Inn my dreams
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- May 30, 2012
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Hi all! DH and I are facing that dreaded.... or not so dreaded (depending on what day you talk to us) "empty nest" in a few years. DS has one more year of high school, but may be living with us for several more years depending on his college choice which currently is local. Retirement is 10-15 years away, but I'm already thinking and dreaming of where we want to take our future. I have always known where I want to retire and it is in a resort area with numerous successful B&B's (or maybe they just appear to be successful, but they seem to be surviving this economy!). I found a B&B for sale and even though the timing isn't right, it has me researching and dreaming... wanting to learn everything I can about this lifestyle. I have a couple of questions and hoping you all can help....
Is financing a B&B any different than financing your personal residence --- assuming that you purchase an operational B&B with resident's quarters in the house and will live there? Is the Inn's rental history treated as income for the debt ratio?
If anyone has purchased a well rated/reviewed existing inn, did you make changes after your purchase or try to conform to previously existing policies? menus? rates?
Thanks for any and all insight!
N
Is financing a B&B any different than financing your personal residence --- assuming that you purchase an operational B&B with resident's quarters in the house and will live there? Is the Inn's rental history treated as income for the debt ratio?
If anyone has purchased a well rated/reviewed existing inn, did you make changes after your purchase or try to conform to previously existing policies? menus? rates?
Thanks for any and all insight!
N