My wife and I have a good amount of cash saved up but we are finding out financing inns is difficult. The few we have looked st dont have thr revenue tob support the business asking price. We would be very interested in a short term lease or lease option if anyone is looking to get out of their inn. Would prefer southwest but would consider all locations from the Rockies-West.
we are looking to buy an inn
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happykeeper
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Welcome to the forum. I will assume you have been following the forum for a while, so I imagine you have gathered in much of what folks have to say. My response is only based on how we would look at your offer if it was for our inn.
My first thought would be- there is no way- absolutely none- that we would consider turning over our business that we have worked to build over 15 years- on a short term lease.
My second thought is that there is no way that I can think of at this moment that we would consider a lease option if we decided to sell- it isn't a house- it's a business. Why would I let you lease my business, potentially ruin it, and then give it back. I gotta figure the terms would not be acceptable to the buyer.
As I said, this is only how we would see it. There are certainly innkeepers out there that would jump at the chance, but let the buyer beware. Burned out innkeepers, failed business innkeepers, bad review innkeepers, innkeepers who are going to close anyway, and innkeepers who want to sell the house and wouldn't care if you ran a brothel.
You might be better off doing the market research, finding your spot, finding the property you think will work, finding out if you can apply to be an inn, buy a residence with traditional financing, and then get approved and open a brand new place.
My first thought would be- there is no way- absolutely none- that we would consider turning over our business that we have worked to build over 15 years- on a short term lease.
My second thought is that there is no way that I can think of at this moment that we would consider a lease option if we decided to sell- it isn't a house- it's a business. Why would I let you lease my business, potentially ruin it, and then give it back. I gotta figure the terms would not be acceptable to the buyer.
As I said, this is only how we would see it. There are certainly innkeepers out there that would jump at the chance, but let the buyer beware. Burned out innkeepers, failed business innkeepers, bad review innkeepers, innkeepers who are going to close anyway, and innkeepers who want to sell the house and wouldn't care if you ran a brothel.
You might be better off doing the market research, finding your spot, finding the property you think will work, finding out if you can apply to be an inn, buy a residence with traditional financing, and then get approved and open a brand new place.
Madeleine
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Keep looking. It took us a year to find a place. You also need to go to the bank with a very good business plan, have you written one yet?
Banks are looking for experience. Have you taken classes or done any on the job training? Have any business experience or hospitality training?
The bank does not want to own the inn down the road.
You'll have to do P&L modeling for the bank in your business plan plus show that you have cash for the first year's expenses after your down payment.
Banks are looking for experience. Have you taken classes or done any on the job training? Have any business experience or hospitality training?
The bank does not want to own the inn down the road.
You'll have to do P&L modeling for the bank in your business plan plus show that you have cash for the first year's expenses after your down payment.
I think the title of this should be "we are looking to lease an inn" not buy an inn. 
"The few we have looked st dont have thr revenue tob support the business asking price"
I hope you aren't going by a revenue stream only (of course I know the bank prob is), as the home itself has value and the property, just ask the local real estate taxes, they are not about the business at all - see what that shows.
There is also the conveyance list of furnishings and business and more. Did you know websites can cost $3000-$10,000 for a decent website? If you are shopping on your own you may not know this.
Furnishings per room (this means every room plus common areas) are $5000-$10,000 per room. Our avg guest room is $6000 range.
Dining room table with 10 chairs $5000. Buffet $2000, rug $2000 = that is $8000 for the dining room basic furniture, not actually what is there as there are always more than these three items.
From our conveyance list right now it is at $70,000 for all B&B stuff (furnishings etc) at the end I have a footnote that reads:
Additional business conveyances – WEBSITE with established SEO, Blog, Directories, Biz Licenses, Health Dept License, Online Booking – value TBD
Established businesses, grandfathered in businesses are valuable! Try to open a new B&B and see what happens, many are not approved or they have to fight for approval from the neighbors.
"The few we have looked st dont have thr revenue tob support the business asking price"
I hope you aren't going by a revenue stream only (of course I know the bank prob is), as the home itself has value and the property, just ask the local real estate taxes, they are not about the business at all - see what that shows.
There is also the conveyance list of furnishings and business and more. Did you know websites can cost $3000-$10,000 for a decent website? If you are shopping on your own you may not know this.
Furnishings per room (this means every room plus common areas) are $5000-$10,000 per room. Our avg guest room is $6000 range.
Dining room table with 10 chairs $5000. Buffet $2000, rug $2000 = that is $8000 for the dining room basic furniture, not actually what is there as there are always more than these three items.
From our conveyance list right now it is at $70,000 for all B&B stuff (furnishings etc) at the end I have a footnote that reads:
Additional business conveyances – WEBSITE with established SEO, Blog, Directories, Biz Licenses, Health Dept License, Online Booking – value TBD
Established businesses, grandfathered in businesses are valuable! Try to open a new B&B and see what happens, many are not approved or they have to fight for approval from the neighbors.
muirford
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Do you really have a good amount of money saved up? If you have enough for a good down payment (I would say 30% but some might go as low as 20%) you may be able to find an owner who will finance the purchase. Not a lease - you will be buying but the owner will hold the mortgage. We just sold our inn and yes, financing was challenging. One of the B&B brokers may be able to steer you to interested owners if you really have the money in the bank to support it.
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We bought a house where we WANTED to live and the house we wanted too live in. It also happened to be configured perfectly to be a B & B - owners quarters to one side and B & B the rest. It depends on what you want from the B & B. I knew I was not going to be worked to death like Maddie because I #1 - do not have that many rooms and #2 - am not is a "destination". I MADE my town a destination as much as it is. I just wanted my house to support itself. Now i am greedy and I want it to produce enough for me to go to Finland (and enough to live on after DH dies until I can sell it).
Would i consider leasing? HELL NO!!!!! I worked hard to create the reputation I have and my city needs a B & B. Yes, i will sell but then it is their baby and no longer my reputation on the line.
Would i consider leasing? HELL NO!!!!! I worked hard to create the reputation I have and my city needs a B & B. Yes, i will sell but then it is their baby and no longer my reputation on the line.
I have been in the hospitality industry for nearly 15 years as a general manager of upscale hotels. I know how much furnishings cost and how much websites cost. We have nearly $150,000 in cash and I have a w harehouse full of beds(box springs mattresses and headboard frames etc), linens, terry, towel racks, boxes of brand new iphone docking alarm clocks, about 2,000 pices each of soap, shampoo conditioner and lotions.I think the title of this should be "we are looking to lease an inn" not buy an inn.
"The few we have looked st dont have thr revenue tob support the business asking price"
I hope you aren't going by a revenue stream only (of course I know the bank prob is), as the home itself has value and the property, just ask the local real estate taxes, they are not about the business at all - see what that shows.
There is also the conveyance list of furnishings and business and more. Did you know websites can cost $3000-$10,000 for a decent website? If you are shopping on your own you may not know this.
Furnishings per room (this means every room plus common areas) are $5000-$10,000 per room. Our avg guest room is $6000 range.
Dining room table with 10 chairs $5000. Buffet $2000, rug $2000 = that is $8000 for the dining room basic furniture, not actually what is there as there are always more than these three items.
From our conveyance list right now it is at $70,000 for all B&B stuff (furnishings etc) at the end I have a footnote that reads:
Additional business conveyances – WEBSITE with established SEO, Blog, Directories, Biz Licenses, Health Dept License, Online Booking – value TBD
Established businesses, grandfathered in businesses are valuable! Try to open a new B&B and see what happens, many are not approved or they have to fight for approval from the neighbors..
I know what it takes and what it costs. I didn't post here to be ridiculed or "told how its going to be".
I would like to hold back $50k from the $150k for operating capital meaning we have $100k to out down. The problem we are running into is finding a suitable property for our family and bussiness needs that has revenue to justify price.
We are looking to relocate so I would be without employment for a short time making financing even more difficult. I was looking here for answers from inn owners who might know of another avenue.
Madeleine
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This forum has been here for a few years. We've seen aspirings come and go. Many drop a question here and never log back in.I have been in the hospitality industry for nearly 15 years as a general manager of upscale hotels. I know how much furnishings cost and how much websites cost. We have nearly $150,000 in cash and I have a w harehouse full of beds(box springs mattresses and headboard frames etc), linens, terry, towel racks, boxes of brand new iphone docking alarm clocks, about 2,000 pices each of soap, shampoo conditioner and lotions.I think the title of this should be "we are looking to lease an inn" not buy an inn.
"The few we have looked st dont have thr revenue tob support the business asking price"
I hope you aren't going by a revenue stream only (of course I know the bank prob is), as the home itself has value and the property, just ask the local real estate taxes, they are not about the business at all - see what that shows.
There is also the conveyance list of furnishings and business and more. Did you know websites can cost $3000-$10,000 for a decent website? If you are shopping on your own you may not know this.
Furnishings per room (this means every room plus common areas) are $5000-$10,000 per room. Our avg guest room is $6000 range.
Dining room table with 10 chairs $5000. Buffet $2000, rug $2000 = that is $8000 for the dining room basic furniture, not actually what is there as there are always more than these three items.
From our conveyance list right now it is at $70,000 for all B&B stuff (furnishings etc) at the end I have a footnote that reads:
Additional business conveyances – WEBSITE with established SEO, Blog, Directories, Biz Licenses, Health Dept License, Online Booking – value TBD
Established businesses, grandfathered in businesses are valuable! Try to open a new B&B and see what happens, many are not approved or they have to fight for approval from the neighbors..
I know what it takes and what it costs. I didn't post here to be ridiculed or "told how its going to be".
I would like to hold back $50k from the $150k for operating capital meaning we have $100k to out down. The problem we are running into is finding a suitable property for our family and bussiness needs that has revenue to justify price.
We are looking to relocate so I would be without employment for a short time making financing even more difficult. I was looking here for answers from inn owners who might know of another avenue.
.
With zero background on what you're bringing to the table you pretty much got the scattershot answer.
No one said anything to offend. If you took it that way, that's because you gave no info for anyone to give a more informed answer.
You have more resources at your disposal than most here have right now.
Given what you've got, your willingness to relocate your family and your experience you should probably work with a broker who will do the leg work for you and eliminate all the properties that don't meet your criteria.
If you're already working with a broker then it should be a short time before you find the right place.
If you have not done so, check the b&b directories. Many of them have for sale or lease pages.
I have been in the hospitality industry for nearly 15 years as a general manager of upscale hotels. I know how much furnishings cost and how much websites cost. We have nearly $150,000 in cash and I have a w harehouse full of beds(box springs mattresses and headboard frames etc), linens, terry, towel racks, boxes of brand new iphone docking alarm clocks, about 2,000 pices each of soap, shampoo conditioner and lotions.I think the title of this should be "we are looking to lease an inn" not buy an inn.
"The few we have looked st dont have thr revenue tob support the business asking price"
I hope you aren't going by a revenue stream only (of course I know the bank prob is), as the home itself has value and the property, just ask the local real estate taxes, they are not about the business at all - see what that shows.
There is also the conveyance list of furnishings and business and more. Did you know websites can cost $3000-$10,000 for a decent website? If you are shopping on your own you may not know this.
Furnishings per room (this means every room plus common areas) are $5000-$10,000 per room. Our avg guest room is $6000 range.
Dining room table with 10 chairs $5000. Buffet $2000, rug $2000 = that is $8000 for the dining room basic furniture, not actually what is there as there are always more than these three items.
From our conveyance list right now it is at $70,000 for all B&B stuff (furnishings etc) at the end I have a footnote that reads:
Additional business conveyances – WEBSITE with established SEO, Blog, Directories, Biz Licenses, Health Dept License, Online Booking – value TBD
Established businesses, grandfathered in businesses are valuable! Try to open a new B&B and see what happens, many are not approved or they have to fight for approval from the neighbors..
I know what it takes and what it costs. I didn't post here to be ridiculed or "told how its going to be".
I would like to hold back $50k from the $150k for operating capital meaning we have $100k to out down. The problem we are running into is finding a suitable property for our family and bussiness needs that has revenue to justify price.
We are looking to relocate so I would be without employment for a short time making financing even more difficult. I was looking here for answers from inn owners who might know of another avenue.
.
Never friggin' mind then, you posted it here and asked for replies. Seems you know everything, now to just buy a B&B you can afford...and learn how to spell. Good luck.adavis said:
Sorry to say but the only real options you have our finding an owner willing to carry a mortgage, or finding a commercial loan. You are fortunatr to have the background and a good nestegg as most who come here have no clue.I have been in the hospitality industry for nearly 15 years as a general manager of upscale hotels. I know how much furnishings cost and how much websites cost. We have nearly $150,000 in cash and I have a w harehouse full of beds(box springs mattresses and headboard frames etc), linens, terry, towel racks, boxes of brand new iphone docking alarm clocks, about 2,000 pices each of soap, shampoo conditioner and lotions.I think the title of this should be "we are looking to lease an inn" not buy an inn.
"The few we have looked st dont have thr revenue tob support the business asking price"
I hope you aren't going by a revenue stream only (of course I know the bank prob is), as the home itself has value and the property, just ask the local real estate taxes, they are not about the business at all - see what that shows.
There is also the conveyance list of furnishings and business and more. Did you know websites can cost $3000-$10,000 for a decent website? If you are shopping on your own you may not know this.
Furnishings per room (this means every room plus common areas) are $5000-$10,000 per room. Our avg guest room is $6000 range.
Dining room table with 10 chairs $5000. Buffet $2000, rug $2000 = that is $8000 for the dining room basic furniture, not actually what is there as there are always more than these three items.
From our conveyance list right now it is at $70,000 for all B&B stuff (furnishings etc) at the end I have a footnote that reads:
Additional business conveyances – WEBSITE with established SEO, Blog, Directories, Biz Licenses, Health Dept License, Online Booking – value TBD
Established businesses, grandfathered in businesses are valuable! Try to open a new B&B and see what happens, many are not approved or they have to fight for approval from the neighbors..
I know what it takes and what it costs. I didn't post here to be ridiculed or "told how its going to be".
I would like to hold back $50k from the $150k for operating capital meaning we have $100k to out down. The problem we are running into is finding a suitable property for our family and bussiness needs that has revenue to justify price.
We are looking to relocate so I would be without employment for a short time making financing even more difficult. I was looking here for answers from inn owners who might know of another avenue.
.
The other responses were just based on what we first read from you.
You are going to have to find a pretty big place with a great location and a solid business built up. As most here will tell you, a small B and B is not a moneymaker.
good luck.
Copperhead
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I have been in the hospitality industry for nearly 15 years as a general manager of upscale hotels. I know how much furnishings cost and how much websites cost. We have nearly $150,000 in cash and I have a w harehouse full of beds(box springs mattresses and headboard frames etc), linens, terry, towel racks, boxes of brand new iphone docking alarm clocks, about 2,000 pices each of soap, shampoo conditioner and lotions.I think the title of this should be "we are looking to lease an inn" not buy an inn.
"The few we have looked st dont have thr revenue tob support the business asking price"
I hope you aren't going by a revenue stream only (of course I know the bank prob is), as the home itself has value and the property, just ask the local real estate taxes, they are not about the business at all - see what that shows.
There is also the conveyance list of furnishings and business and more. Did you know websites can cost $3000-$10,000 for a decent website? If you are shopping on your own you may not know this.
Furnishings per room (this means every room plus common areas) are $5000-$10,000 per room. Our avg guest room is $6000 range.
Dining room table with 10 chairs $5000. Buffet $2000, rug $2000 = that is $8000 for the dining room basic furniture, not actually what is there as there are always more than these three items.
From our conveyance list right now it is at $70,000 for all B&B stuff (furnishings etc) at the end I have a footnote that reads:
Additional business conveyances – WEBSITE with established SEO, Blog, Directories, Biz Licenses, Health Dept License, Online Booking – value TBD
Established businesses, grandfathered in businesses are valuable! Try to open a new B&B and see what happens, many are not approved or they have to fight for approval from the neighbors..
I know what it takes and what it costs. I didn't post here to be ridiculed or "told how its going to be".
I would like to hold back $50k from the $150k for operating capital meaning we have $100k to out down. The problem we are running into is finding a suitable property for our family and bussiness needs that has revenue to justify price.
We are looking to relocate so I would be without employment for a short time making financing even more difficult. I was looking here for answers from inn owners who might know of another avenue.
.
We get lots of posts here from people wanting to get into the industry but are blindly going about it. Without any info of knowledge, etc., we are always drawn to explaining the basics.adavis said:
Since you have some of the necessary furnishings and have some capital, I would be looking at purchasing a property to turn into a new B&B. Most B&B's for sale are looking to sell turnkey. Good luck in your venture!
Breakfast Diva
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$100,000 may seem like a lot of money to some folks, but when trying to purchase a profitable b&b that will fully support a family, it's just not enough. That's why you haven't found a property that provides enough income. Those properties that have enough income come with a price tag of 1.5 to 2 million. At that price, you wouldn't even have a 10% down payment.
I agree with Copperhead...you should consider starting a b&b from scratch.
I agree with Copperhead...you should consider starting a b&b from scratch.
Arks
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I have been in the hospitality industry for nearly 15 years as a general manager of upscale hotels. I know how much furnishings cost and how much websites cost. We have nearly $150,000 in cash and I have a w harehouse full of beds(box springs mattresses and headboard frames etc), linens, terry, towel racks, boxes of brand new iphone docking alarm clocks, about 2,000 pices each of soap, shampoo conditioner and lotions.I think the title of this should be "we are looking to lease an inn" not buy an inn.
"The few we have looked st dont have thr revenue tob support the business asking price"
I hope you aren't going by a revenue stream only (of course I know the bank prob is), as the home itself has value and the property, just ask the local real estate taxes, they are not about the business at all - see what that shows.
There is also the conveyance list of furnishings and business and more. Did you know websites can cost $3000-$10,000 for a decent website? If you are shopping on your own you may not know this.
Furnishings per room (this means every room plus common areas) are $5000-$10,000 per room. Our avg guest room is $6000 range.
Dining room table with 10 chairs $5000. Buffet $2000, rug $2000 = that is $8000 for the dining room basic furniture, not actually what is there as there are always more than these three items.
From our conveyance list right now it is at $70,000 for all B&B stuff (furnishings etc) at the end I have a footnote that reads:
Additional business conveyances – WEBSITE with established SEO, Blog, Directories, Biz Licenses, Health Dept License, Online Booking – value TBD
Established businesses, grandfathered in businesses are valuable! Try to open a new B&B and see what happens, many are not approved or they have to fight for approval from the neighbors..
I know what it takes and what it costs. I didn't post here to be ridiculed or "told how its going to be".
I would like to hold back $50k from the $150k for operating capital meaning we have $100k to out down. The problem we are running into is finding a suitable property for our family and bussiness needs that has revenue to justify price.
We are looking to relocate so I would be without employment for a short time making financing even more difficult. I was looking here for answers from inn owners who might know of another avenue.
.Never friggin' mind then, you posted it here and asked for replies. Seems you know everything, now to just buy a B&B you can afford...and learn how to spell. Good luck.adavis said:
.
Joey Bloggs said:
I was responding to whomever posted how much a website would cost, how much is costs to furnish rooms, how insolent jump into something without knowing everything, yada-yada-yada.
Dont mean to offend anyone that is giving good advice or guidance.
And sorry about spelling (to the guy really bent out of shape about it )...posting from phone with serious autocorrect issues between meetings.
So yes, situation seems tough....looking to relocate, have some cash but will have no income (2nd job) in the beginning so traditional financin is tough without that employment in hand. We have good amount of cash plus a home with decent equity we would also need to sell.
I was hoping someone might have worked with brokers in past that can assist or at the very least maybe someone worked their way into the ussiness by 1st leasing.
There are very very few who would lease a B & B business. Mostly because of the size your are looking at. Someone with a smaller say 3-4 room place maybe would consider but if you are looking a a large place as an income producer I seriously doubt any would consider it.
Google B & B real estate agent or something similar. There are a number of them around. The ones I know concentrate on the East Coast so would not be of any help to you. You may want to check some of the West Coast state B & B association's web sites many times these brokers are vendor members and their contact information is listed. They can't get you financing, but may have some insight into what others have done if you want to take on a buyer agent.
Thankful to say we paid cash for our 4 bedroom place and we saved for years and sold a previous business and house to complete the deal.
happykeeper
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So it would seem that my last statement is your answer. BD and CH say the same thing.
If he wants an high income producing inn, it is going to take more than what he has to start one. And, he needs to check zoning and permits because if buying just a house, doesn't mean it can go commercial or even become a B & B. That's a big chance to take. Finding that large a house for business and family is not easy.
TheBeachHouse
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We tried. Well, we looked. The idea of having to add 4 or 5 bathrooms always made us back away. When we found an already set up house, we finally thought we could do this.happykeeper said:
There is a B&B in this town that took the owners 9 years to upgrade from run down Victorian to beautiful B&B. And it was a good idea. We thought about it. Great spot, beautiful house. But couldn't imagine the 9 years.
To OP - Have you already looked on Bed and breakfast dot com and other similar places for classified ads? Or, contact a realtor in the area you want to live in.
Sharing this for not only you but the other aspiring out there who may be watching the forum but afraid to ask:I have been in the hospitality industry for nearly 15 years as a general manager of upscale hotels. I know how much furnishings cost and how much websites cost. We have nearly $150,000 in cash and I have a w harehouse full of beds(box springs mattresses and headboard frames etc), linens, terry, towel racks, boxes of brand new iphone docking alarm clocks, about 2,000 pices each of soap, shampoo conditioner and lotions.I think the title of this should be "we are looking to lease an inn" not buy an inn.
"The few we have looked st dont have thr revenue tob support the business asking price"
I hope you aren't going by a revenue stream only (of course I know the bank prob is), as the home itself has value and the property, just ask the local real estate taxes, they are not about the business at all - see what that shows.
There is also the conveyance list of furnishings and business and more. Did you know websites can cost $3000-$10,000 for a decent website? If you are shopping on your own you may not know this.
Furnishings per room (this means every room plus common areas) are $5000-$10,000 per room. Our avg guest room is $6000 range.
Dining room table with 10 chairs $5000. Buffet $2000, rug $2000 = that is $8000 for the dining room basic furniture, not actually what is there as there are always more than these three items.
From our conveyance list right now it is at $70,000 for all B&B stuff (furnishings etc) at the end I have a footnote that reads:
Additional business conveyances – WEBSITE with established SEO, Blog, Directories, Biz Licenses, Health Dept License, Online Booking – value TBD
Established businesses, grandfathered in businesses are valuable! Try to open a new B&B and see what happens, many are not approved or they have to fight for approval from the neighbors..
I know what it takes and what it costs. I didn't post here to be ridiculed or "told how its going to be".
I would like to hold back $50k from the $150k for operating capital meaning we have $100k to out down. The problem we are running into is finding a suitable property for our family and bussiness needs that has revenue to justify price.
We are looking to relocate so I would be without employment for a short time making financing even more difficult. I was looking here for answers from inn owners who might know of another avenue.
.
When we were building our B&B new 9 years ago, the bank wanted a minimum of 25% down and that was before so many properties started to go into foreclosure. We had hospitality and management experience. We had the money from the sale of our house for the 25% down but the bank also wanted a full year's of operating income, about $75K put into a fund to ensure we got up and going. I closed out my 401K to get this extra money as we didn't really have any other choice at that point. All together we had over $300K for this project, which is what both the SBA and our local bank required us to have. So $100,000 down with $50K for operating income isn't sufficient nowadays for most higher end properties.
In the 9 years that we've been open, I know of 6 B&Bs that have been foreclosed on in our area (all within 25 minutes) and my banker recently said that they weren't looking to loan money for any more B&Bs - the banks don't want them as they lose tons of money on them. Those that area affordable (less than $1M) don't make enough money to sustain a family of four like ours. Those that are more than a $1M most people don't have enough downpayment.
When it comes time to end being an innkeeper, I will not consider leasing our property and here's why -- the value of our property will be considerable and part of that will be our reputation. It's too much of a risk handing over the property to someone you have no idea what they will do with it - and I don't want a property back after someone up and leaves that has been driven into the ground. Being an innkeeper is NOTHING LIKE running an upscale hotel property as this will now become your home and you'll have no escape like going home at night after a 10 hour day. I've worked 10+ hour days in business as a straight commission sales person getting no paycheck and I closed huge, time-consuming, difficult deals. That was easy compared to being an innkeeper. So innkeepers with large expensive properties that can support a family realize that they can't just hand that over to someone and see how it goes. It's too big a risk - you could get the property back valued at least than you handed it over for.
Buying a home may be the best way to go if you don't have a couple hundred thousand more to get going. I agree that you should contact a hospitality broker to help in your search and they may know of alternative methods of financing. Good luck, it isn't easy in today's market.
