springlady
Well-known member
- Joined
- Jun 9, 2008
- Messages
- 53
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Hi guys! Wow, there's so much to catch up on!
But first the news...
I may be getting an inn. Actually it's a lovely vintage house on acreage with several cabins in a very seasonal tourist area. I'll need lots of help figuring out ways to make money in the off season if it happens but seasonal revenue should cover the mortgage, insurance, and taxes. I've taken a preliminary look at the utility, help, and maintenance numbers and it looks doable as well but I haven't inspected the books - that will happen when we get a little further along. I've based all my calculations on having full occupancy for 80 days out of the year which is what I understand to be standard in this area.
I will have a partner with deep pockets making the preliminary investment WHO WILL NOT REQUIRE REPAYMENT (Thanks, Mom) since I'm spending my kid's inheritance. Actually, I will be multiplying their inheritance and mine by building equity in this business, with a 7 - 10 year exit plan. The acreage and house alone with the existing deep water well are worth the asking price and will only appreciate as Boomers retire to this wonderful area.
I'll have a second imcome from selling my previous business (YEA!!!) that will be enough to cover my personal expenses so everything can be plowed back into the business.
I don't want to go into a lot of detail because it's not a done deal but if it works out I'll be joining the ranks, hopefully by this summer!
I know there have beens lots of posts in the past on the pros and cons of cabins vs. a "real" B&B but could you refresh my memory?
I'm thinking of providing uncooked breakfast casseroles (putting them in the refrigerators each day) along with juice, bread, and fruit. They cook them at their leisure. I think this will be a good extra draw because the nearest real grocery store is over 30 miles away and the only thing available for breakfast in the area are tacos from a couple of little taco joints in town.
Flip side of that is my weekly 34 mile jaunt into town for supplies... I will need help at least one day a week.
It seems like a wonderful opportunity if everything falls into place...my fingers are crossed!
But first the news...
I may be getting an inn. Actually it's a lovely vintage house on acreage with several cabins in a very seasonal tourist area. I'll need lots of help figuring out ways to make money in the off season if it happens but seasonal revenue should cover the mortgage, insurance, and taxes. I've taken a preliminary look at the utility, help, and maintenance numbers and it looks doable as well but I haven't inspected the books - that will happen when we get a little further along. I've based all my calculations on having full occupancy for 80 days out of the year which is what I understand to be standard in this area.
I will have a partner with deep pockets making the preliminary investment WHO WILL NOT REQUIRE REPAYMENT (Thanks, Mom) since I'm spending my kid's inheritance. Actually, I will be multiplying their inheritance and mine by building equity in this business, with a 7 - 10 year exit plan. The acreage and house alone with the existing deep water well are worth the asking price and will only appreciate as Boomers retire to this wonderful area.
I'll have a second imcome from selling my previous business (YEA!!!) that will be enough to cover my personal expenses so everything can be plowed back into the business.
I don't want to go into a lot of detail because it's not a done deal but if it works out I'll be joining the ranks, hopefully by this summer!
I know there have beens lots of posts in the past on the pros and cons of cabins vs. a "real" B&B but could you refresh my memory?
I'm thinking of providing uncooked breakfast casseroles (putting them in the refrigerators each day) along with juice, bread, and fruit. They cook them at their leisure. I think this will be a good extra draw because the nearest real grocery store is over 30 miles away and the only thing available for breakfast in the area are tacos from a couple of little taco joints in town.
Flip side of that is my weekly 34 mile jaunt into town for supplies... I will need help at least one day a week.
It seems like a wonderful opportunity if everything falls into place...my fingers are crossed!