All Forum Posts by: Austin Ennis

Good afternoon! I am a business owner running a successful hostel in Atlanta. I have been exploring taking my 200K+ equity to scale my business. It is currently my primary residence and my business but I am moving to Puerto Rico full time. I have all the numbers for Heloc and Bank Statement loans but there have been snags....so...I am leaning towards DSCR loan. I'm aware of the requirements but I can't find these details and every loan officer has a different story for me:

1) I am signing a lease in PR April 1st - utilities included.  I have also applied for full time residency (process takes time).  So how long do I need to show my primary residence in PR in order to satisfy that I am eligible?  I have heard the moment I sign a lease to up to 3 months.  Does anyone have clairty?

2) I am sole proprietor and want to keep the home ownership under my name. Does the home have to be under LLC to complete DSCR? Do I need to found an LLC in order to complete the process?

Any tips here would be greatly appreciated!

For context I know this may land squarely in STR territory meaning as a residence it won't comp out any differently. Not sure if I should structure as a traditional home sale + a separate business package including all accessory structures, furniture, biz ops, STR license, etc.

Maybe as an add on if someone wants to use it as a hostel business as well but still open to a traditional buyer purchase separately.  Not sure..just brainstorming :) 

Hey everyone - hoping for some guidance here!

My partner and I have decided to move abroad. So we are selling our Atlanta home. Simple enough.

What makes it unique is that we have operated a profitable and successful business out of our home for nearly 4 years as a highly booked Hostel and event space + potential urban market farm. Also, our property is 10x the size of most in the city at 1.75 acres. So we have 3 buckets in my mind - SFH sale (basic), developer sale for the size of land (new to me), business sale (home + business).

The most value would be in selling home + business I believe but I have no idea how to market/find potential buyers for such a thing. Truthfully I'm struggling even finding a solid real estate agent.

Can anyone provide advice or similar experience? Put me onto my own research rabbit hole?

Blessings - Austin

Hey everyone - hoping for some guidance here!

My partner and I have decided to move abroad. So we are selling our Atlanta home. Simple enough.

What makes it unique is that we have operated a profitable and successful business out of our home for nearly 4 years as a highly booked Hostel and event space + potential urban market farm. Also, our property is 10x the size of most in the city at 1.75 acres. So we have 3 buckets in my mind - SFH sale (basic), developer sale for the size of land (new to me), business sale (home + business).

The most value would be in selling home + business I believe but I have no idea how to market/find potential buyers for such a thing. Truthfully I'm struggling even finding a solid real estate agent.

Can anyone provide advice or similar experience? Put me onto my own research rabbit hole?

Blessings - Austin