Florida offers many ways to enjoy life, especially for those of you who are active. From our world renowned beaches and golf courses, to our natural springs and theme parks, there is something for everyone. And if that is not enough, you have fabulous shopping and dining, or simply stay home, BBQ, and relax in your pool. Sun and Fun, that is the Florida Dream…
FINDING AND BUYING ONE
Most people who look at relocating to Florida are doing so for a complete change in lifestyle, as well as a chance to create more family and fun time. Achieving this is most often done by becoming a small business owner. My goal is to help you achieve that.
Determining A Business.
Where would you like to live, and work ? It is important to note that living near the beach has a higher cost of living than inland areas. From the East Coast to the West Coast there is an abundance of homes available, however finding your business may want to be your first priority. That business will most likely provide the income for your mortgage, or rent.
How much do you need to live? I would recommend understanding what your living expenses will be, and then try to determine a satisfactory monthly income, or salary. This way you can be sure to look for a business that will support your financial needs, and not add pressure to a vulnerable first few months.
What do you want to do? Are you ready to work outside, with kids, on your own, in a store, with your hands? Do you want a diverse business that can offer numerous income streams? Do you want to work within the tourist industry? Are you specialized in a field? If you are open to a new life and want to look at different options, determine your income requirement and then look for businesses based on profits/owner benefit.
Once you have found 4 or 5 potential options, we can start signing the relevant disclosures for each business you choose, and requesting more information? Signing these disclosures will allow you to receive private business information and financials on each business. Be prepared that a seller may ask for your financial statement? This is their assurance that you are serious about the business.
This is the final $$$ amount that the owner will declare as income to him, or herself. They will add the net profit of the business, (after taxes), their salary, and any other expenses that have been taken from the business for personal use, and not for the business.
If you are looking at a visa contingent purchase, employees will be a factor in your application. Does it have any, and or can it generate new ones? Employees do not need to be full time, and can be subcontractors.
Like with any business, you want to be sure that it is established, and strong enough to grow. Those buying a business for a visa particularly need to be careful here. After all, your visa is contingent upon the success of your business. Upon visa renewal, Immigration will want to know that the business has grown, or at the very least maintained itself.
NB. Even though U.S citizens do not need visas, it is worth while looking at your business purchase in the same way as those qualifying for visas. Projecting it’s next 5 years growth and studying it’s history can sometimes give you far more knowledge than financial records. Having said that, good financials are imperative.
Making An Offer.
At this point you should have been able to meet with the seller of the business, reviewed the financials provided, and feel that the business suits your needs? Now you can make your offer.
Once your offer is accepted, you will be required to place a binding deposit in escrow. This is an account generally held by an Escrow Agent or Attorney, where the monies are held safely until closing. Once all monies for the purchase are deposited (Full Sales Price), the Escrow Agent will send a “Letter of Escrow” to your Immigration Attorney, that will then be submitted with your visa application.(if required)
NB. You can not choose to pull out of the purchase once approved your visa! The visa you receive is only granted based on the information the seller has provided, and so once approved, you must close on that business. If not, you are at risk of losing ALL MONIES held in escrow, and the seller will need to notify Immigration that the sale did not go through, meaning your visa would become invalid.
Florida is recognized as one of the leading vacation regions of the world, so taking advantage of this huge tourist industry allows you to grow in many different ways. With tourism comes jobs, and with jobs comes growth. Florida has that!
FINDING AND BUYING ONE
Like with buying a business, utilizing the MLS (Multiple Listing Service) should give you a much broader horizon on properties available in an area. As licensed and registered agents, we work together showing each others properties. This means that you will see far more than utilizing a website where sellers have to pay to advertise. Both buyers and sellers benefit from this service, along with out knowledge and history of advertising real estate.
All you need to do in order to have me start working for you is let me know your criteria?
Location - What part of Florida.
Size - Square Feet you would like to have.
Budget - A range would help.
Bedrooms - How many.
Bathrooms - How many.
Pool - Yes or No.
Lot size - Do you want acreage, or just a standard lot.
And then of course you can add other criteria, such as property type, shutters, well and septic etc Just remember, the more that you Gove me, the better I can narrow down properties to view.