I have worked as an innkeeper for someone else now on and off for 7 years. I have always wanted to own my own B&B but now after a messy divorce my credit is in the toilet and will take a few years to get back into the good area. I wanted to know if anyone knew of or if it was even done with B&Bs that you could lease to purchase or do like a rent to own type thing. I am 31 and this would be my dream come true! ANY advice would be greatly appreciated.
Wanting to know if anyone has ever heard of rent to own as far as B&Bs go?
- Thread starter snbishop
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Innkeep
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There is a search function in the upper right hand corner. There have been many discussions of this in the past. here are a few:
https://www.innspiring.com/node/13550
https://www.innspiring.com/node/12852
Many B&B owners are reluctant to hand over "their baby" to someone else who potentially will not run the place as well, tarnish the reputation on review sites, and then leave at the end of the lease period.
Financing a self-sustaining B&B is difficult even for one who has a good credit rating. It would be a unique situation for you to find owners who would have that amount of trust in you. Perhaps you could leverage your relationship as an innkeeper by working for the owner of an inn that has been on the market for quite some time, show the owner your capabilities while you are an employee, and then find him willing to take that risk. Not to rain on your parade
https://www.innspiring.com/node/13550
https://www.innspiring.com/node/12852
Many B&B owners are reluctant to hand over "their baby" to someone else who potentially will not run the place as well, tarnish the reputation on review sites, and then leave at the end of the lease period.
Financing a self-sustaining B&B is difficult even for one who has a good credit rating. It would be a unique situation for you to find owners who would have that amount of trust in you. Perhaps you could leverage your relationship as an innkeeper by working for the owner of an inn that has been on the market for quite some time, show the owner your capabilities while you are an employee, and then find him willing to take that risk. Not to rain on your parade
happykeeper
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The best you could do would be to find an opportunity where you could be the innkeeper for a year or two or three and then move to acquire. Not easy, but in the right situation, if you are all that, and if you had made your intentions clear from the onset, a possibility. With our situation, no chance.
