Not living in your B and B

[Madeleine]

Thanks, guys for all the helpful info! Yes I know its a lot of work and a lifestyle change. I have 3 books I'm reading now that are very helpful and I am shadowing at a B and B this week. I've written my business plan. I'm having estimates on the work that needs to be done at the prospective property and am talking with the state and county about regulations. So.....we shall see. I'm not rushing into anything. The property has been for sale for a couple years so I'm taking my time in checking everything out. Thanks again!.

Pay really close attention and get it in writing. We had a couple buy a property here with great plans for what they were going to do with it. They got approval from all kinds of agencies, had brilliant plans drawn up. Came before the town for approval and people started asking where they were going to park all the cars for the businesses they were opening? Not enough parking. Without parking, no business. They could open one business on the site, but not 2. And the one they really wanted to open was the one that didn't have enough parking.
With all the approvals in the world, they forgot to ask one important question...where does everyone park? Not sure if they thought they could use adjoining properties or on street parking.

 

[Dcalfee]

I do already have fnancing in place, thank goodness. I have designed and built 2 of my previous homes by not using a builder. I hired and worked with sub contractors daily so I do know what you mean by everything costing twice what you think. Bummer, huh? And dont forget all work takes twice as long as it was supposed to!
Oh and as an edit to my original post.' Leave the house at 4pm (unless I have folks checking in ) and back at 5pm'. LOL I don't know what I was thinking!!

 

[agoodman]

Whatever estimates you get... Plan on spending double that. Also remember that you may only be able to get a commercial loan and not a residential loan.