Realistic Expectations

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10/07/2018

I'm trying to determine how realistic it is to try to find a B&B with 2 bedroom owner's quarters, 6-8 guest rooms in NH, Coastal ME, or Finger Lakes region of NY for less than $1M. Does such a beast exist or am I dreaming?

Also, what is a realistic downpayment for an established B&B? 20% 25% 30%?

 

Ideally our future (dream) B&B would earn enough income to pay the mortgage, utilities, food, and maybe a small stipend for us. Is this possible?

I'm close to giving up on the dream due to how long it is taking us to save for a good down payment and find the right place for us. We know the region we want.

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08/05/2019

Try looking at the Inn at Bath (Bath, Maine).  We looked at it and liked it, but ultimately wanted more land.  It's a nice spot though and it was under a million the last time I looked.  Good luck.

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04/02/2014

Try looking for a property that has a small cottage on it that you can convert to your 2 bedroom home - you'll get privacy and the space you need so long as the bills can be paid without that income.  We'll be selling our place in about 4-5 years.  It's 10 guest rooms on 20+ acres with beautiful mountain views and frontage on a river.  It makes plenty of $$$ for you to pay all the bills and earn income.  And we have a separate 3 bedroom house next to it that we built after being open 10 years and not wanting to live in the B&B anymore.  It won't be going for under a million but if you ask a financial advisor to work the #s paying more might get you what you want/need and make some $$.  Good luck.  Again my one piece of advice is to try not to live in the building ... that little commute up the driveway to and from work makes it seem like I'm a million miles away but I'm just next door in my own home!!!

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So the Walking Dead now knows who Morticia is. That's funny right?

Morticia's picture
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NC Innkeeper wrote:

So the Walking Dead now knows who Morticia is. That's funny right?

It is humorous in its own little way.

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Never judge a person's story by the chapter you walked in on.

 

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10/28/2019

I have been reading this forum for years but just joined. Our B&B is for sale. It's 5 rooms in upstate NY, is on a lake and is listed under a million. Innkeeper's quarters only has one bedroom but you could be creative. We also have a 2 bedroom cottage next door that we also rent out which may be an option.

www.mariavillelakebb.com and here is the listing.

https://www.realtor.com/realestateandhomes-detail/176-Batter-St_Patterso...

TheBeachHouse's picture
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06/24/2013

Search seven south street, Rockport, ma

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TBH

 

TheBeachHouse's picture
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06/24/2013

When you see the owners apartment, consider pulling the second bedroom from the rentable rooms.    Think outside the box/apartment.    Makes the possibility of finding a place higher. 

Also consider one of the two of you working a second job.   Easier to get a loan and keep cash flow flowing.   

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10/07/2018

Thanks for the suggestions. I'm learning bookkeeping and am thinking about taking some web design classes. My wife is a licensed counselor but her license won't transfer to any of the states we are interested in. I am the primary cook, it's a passion for me, so it would make sense for me to get a second job as I could cook early then go to second job later in the day. I also have my military retirement check to help offset costs.

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12/18/2014

walking dead, I'm just an old guy with no particular education and we run a small motel rather than a B&B, but here is my two cents worth on a few subjects.

Bookkeeping, if you can balance a checkbook you probably know enough bookkeeping, don't make it complicated. Most of this business is cash or credit card, others may be different, but I don't send bills, so money is either coming in or going out. I created a chart of accounts that was useful to show me where my money was being spent and organized so that I could give the CPA a report for tax calcualations.

Website, I used a long gone program to build my first site and in recent years moved to a Wordpress site/theme with the guidance of a forum member. The web has become complicated, what I learned in a class some years back is old and outdated, purchase a theme and play with it, do I have a great design, matter of opinion, but I have the look I wanted. I'm strange, a site should "look" nice, but the purpose is to get folks to reserve rooms, my thought, don't try to wow a prospect with my web skill, just show him how to reserve a room.

Property, getting close to 30 years at this now, it doesn't change overnight, but the results/business will depend on the operator, as the operator we will build it up or tear it down based on our actions. I bought on the cheaper side and over time built up, it works when we don't have huge funds in the beginning. If struggling with too high payments you likely won't enjoy and it will be difficult to keep things going, to me anyway better to start at the bottom and build up over time.

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Jim & Maxine

 

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10/07/2018

Thanks for the words of wisdom. The bookkeeping is so I could bring in extra income as needed, same for the webdesign. 

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walking dead wrote:

Thanks for the words of wisdom. The bookkeeping is so I could bring in extra income as needed, same for the webdesign. 

Extra income always helps and the work occupies the mind, for most of our years I worked an outside job which provided income to help us grow and most important health insurance. I expect I would have preferred working something for myself (and tried a few ideas), but needed the insurance and many sideline businesses have their own costs and risks as well.

Morticia's picture
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05/22/2008

walking dead wrote:

Thanks for the words of wisdom. The bookkeeping is so I could bring in extra income as needed, same for the webdesign. 

I sent you an email with a listing. So, ha ha, when you do that you get to see the other person's email address. And, well, if you didn't know before, now you know who I am. And how silly I feel sending the listing to you. Again, as it were. Eye-wink Wishing you well in your search.

Morticia's picture
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If you want, email me (click on my user name and the option to email will show up), I'll send you a link of a place for sale that meets a lot of your wants.

Morticia's picture
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05/22/2008

Bedandbreakfastforsale.com is another place to look. Maybe even a better option.

Morticia's picture
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05/22/2008

Have you looked at innshopper.com? I know there are several places for sale in Maine that are listed on there. Under $1m! With multiple bedrooms in the owner's space.

It's not impossible to find what you're looking for at all.

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Tom
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This is the creepiest post I've seen on this site ...

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