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Intro and Questions

Intro and Questions

Old Mar 7th 2007, 3:41 pm
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Default Intro and Questions

Hi All,
Brookie here, So at the moment i am English living in Ireland just married with a boy of 4 years old. Situation, I am a service manager for Brother International in Ireland and my wife is a care assistant for a home with adults with learning difficulties.

We have talked extensively about moving to the USA over the last year or two, We honeymooned on the west coast and just fell in love with the place. We have both become down about Ireland in the way things seem to be going here so are looking for a completely fresh start. over in the US.

At the moment in Ireland we own our own house, there is about €200,000 equity in this house.
We were looking to buy a small B&B in Floria or Boston, (East USA) as a family business but have no idea where to start?

Would a finance house in the US entertain a purchase for a B&B based on existing business and a full accounts audit that being the Business would pay the mortgage amount per month accounts permitting. If this was the case this means we have a kitty of 200k to play with when we moved over, Or would we need a down payment?

We are set on this move timescale is not really an issue but can somebody point us in the direction of how to approach this.

Has anybody made a move like this with a small family? if so any stories experiences would be a great help.

I know its a lot of info on a small post put i have to start somewhere as the talking has pretty much decided that we will be moving.

Thanks for the help in advanced Darren
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Old Mar 7th 2007, 3:51 pm
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Originally Posted by Brookied View Post
I know its a lot of info on a small post put i have to start somewhere as the talking has pretty much decided that we will be moving.
Visa!?!?!
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Old Mar 7th 2007, 3:55 pm
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Originally Posted by fatbrit View Post
Visa!?!?!
I am just going through the different visa types now. no need to shout my good man
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Old Mar 7th 2007, 3:57 pm
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Originally Posted by Brookied View Post
I am just going through the different visa types now. no need to shout my good man
So which one are you choosing?
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Old Mar 7th 2007, 4:24 pm
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Default Re: Intro and Questions

Originally Posted by fatbrit View Post
So which one are you choosing?
Hi
After reading around different threads and sites the E2 Business Visa seems to be the way to go. just looking up information on this now.
I could be wrong though
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Old Mar 7th 2007, 4:32 pm
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Default Re: Intro and Questions

Originally Posted by Brookied View Post
Hi
After reading around different threads and sites the E2 Business Visa seems to be the way to go. just looking up information on this now.
I could be wrong though
Would suggest you do a a lot of research on it before you put your money down. If you fail to find a dozen major problems with it and two dozen horror stories, you haven't done enough research IMO.
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Old Mar 7th 2007, 4:43 pm
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Default Re: Intro and Questions

Quote ......"the business would pay the mortgage"......

If you have a small business here, the bank or "finance house" would expect you and you wife to sign papers personally guaranteeing the loan, even though the loan would be in the name of the business. I don't think you would be able to obtain a loan for such a business here; you would have no credit history.
Also I see your equity is listed in Euros? The B and B business here is a bit different; people expect much more - luxurious - all rooms en suite; a separate living quarters for your family etc.
To buy such a property would take more than 200,000 in Euros.
And the visa does need to be sorted. The E-2 doesn't get you a green card.
The business would have to have employees etc
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Old Mar 7th 2007, 4:49 pm
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Lightbulb Re: Intro and Questions

There was a thread on here a month or so ago about a family in England (Gloucester I think?) who sold their house and have bought a massive house in the sticks in Maine and plan to open a B&B. They have one of the business investor visas. It was culled from a news report from the UK "Daily Mail" newspaper.

The general consensus amongst most of the posters here is that they're definitely going to struggle to maintain it as a viable business.

You might be able to find it if you do an advanced search.
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Old Mar 7th 2007, 5:14 pm
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Welcome to BE

For the visa questions, ask in the immigration section after reading the ways in article linked up top.

Boston is bloomin' expensive, insurance will hurt, and a car will really hurt...but if you meant Mass, well western mass, in the boonies, it's a lot cheaper and you'll probably find something half decent that will make money for the trails type weekend people.

£200K won't go anywhere in Boston either, but a little better further out west you go, well look west of I-495 of Worcester, a lot further, and then you'll find a gaff, but the trade off would be shite schools compared to the metro west area.

E2 visa is also a steaming pile of shite, no direct route to a greencard, business goes under and you've got to leave, any kids would have to get visa in own right at 21, uni tuition costs being high because you ain't a greencarder, and possible 3 year requirement in the UK if you head back to get local rates etc...
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Old Mar 7th 2007, 5:18 pm
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Default Re: Intro and Questions

Originally Posted by Englishmum View Post

The general consensus amongst most of the posters here is that they're definitely going to struggle to maintain it as a viable business.
Aye, there biggest problem though, they got a place in a shit hole of Maine that stinks to high heaven when it rains/storms or is humid because of the mills, and it's right between two large tourist area's, so stranded by being in a pointless location for a BB.
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Old Mar 7th 2007, 5:25 pm
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Default Re: Intro and Questions

Originally Posted by Bob View Post
Aye, there biggest problem though, they got a place in a shit hole of Maine that stinks to high heaven when it rains/storms or is humid because of the mills, and it's right between two large tourist area's, so stranded by being in a pointless location for a BB.
I believe Florida's nice Bob.
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Old Mar 7th 2007, 5:26 pm
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Default Re: Intro and Questions

Originally Posted by farmerwife View Post
The B and B business here is a bit different; people expect much more - luxurious - all rooms en suite; a separate living quarters for your family etc.
This is an important point. B&B'ing tends to be an almost yuppie escape and they want fine linens, chef prepared breakfast in a quaint yet well-maintained country house. In a country with dozens of motel chains offering low price accomodations, there really isn't much of a market for lower-end B&B (not saying that's what you want, but with ~$250,000US you won't get much more, certainly not in the big cities).

It's not like B&Bs in the UK and Ireland.

That said, is there some other business you could start in case this proves unworkable? Something else you are interested in doing?
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Old Mar 7th 2007, 5:35 pm
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Originally Posted by Jerseygirl View Post
I believe Florida's nice Bob.
Naughty!
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Old Mar 7th 2007, 5:42 pm
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I don't think you have anywhere near enough money for the Boston area....and as people point out...here B&Bs are more upmarket than in England...I talk to a lady in Vermont who is in the UK who has a lovely B&B.. and I'd be happy to give you a link to the forum she is on so you can talk to her....
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Old Mar 7th 2007, 11:35 pm
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Default Re: Intro and Questions

Originally Posted by fatbrit View Post
Naughty!
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