Update on our Inn/Motorcourt purchase

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09/10/2018

Promising update: We signed contracts yesterday with a closing date of Jan 8th! Woo Hoo! My wife and I are excited and scared to death

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09/10/2018

UPDATE DECEMBER: Whew. man, I had no idea all of this would be taking so long! We stayed at the property Monday - Wednesday this past week while the inspection was happening. It went as expected but cost a little more than I wanted it to or was quoted. There are 7 individual cottages, 4 motel rooms plus a 3 bedroom owners cottage. Even though he was informed of this, the crawl and attic spaces turned out to be more difficult than expected. As was the extensiveness of his report. It's a 70+ year old property with many modifications over the year, we expected lots of "dodgy" add-ons. Mostly, it was all good. The few big things are being negotiated with a lower down payment and a credit on the purchase price since the sellers are ready to get out of town. We think it will be good since we can do much of the work ourselves. We should still be able to partially open before Valentine's Day, so that's good.

Next is waiting for closing in January and making the move! Wish us luck!

Morticia's picture
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05/22/2008

Our inspection cost $2100. That was 15 years ago.

What I found interesting was the inspector told us he didn't have time to check every little thing, so we should go around and check stuff like water pressure ourselves.

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09/10/2018

Going up next week for the inspection! Since the current innkeepers close Dec - Mar, we are staying in the owner's cottage (which they no longer live in, they rent via airbnb). This will be our house when we take over, it will be nice to get a really good idea of what it's going to be like. We're excited! Wish us luck!

Lee2014's picture
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12/11/2014

  Excited for you! 

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Have a great day!

 

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09/10/2018

Thanks Everyone! I’ll keep you updated. Smiling

gillumhouse's picture
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05/22/2008

Total congrats to you. I still remember my excitement when I opened - almost 23 years ago,

Lee2014's picture
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12/11/2014

  Wonderful!  All the best to you!  Regardless of what happens, SMILE!  A smile is known in every language and can work miracles.

Morticia's picture
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05/22/2008

Congrats!

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09/10/2018

* it cut off my entry, trying again here:

My wife and I are excited and scared to death, but eager to start this new lifestyle.

We have much to learn but still have inspections, surveys and training from the current innkeepers to go through. Everyone seems to be happy with the deal and happy that we are the buyers, so very cooperative!

My wife will also likely be a new doctor in town and met with the clinic yesterday to much her liking! I hope that works out. Her salary will be greatly helpful in us acquiring our loan to pay off the seller financing and peace of mind as we forge ahead in this new life!

Thanks for everyone’s help!

Anon Inn's picture
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09/26/2011

Congratulations!

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