Recent content by llongendyke

Yes I think that's what he was describing. Does this sound like a viable way to finance a bed and breakfast or small inn?

Yeah, I don't think this makes any sense either. Just thought I'd ask in case I was wrong!

Question for the masses! Somebody recently suggested to me that I look into getting a combination of a commercial loan and a mortgage. His suggestion was to put 10% down, try to find a commercial loan that would cover 40 - 50%, and then find a mortgage to cover the remainder. Does this make...

Thanks everybody for the feedback! I'm encouraged that it can be done -- however difficult. I suspected as much, since many careers are demanding but people continue to have kids. Still, I want to be as informed as possible. Thanks again!

Thanks for sharing your story! It sounds like you an your husband are doing a great job. It seems like there are many variables here: whether the inn operates seasonally or year round, the age of the child, how much help we hire, etc. It's also possible that we would have two sets of...

Hello everyone, I am an aspiring innkeeper. I posted a question about raising capital to purchase an inn in the "aspiring innkeepers" section. Now I have a question about raising children. Do any innkeepers here have young children? If so, do you have any advice or warnings? It sounds like...

What you want to look for is a property that is sustainable AND you see some significant areas where you think you can do better. Exactly! I think my husband and I would do well with this strategy because we can be creative and resourceful. Part of the appeal for me is finding a property that...

This is really useful advice, thank you! Saving up $800,000 (40% of 2 million) could take us 20 years... Perhaps it would be better to look at a smaller property? Madeleine said hers has 7 guest rooms and is sustainable, which is interesting because I heard that the rule of thumb is 8 for...

Ha, well, we actually have very little saved at the moment, but we do have a vintage sailboat that we've been restoring over the last few years. We plan on going on a little sailing adventure and then selling it. That will be our "chunk" to begin with... less than 100K which is obviously nowhere...

Thanks Madeleine for the information! It's good to know that if we buy a functioning business (which we would try to do) we shouldn't need to dip too far into savings, but it's definitely a good idea to have savings just in case. 6-9 months worth sounds about right. Also thanks for the heads up...

Oops, I think I replied in the wrong place (I'm new to this discussion board). To answer your question, I have seen properties like the one I describe listed for 1 to 1.5 million, depending on the renovation costs.

Depending on the renovation needs, I've seen properties listed between 1 and 1.5 million dollars. Does that sound about right to you?

Hello, everyone. I am an aspiring innkeeper who is researching the amount of capital I need to raise to realize my dream. Does anyone have any advice? Here is some background about me and my situation: I am in my 20s and my husband is in his 30s. We are both employed; I work in marketing and my...