single-family home into an…

Continue ReadingOwners Quarters

Location, location, location….

  • Post author:Rita Robinette
  • Post published:July 19, 2022
  • Post category:Aspiring Innkeeper FAQs/Aspiring Innkeepers FAQs NEW

ANSWER: We have all heard this before.  As it related to financing, hospitality properties may represent…

Continue ReadingLocation, location, location….

Are inns offered “For Sale by Owner” worth considering?

  • Post author:Rita Robinette
  • Post published:July 19, 2022
  • Post category:Aspiring Innkeeper FAQs/Aspiring Innkeepers FAQs NEW

ANSWER: They could be, but it is difficult for a seller to impartially establish the value…

Continue ReadingAre inns offered “For Sale by Owner” worth considering?

How can I know how much of a loan I qualify for to purchase a B&B/inn?

  • Post author:Rita Robinette
  • Post published:July 19, 2022
  • Post category:Aspiring Innkeeper FAQs/Aspiring Innkeepers FAQs NEW

ANSWER: A pre-qualification encompasses reviewing the loan application and supporting documentation. The review includes data and…

Continue ReadingHow can I know how much of a loan I qualify for to purchase a B&B/inn?

What does a Pre-qualification accomplish?

  • Post author:Rita Robinette
  • Post published:July 19, 2022
  • Post category:Aspiring Innkeeper FAQs/Aspiring Innkeepers FAQs NEW

ANSWER: The Pre-qualification process establishes a range in purchasing power a buyer/s has as it relates…

Continue ReadingWhat does a Pre-qualification accomplish?

How does a Pre-qualification differ from a Pre-approval?

  • Post author:Rita Robinette
  • Post published:July 19, 2022
  • Post category:Aspiring Innkeeper FAQs/Aspiring Innkeepers FAQs NEW

ANSWER: A Pre-approval differs from Pre-qualification in commercial lending in that the “Pre-approval” or Term Sheet/Letter…

Continue ReadingHow does a Pre-qualification differ from a Pre-approval?

How do I determine a fair asking/offering price for the inn/s I am considering?

  • Post author:Rita Robinette
  • Post published:July 19, 2022
  • Post category:Aspiring Innkeeper FAQs/Aspiring Innkeepers FAQs NEW

ANSWER: It is difficult to know until all financial documentation has been provided by the seller. …

Continue ReadingHow do I determine a fair asking/offering price for the inn/s I am considering?

How much do I need to have for a down payment to purchase an inn?

  • Post author:Rita Robinette
  • Post published:July 19, 2022
  • Post category:Aspiring Innkeeper FAQs/Aspiring Innkeepers FAQs NEW

Depending on the financial history of the B&B/Inn, buyers should have 30% to 40% of the…

Continue ReadingHow much do I need to have for a down payment to purchase an inn?

Is seller financing a useful tool when financing an inn?

  • Post author:Rita Robinette
  • Post published:July 19, 2022
  • Post category:Aspiring Innkeeper FAQs/Aspiring Innkeepers FAQs NEW

ANSWER: Yes, it can be used, particularly when the property has been underperforming for any number…

Continue ReadingIs seller financing a useful tool when financing an inn?

How long does it take to process and close a transaction once I/we have identified a hospitality property?

  • Post author:Rita Robinette
  • Post published:July 19, 2022
  • Post category:Aspiring Innkeeper FAQs/Aspiring Innkeepers FAQs NEW

ANSWER: After the contract has been negotiated and accepted, the inspections and mortgage contingency period will…

Continue ReadingHow long does it take to process and close a transaction once I/we have identified a hospitality property?

Can I really use my retirement funds to open a business without taxes or penalties?

  • Post author:Rita Robinette
  • Post published:July 19, 2022
  • Post category:Aspiring Innkeeper FAQs/Aspiring Innkeepers FAQs NEW

ANSWER: In most cases, yes. Our plans are designed to meet the IRS requirements for qualified…

Continue ReadingCan I really use my retirement funds to open a business without taxes or penalties?

What if I have more than one retirement savings account?

  • Post author:Rita Robinette
  • Post published:July 19, 2022
  • Post category:Aspiring Innkeeper FAQs/Aspiring Innkeepers FAQs NEW

ANSWER: Not a problem; you can consolidate all your retirement accounts in the new retirement plan…

Continue ReadingWhat if I have more than one retirement savings account?

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  • About
    • About CCN
    • Richard K. Newman, CCN Founder
    • Commercial Loan Application
  • Reviews & Clients
  • Loan Prequalification
    • Loan Prequalification
    • Prequalification Check List
    • Verified Financials Overview
    • Commercial Loan Application
  • Loans
    • Hospitality Loans
    • SBA 7a & 504 – Overviews
    • 401K/IRA FAQs
    • Commercial Loan Application
  • Resources
    • Articles for Aspiring Innkeepers
    • Aspiring Innkeeper Frequently Asked Questions
    • Tips for Innkeepers
    • Inn / B & B Resources
    • Bed & Breakfast Inns for Sale
  • Innkeeper Training
  • Inn Videos-Blogs
    • Featured Inn Videos
    • Inn Blogs
Menu
  • About
    • About CCN
    • Richard K. Newman, CCN Founder
    • Commercial Loan Application
  • Reviews & Clients
  • Loan Prequalification
    • Loan Prequalification
    • Prequalification Check List
    • Verified Financials Overview
    • Commercial Loan Application
  • Loans
    • Hospitality Loans
    • SBA 7a & 504 – Overviews
    • 401K/IRA FAQs
    • Commercial Loan Application
  • Resources
    • Articles for Aspiring Innkeepers
    • Aspiring Innkeeper Frequently Asked Questions
    • Tips for Innkeepers
    • Inn / B & B Resources
    • Bed & Breakfast Inns for Sale
  • Innkeeper Training
  • Inn Videos-Blogs
    • Featured Inn Videos
    • Inn Blogs

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