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CT1982

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Hey everyone, I'm new to this site and happy to be a member. Doing some research but decided google might not have all the answers, so here I am.
I have been in the hotel/vacation rental/corporate housing industry since 2002. I'm 38. In 2013 I started and ran a luxury vacation rental business in L.A. and San Diego where I managed 65 units in several apt buildings. I have a ton of energy, connections and experience in the hotel/lodging industry.
It's always been my dream to run a B&B or small Inn but they are not cheap (obviously). I wish I had $1MM but that's not the case and I can't borrow that type of money from the bank. I have more than enough experience and know what it takes to be successful in this field, just lacking the necessary capital to purchase.
Any advice on how to approach an owner and work out another option besides the millions (or whatever price) they may be asking? Do you think it's possible to work out another arrangement?
All opinions, comments and suggestions are welcome. Thanks!
 

JimBoone

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Welcome to the forum, I feel like I’ve learned much as a visitor over the last few years. We jumped into this (tiny motel) without any particular experience in the field so I’m a believer that it can be done.
Now money, that’s another story, I suppose that depends on you. Not sure a bank would loan me a million or millions either. Fortunately prices were lower when we began our adventure. I had some cash, I owned or had investment in some property that I could borrow against, had a house I could sell and the motel owner carried a loan for the balance.
Maybe I should say also that we purchased the place where we could make our/my idea happen and then spent years creating our dream. To me that’s about the only answer, find that ugly duckling no one wants and the owner wants/needs out and pitch your deal to them.
 

TheBeachHouse

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Sell some of your vacation rentals to raise the money.
Gomto innkeeper sites where people are advertising for managers.
Start saving. You CAN borrow a million dollars if you have a steady income and the property is worth the money.
 

gillumhouse

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More important than the cost of a B & B is knowing WHERE you WANT to live.
This will be your community - Is it a place YOU will fit in and enjoy living there?Yes, will it have traffic? But will you enjoy living there. I would never willingly live in flatland again. And Florida does not do it for me. So look where you want to be.
What are your goals for the business? Sole income? Paying expenses? Big enough to need staff or small enough you can handle it yourself?
I operate as a business - have listed with the assessor's office so there is no question. But all I have ever asked of it was to pay the expenses of the house. I am in the city I BELONG in. I am happy and not stressed out. It is obvious to my guests that I am happy so they are happy. I took a house and made it a B & B (cost of house less than $50k and over the years I probably put another 50k+ in it) and I get to live here.
It does not have to cost millions unless that id the kind of facility you want. YOU have to be comfortable in this structure (example - I would not be comfortable in an old mansion - love my old 4-square)
 

Aysgarth

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I have a 6 room inn in Bar Harbor, Maine and part of owning it is the area I get to live in. Where it is at is more important for me than making a ton of money. Easy to operate on my own.
 
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