Purchasing a Business and Property - B&B
Hello All,
I have found my dream property and investment. It's a small B&B, that has positive cash flow and has opened their books to us, everything looks great and we would live on the property and run the business. But, I have only every worked in residential mortgages. My business owns 4 other properties, but these are passive income rentals.
This business would be purchased Turnkey style, they are fully operatiional and net approximately 60,000$ a year. The property costs 700K. I have 20% to put down, but I don't know how to secure the rest of the financing thru a lender. The owner is also willing to help with some of the financing, but since I will be buying the property, don't i have to finance 100% of the property thru a lender or can I do some thru a bank and some privately thru the current owner.
Can someone point me in the right direction? Help me ask the right questions, etc.