buying an Inn

4 replies [Last post]
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Joined:
04/22/2019

I am hoping to buy a B & B up in New England in the next 10-12 months.  I have been doing a lot of reading etc.  

I know I do not want anything big, just small like 5-7 rooms, but are there grants out there for new Inn Keepers?  any suggestions?  I probably will have about $80,000 of my own money but I am sure i will need more than that. 

 

Lee2014's picture
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Joined:
12/11/2014

   Yes, there are grants out there for B&Bs.  I found out about it through Eliot at The B&B Team's Seminar.  I would contact The B&B Team.  They have a bunch for sale in New England right now especially Maine.  I would check with regular realtors in your targeted area as well.  Just go on their websites and put in 4 bedrooms and 4 baths and everything but B&Bs and estates will disappear from your search.  

__________________

Have a great day!

 

ChrisandShelley's picture
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Joined:
04/13/2014

Now I'm not in New England so I'm not familiar with the market, but I think you'd be surprised. There are several creative options for financing if you have a motivated seller. The seller could owner finance part of the mortgage which reduces the amount needed from the bank, hence reducing the required down payment. You can finance through the Small Business Association.

We only needed $41,000 for ours.

__________________

Christopher and Shelley Smith, Innkeepers
The Wildflower Bed & Breakfast, Mountain View, AR

 

TheBeachHouse's picture
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Joined:
06/24/2013

Search seven south street, rockport, ma.  

Good luck! 

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TBH

 

Offline
Joined:
04/22/2019

as gorgeous as this property is, way above my price point at this point in time.

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