Hello,
My name is Georgina and my husband and I are looking at purchasing a turnkey B&B next summer. Some fun facts about us:
Neither of us have worked in a B&B before, but we both work in restaurants and retail, so customer service and long hours are all we know. Eventually we would like to attach a 20 seat restaurant to the B&B and do culinary weekends as we are both classically trained chefs (he in culinary and I in pastry). I also do wedding cakes and handmade chocolates and would like to sideline that as extra income on the side. And yes, I do get tired just typing all that out =) We really like the Asheville/Black Mountain area in NC but we are most likely out of our price range there, so we are looking all along the east coast. (Or Hawaii, as that is where I was born and raised, but the chances of finding something there are slightly less than zero =) We are looking for a 5-8 rooms.
Now onto questions. We are having some trouble getting started. My husband has contacted a couple of realtors but has been getting very little response from them. We look online, but there is no way to tell if the listings are still active without a realtor to help us. We are also looking at doing a seminar, but I am leery of forking over money to someone who may or may not know what they are doing. Any recommendations for realtors or seminars/classes? We are in Northern VA.
Also, I understand most B&B's are financed via business loans, not mortgages. Any tips on obtaining loans? I have looked into SBA loans, but for restaurants which virtually no lender will touch. Are B&B's easier to finance?
I also know that costs and regulations vary from town to town, but any ballpark figures for monthly costs? Hidden costs you didn't expect? The best I can figure is going from estimated mortgage calculators and what I currently spend in utilities multiplied by a few. My husband wants us to have 6 months worth of operating expenses saved up, which I think is a great idea, but also insane and unreasonable to expect to have that much of a cushion. Is it, or do we need that much?
Lastly (for now), how long did it take you to actually find and purchase a B&B? I am under contract with my job until 5/14 and our lease expires 6/14, so I want to be able to move out and into our new home/business by then. Are we jumping the gun by looking now or am I right to think it could take that long?
Any and all advice is appreciated.
Thanks!
My name is Georgina and my husband and I are looking at purchasing a turnkey B&B next summer. Some fun facts about us:
Neither of us have worked in a B&B before, but we both work in restaurants and retail, so customer service and long hours are all we know. Eventually we would like to attach a 20 seat restaurant to the B&B and do culinary weekends as we are both classically trained chefs (he in culinary and I in pastry). I also do wedding cakes and handmade chocolates and would like to sideline that as extra income on the side. And yes, I do get tired just typing all that out =) We really like the Asheville/Black Mountain area in NC but we are most likely out of our price range there, so we are looking all along the east coast. (Or Hawaii, as that is where I was born and raised, but the chances of finding something there are slightly less than zero =) We are looking for a 5-8 rooms.
Now onto questions. We are having some trouble getting started. My husband has contacted a couple of realtors but has been getting very little response from them. We look online, but there is no way to tell if the listings are still active without a realtor to help us. We are also looking at doing a seminar, but I am leery of forking over money to someone who may or may not know what they are doing. Any recommendations for realtors or seminars/classes? We are in Northern VA.
Also, I understand most B&B's are financed via business loans, not mortgages. Any tips on obtaining loans? I have looked into SBA loans, but for restaurants which virtually no lender will touch. Are B&B's easier to finance?
I also know that costs and regulations vary from town to town, but any ballpark figures for monthly costs? Hidden costs you didn't expect? The best I can figure is going from estimated mortgage calculators and what I currently spend in utilities multiplied by a few. My husband wants us to have 6 months worth of operating expenses saved up, which I think is a great idea, but also insane and unreasonable to expect to have that much of a cushion. Is it, or do we need that much?
Lastly (for now), how long did it take you to actually find and purchase a B&B? I am under contract with my job until 5/14 and our lease expires 6/14, so I want to be able to move out and into our new home/business by then. Are we jumping the gun by looking now or am I right to think it could take that long?
Any and all advice is appreciated.
Thanks!