Posted by Tyler Crandall on August 11, 2003 at 09:28:57:
I just bought a house and turned it into a B&B. I simply did not let the bank know that I was going to convert the house to a business. Get the good financing as a SFH, and convert after. Ask zoning about converting to make sure that they will allow the conversion. Just remember, don’t tell the bank or appraiser.
should I or shouldn’t I - Posted by Debbie Rathbun
Posted by Debbie Rathbun on August 10, 2003 at 22:49:58:
There is a home built in 1814. Great historical value
3500 square foot. I would like to take the 3 huge bedrooms upstair and make them a B&B. The downstairs is laid out perfectly for a cafe/gift shop. He only wants 159,000. It needs some work, location is terrific. The home has a septic tank with 1 1/2 baths. I fear the bank will not work with me without 30-40% down because it is not currently a business. What is my next step.