llongendyke
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- Nov 18, 2013
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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 husband works for the federal government. We (well, mainly I) want to own our own inn. I've read all the warnings against inflated expectations, and I understand that it will be a challenging way to earn a living. Nevertheless, for many reasons, my husband and I feel that innkeeping would be a good fit for our interests and talents.
The inn must be self-sustaining, likely a minimum of 10 guest rooms. It must have owners quarters that can accommodate myself, my husband, and a child (the child doesn't exist yet but if all goes to plan, he/she will by the time we buy an inn). A two room apartment of sorts would be fine. Depending on the availability of daycare (aka grandparents) we would hire 1-2 staff members in the beginning to help with housekeeping. We will likely look for an existing inn located in western North Carolina.
Specifically, I would like to know:
What percentage of the property's mortgage must we have raised as a down payment? From what I've seen, this is usually 15-20%. Is that correct?
For about how long should our savings cover operating costs after purchase?
Any advice you can share would be tremendously helpful. I see two options before me: I can try to make my dream happen as soon as possible, or I can go to grad school and work another 10 years in a profession I don't love and save considerably more money before making this happen.
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 husband works for the federal government. We (well, mainly I) want to own our own inn. I've read all the warnings against inflated expectations, and I understand that it will be a challenging way to earn a living. Nevertheless, for many reasons, my husband and I feel that innkeeping would be a good fit for our interests and talents.
The inn must be self-sustaining, likely a minimum of 10 guest rooms. It must have owners quarters that can accommodate myself, my husband, and a child (the child doesn't exist yet but if all goes to plan, he/she will by the time we buy an inn). A two room apartment of sorts would be fine. Depending on the availability of daycare (aka grandparents) we would hire 1-2 staff members in the beginning to help with housekeeping. We will likely look for an existing inn located in western North Carolina.
Specifically, I would like to know:
What percentage of the property's mortgage must we have raised as a down payment? From what I've seen, this is usually 15-20%. Is that correct?
For about how long should our savings cover operating costs after purchase?
Any advice you can share would be tremendously helpful. I see two options before me: I can try to make my dream happen as soon as possible, or I can go to grad school and work another 10 years in a profession I don't love and save considerably more money before making this happen.