Leasing a B&B

2 replies [Last post]
Offline
Joined:
05/07/2012

 Has anyone had any experience with leasing a B&B?. I have been innsitting for this customer for the last 9 years. They are offering it to me as a lease property. Has anyone got any advice?

 

Offline
Joined:
12/13/2011

I have done exactly this, as a lessor, and many other business transactions and leases involving similar or essentially similar business transactions, dozens of times over 40 years.  If you are asking for suggestions from the position of a potential lessee, I imagine you'd enter into a lease with the owner of the real and personal property such that you'd rent, or lease, the real and perhaps the personal property (or you'd buy the personal property?), and you'd run the business.  Or perhaps you'd buy the business off them and rent the real estate?  With or without an option to buy the real property?  From that simple start, it gets complicated as there are many details that I'd suggest an experienced real estate attorney could help you with, and whose advice would be well worth seeking.  Alternatively, you might possibly also get help on the details from a good commercial real estate person in your area. licensed in your area to perhaps be allowed to help draw up the lease.  Such a person might also have access to "standard form" commercial lease documents that would give you a start on the many details to be considered as this would be a combination of a real estate and business transaction.  You could also look in commercial real estate legal books, deskbooks, etc. at your local law library, as many clauses may be state specific to conform to your state laws.  Obviously, if you are the one who will own the business, or even be the legal operator, there may be a myriad of city, county, state, and federal laws and licenses to deal with, insurance to be obtained, etc.  Does this help?  If you've been a business owner before, I may be making comments you already know about.  If not, everything that goes with becoming a business owner applies - deciding on form of ownership (LLC, corporation, etc.), being sure you have enough working capital, etc. ad infinitum.  Disclosure - none of this is legal advice, just trying to point you in some directions and suggesting resources, and I'm not a lawyer. 

__________________

Armen Yousoufian, Maury Island, Washington

 

Madeleine's picture
Offline
Joined:
09/29/2011

Not really sure who you should talk with about this but at least you're going into knowing how the biz is doing.

__________________

Everyday, for good or ill, we intersect with some else's story and become a part of it.

 

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.