My thoughts on buying an inn

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Lee2014's picture
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   I love to look at houses and inns/B&Bs for sale as a hobby.  I know I'm strange!  My favorites for inns are innsforsale(dot) com, bbonline, and innshopper.  Aspirings, if you are looking for a place to buy in a certain location, please private message me, and I will be happy to email you ones I find that meet your list.  A good thought is to buy a place already an inn or B&B.  The price may be higher than a big house but it usually comes with furniture, website, a week to a month training, knowledge, goodwill, and a guest list to name a few.  A big house comes with none of that.  You will have to do all the paperwork to get it approved, have the neighbors sign papers to approve the new business, put in more bathrooms, buy furniture, etc to name a few.  You will probably spend more money and time in the end than if you just bought one already a B&B or Inn.  Just something to think about… so check out B&Bs For Sale under Innkeeper Forum.

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Innkeep's picture
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k I have my Next Owner lined up - IF it works out. It is at least good to be talking about it now, and she knows she will be getting "such a deal".)

Yippeeee!  All the best. 

gillumhouse's picture
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The deal is - market price of the house and I am taking ONLY my personal stuff with me. Himself's stuff removed of course.

Generic's picture
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Does himself go with the house? Smiling

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gillumhouse's picture
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Generic wrote:

Does himself go with the house? Smiling

Himself has to be GONE before anything else can happen. It will take me at least a month to get his stuff OUT. (I will be generous and take him and his brother with me. The box of his brother has been here since 2002 and after over 40 years - the way things are going it could be 50 years - I guess I would take him too so I would not separate the brothers.

Generic's picture
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Just saying...https://urnabios.com/

MoH likes this idea... http://www.lifegem.com/ and I keep on saying that way I will have a ring to give my next.... Smiling

Morticia's picture
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I told my kids about the life gem idea and they blanched. I guess they just want to visit me at the beach.

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Lee2014's picture
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Yeah…..  Not for me either….  Just stick me in the ground and let me rot.  The cemetery behind my church is pretty and on a hill where I can "watch them all".  But if any of us go before Grandma, we are going to haunt her and say, "clean the ballroom!"  My mom clean up some of it but it stops at Grandma's stuff and her leftover from her flea market days….

gillumhouse's picture
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Just saying...https://urnabios.com/

OOOooo - I would get to kill him twice

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Oh my what kind of mood are you in ? This is all so depressing. Sorry i wouldn't spend a Penney on a life gem any..another way to get money from the grieving

we will put all our ashes together with our cats and spread us over the Blue Ridge Mountains 

gillumhouse's picture
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Tongue in cheek. He is in good graces today.

 

 

 

Generic's picture
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And heat the house Smiling

gillumhouse's picture
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AND trying to figure out where/how to put a bathroom where none existed in an old house is "interesting" at the least and much more expensive that you can imagine. It took 10 years to figure out for me (and to convince a certain never-mind to sign the loan paper) AND I still have 2 that share because there is no way on GOD's Green Earth to put a bathroom in for, much less IN the third guest room.

(I think I have my Next Owner lined up - IF it works out. It is at least good to be talking about it now, and she knows she will be getting "such a deal".)

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07/23/2008

I received 3 calls this week, from my listing on Innshopper. 

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would back you up on this - people have this sort of idea of "I want to make my own stamp" yes you can still do this with a going concern ie we are buying what was a B&B which has been closed for about 4 months and was run on long term lets before that and its going to be a very demanding and expensive operation to get it up and running. People don't realise how expensive a single bathroom is on its own never mind on mass!

TheBeachHouse's picture
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And you can easily 'make your own stamp' over time.   You don't have to do everything the first day.

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Morticia's picture
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TheBeachHouse wrote:

And you can easily 'make your own stamp' over time.   You don't have to do everything the first day.

Years! I'm almost done. Maybe.

JimBoone's picture
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12/18/2014

For us anyway our idea of what our 'stamp' should be has changed at least several times over the years, from an initial push to be more uniform and copy the big guys to more recently to a desire to be more individual.  I think we continue to learn and change, once you're in the business it is not exactly what you expected when you first chose to follow that path.

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Jim & Maxine

 

Morticia's picture
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We generally tell newbies who buy existing, well run B&B's to wait a year before throwing the baby out with the bath water.

There's something that keeps the repeats coming back. Unless you want a completely different clientele, find out what these guests like.

We heard that so many times our first year - we're so glad you didn't change (fill in the blank).

We eventually changed all of it but these guests knew us by then and could see the good in change.

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Ah but that's a well run you also have (1) alright run ok but not great which we took on or (2) crap - lots to chuck out!

Morticia's picture
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Jcam wrote:

Ah but that's a well run you also have (1) alright run ok but not great which we took on or (2) crap - lots to chuck out!

Yes! I wanted to be clear on the well run part!

If it has crappy reviews and totally outdated furnishings, close the place down for a month and reopen with a new name and new outlook!

Lee2014's picture
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  Yes, my parents and I took out a bathroom and made it into an office.  Then we took a big bedroom and converted it into an handicap bath and a small half bath with a wide hall between.  We used the sink and toilet from the old bathroom, did most of the work ourselves, an electrician friend donated his time to rewire everything, and we watched for bargains on all things from paint to flooring, etc.  Six years ago we did it and it cost us way over $10,000.00  We only had to pay for a plumber to hook everything together.  (This was in a private home not an B&B.)

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Yes!  So much yes smiley

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