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nsanko

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I am an aspiring innkeeper diligently doing my research about all aspects of the B&B business. I am doing online research, reading books and will attend a seminar for aspriing innkeepers at the end of January. My friends and boyfriend are supportive, because they see that I am taking my research seriously and not ignoring the fact that starting and maintaining any business is hard work. But my parents and sister and brother-in-law are less encouraging. Have any of you encountered this lack of support from family? How did you handle it? I It's tough not to get the support you hoped for from those nearest and dearest. Thanks.
 

Morticia

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Excellent that you are doing your homework! Good for you!
It is always a good idea to have the support of the people who will be living under the roof of the B&B. Unless parents, siblings and others are coming along, I would take their comments as caring about you, but not necessarily germane. If they will be the kind of family who says, 'I told you so,' should things not work out and never let you forget your mistake, you should probably stop telling them your dreams.
If you will be asking them for seed money to get started, what are their concerns? Have you had lots of dreams you never followed thru on in the past? Do you have a poor track record with money? Are there any real reasons for your family to pooh-pooh your dreams? If so, you'll need to work on that aspect of your personality first before you can expect them to be behind you 100%.
Sometimes family just worries. If you think their worries have no basis, scale back talking about your plans to them. If there is a basis, work on those problems as this work will stand you in good stead when you're an innkeeper. ie- learning to take constructive criticism to make yourself & your inn better.
 

nsanko

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Thanks for your comments Morticia. I have never made a bad financial decision in my life. I am currently a lawyer and have never felt passionate about my work. I have indeed not pursued certain dreams, because they didn't fit in with my family's vision. They will not be living with me, and I do not need their financial help. You are right--they are just generally concerned and want me to be happy. I can only hope that when they see how cautiously and sensibly I enter this new phase of my life (I turn 50 next month), they will rally behind me.
 

Innkeeper To Go

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Thanks for your comments Morticia. I have never made a bad financial decision in my life. I am currently a lawyer and have never felt passionate about my work. I have indeed not pursued certain dreams, because they didn't fit in with my family's vision. They will not be living with me, and I do not need their financial help. You are right--they are just generally concerned and want me to be happy. I can only hope that when they see how cautiously and sensibly I enter this new phase of my life (I turn 50 next month), they will rally behind me..
nsanko said:
I can only hope that when they see how cautiously and sensibly I enter this new phase of my life (I turn 50 next month), they will rally behind me.
That's all any of us can hope for, isn't it?
Best of luck to you. Seems like you're doing your homework and know what you're doing.
They'll figure that out, too. Eventually.
 

Morticia

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Thanks for your comments Morticia. I have never made a bad financial decision in my life. I am currently a lawyer and have never felt passionate about my work. I have indeed not pursued certain dreams, because they didn't fit in with my family's vision. They will not be living with me, and I do not need their financial help. You are right--they are just generally concerned and want me to be happy. I can only hope that when they see how cautiously and sensibly I enter this new phase of my life (I turn 50 next month), they will rally behind me..
OK, let me backpedal. I thought you were in your 20's.
Repeat after me: A 50 year old woman does need her parents' permission/acceptance/backing to do anything.
Now, go forth and learn how to run a B&B!
(BTW, my mother laughed hysterically when I told her what I was about to do. I had never made a bed in my life and I like to sleep until 9-10 AM. But she never questioned me. She gave up on that a looooong time ago!)
 

egoodell

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I would say forget support from you family. It could be that they are the kind that would only consider working for a big company and that to go out and start your own business would not be a "secure" thing to do. Get your support elsewhere - take one of those classes where you train in a large B&B and as part of the training they have you manage it for a weekend. When you are finished they give you the support you need by showing you your strengths and where you may need to improve. That will make you feel like you're getting on your way.
You're a lawyer which is excellent! That's a profession that can earn you extra money on the side as you start your B&B! You could do a select type of legal business along with your B&B which would really be wonderful as you won't have to stress over booking every room every weekend and will make you more relaxed in dealing with your guests. Is there a type of law that you do find enjoyable, but is not a big earner? That cold be a side money maker!
We have this kind of setup in that we also run the wine tours. If the B&B is not booking, no worries, the wine tours are booking.
I think you're in an ideal situation! Go to it! Right now start developing an idea of light legal work you could do out of the inn on the side. You may not have to do it for long, or you might enjoy dabbling in legal work on the side - maybe offering affordable light legal work for regular folk which may make law more fun for you!
Heck, maybe you could combine the two in a package! Come and stay at the Legal Eagle B&B ! Relax while we set up your (put the legal info in here) for you and explain it to you in a private and relaxing environment. Take time to plan your (put the legal stuff in here) instead of in a rush in between business appointments.
We were uncomfortable when my dad set me down to explain his trust. Book the whole family in the B&B while you assist the parents in finalizing their wishes and explain to the family while they enjoy a wonderful time together! They say a niche is multi-generational travel is on the rise..You might have a niche...
Sorry, just got back from the conference and I'm on a roll...RIki
 

Morticia

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I would say forget support from you family. It could be that they are the kind that would only consider working for a big company and that to go out and start your own business would not be a "secure" thing to do. Get your support elsewhere - take one of those classes where you train in a large B&B and as part of the training they have you manage it for a weekend. When you are finished they give you the support you need by showing you your strengths and where you may need to improve. That will make you feel like you're getting on your way.
You're a lawyer which is excellent! That's a profession that can earn you extra money on the side as you start your B&B! You could do a select type of legal business along with your B&B which would really be wonderful as you won't have to stress over booking every room every weekend and will make you more relaxed in dealing with your guests. Is there a type of law that you do find enjoyable, but is not a big earner? That cold be a side money maker!
We have this kind of setup in that we also run the wine tours. If the B&B is not booking, no worries, the wine tours are booking.
I think you're in an ideal situation! Go to it! Right now start developing an idea of light legal work you could do out of the inn on the side. You may not have to do it for long, or you might enjoy dabbling in legal work on the side - maybe offering affordable light legal work for regular folk which may make law more fun for you!
Heck, maybe you could combine the two in a package! Come and stay at the Legal Eagle B&B ! Relax while we set up your (put the legal info in here) for you and explain it to you in a private and relaxing environment. Take time to plan your (put the legal stuff in here) instead of in a rush in between business appointments.
We were uncomfortable when my dad set me down to explain his trust. Book the whole family in the B&B while you assist the parents in finalizing their wishes and explain to the family while they enjoy a wonderful time together! They say a niche is multi-generational travel is on the rise..You might have a niche...
Sorry, just got back from the conference and I'm on a roll...RIki.
Wow! Good ideas! Sounds like the conference was a real positive experience for you.
I mentioned this topic to Gomez and he reminded me that all of our siblings had that blank stare and, 'Reeeally,' sort of take on this when we mentioned it. They still don't get it and most of them have never been here, but as long as we're not calling them to borrow money, they're ok with whatever we do.
 

nsanko

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I would say forget support from you family. It could be that they are the kind that would only consider working for a big company and that to go out and start your own business would not be a "secure" thing to do. Get your support elsewhere - take one of those classes where you train in a large B&B and as part of the training they have you manage it for a weekend. When you are finished they give you the support you need by showing you your strengths and where you may need to improve. That will make you feel like you're getting on your way.
You're a lawyer which is excellent! That's a profession that can earn you extra money on the side as you start your B&B! You could do a select type of legal business along with your B&B which would really be wonderful as you won't have to stress over booking every room every weekend and will make you more relaxed in dealing with your guests. Is there a type of law that you do find enjoyable, but is not a big earner? That cold be a side money maker!
We have this kind of setup in that we also run the wine tours. If the B&B is not booking, no worries, the wine tours are booking.
I think you're in an ideal situation! Go to it! Right now start developing an idea of light legal work you could do out of the inn on the side. You may not have to do it for long, or you might enjoy dabbling in legal work on the side - maybe offering affordable light legal work for regular folk which may make law more fun for you!
Heck, maybe you could combine the two in a package! Come and stay at the Legal Eagle B&B ! Relax while we set up your (put the legal info in here) for you and explain it to you in a private and relaxing environment. Take time to plan your (put the legal stuff in here) instead of in a rush in between business appointments.
We were uncomfortable when my dad set me down to explain his trust. Book the whole family in the B&B while you assist the parents in finalizing their wishes and explain to the family while they enjoy a wonderful time together! They say a niche is multi-generational travel is on the rise..You might have a niche...
Sorry, just got back from the conference and I'm on a roll...RIki.
Yes, great idea about continuing to do some legal work. I could definitely do this. I love your suggestion for B&B name! And, I couldn't agree with Morticia more, that of course it is ridiculous that a 50 year old is still so beholden to her parents. It's complicated, but I'm actually a successful and happy person as I turn 50. But now I have this new passion that I believe in.
 

wendydk

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Starting a B&B is not the riskiest venture you could undertake. It's a home business, which means that you won't have mortgage/rent and utilities on two different places. With the strength of the internet, you can be on a level playing field with the right website, SEO and directory listings nearly from the start.
When we found this house as a start-up, we had friends and family members telling us that the location was wrong, there was nothing around it to make it popular. Booya...were they wrong, and they now admit it.
Go for it...there is nothing more exciting for me than seeing an aspiring innkeeper take the leap.
 

seashanty

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welcome!

you can be a successful b&b/inn owner - innkeeper ... but i am going to qualify that and suggest that you need deep pockets. i was amazed at the costs involved but that was for starting up a place including the purchase of the most basic of furnishings. we didn't even having a working oven, a dishwasher, a frying pan or a dish. turnkey is better, even if you end up replacing things, at least you start out with what you need to function. the overhead was very high ... every toilet, every sink, every window, every door, every piece of furniture gets a lot of use and has to be kept in top shape. you also need a reserve account for when times are slow.
i love innkeeping and hope you can do it.
 

Innkeeper To Go

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welcome!

you can be a successful b&b/inn owner - innkeeper ... but i am going to qualify that and suggest that you need deep pockets. i was amazed at the costs involved but that was for starting up a place including the purchase of the most basic of furnishings. we didn't even having a working oven, a dishwasher, a frying pan or a dish. turnkey is better, even if you end up replacing things, at least you start out with what you need to function. the overhead was very high ... every toilet, every sink, every window, every door, every piece of furniture gets a lot of use and has to be kept in top shape. you also need a reserve account for when times are slow.
i love innkeeping and hope you can do it..
seashanty said:
turnkey is better, even if you end up replacing things, at least you start out with what you need to function. the overhead was very high ... every toilet, every sink, every window, every door, every piece of furniture gets a lot of use and has to be kept in top shape.
I agree. Turnkey is way less expensive in the long run. And allows you to save a lot of that first-year-energy for marketing and finetuning the inn to your own personality, rather than spending all that time on permits, renovations, and every little thing you'll need.
Several innmates on this site have some pretty fabulous inns up for grabs, in fact and some that are available at some very good prices.
Every innkeeper wants his/her inn to reflect his/her personality. But there's no need to reinvent the wheel while doing that.
Take seashanty's advice and buy an existing inn. You'll be up and running right away.
 

seashanty

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yes, if i had the funds, i'd be buying one of the inns that fellow inn-mates are offering.
 

swirt

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If family is unsupportive, that is one thing ... if significant other is unsupportive or uncommitted, that can be a problem. It can be a big load on both people involved, even if significant other isn't supposed to be involved.
And welcome to Innspiring.com nsanko
 

JBloggs

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Y'all must be referring to inn-stant inn-come from purchasing an existing inn. :) I am sad for all those who are currently trying to save old houses and do not even know if the market will support their "start up" B&B's and do not even prequalify the zoning and licensing and end up with their hats in their hands.
No relative "gets" what a B&B is all about, only the innkeeper who has the desire to run an inn. That is what counts anyway - it is your dream. The number of guests we have who she says she would love an Inn and he says he couldn't stand it are huge, and a good reason for them not to run a B&B. It will quickly divide any strong couple.
All the best! Keep us posted on what you decide to do.
 

Innkeeper To Go

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Y'all must be referring to inn-stant inn-come from purchasing an existing inn. :) I am sad for all those who are currently trying to save old houses and do not even know if the market will support their "start up" B&B's and do not even prequalify the zoning and licensing and end up with their hats in their hands.
No relative "gets" what a B&B is all about, only the innkeeper who has the desire to run an inn. That is what counts anyway - it is your dream. The number of guests we have who she says she would love an Inn and he says he couldn't stand it are huge, and a good reason for them not to run a B&B. It will quickly divide any strong couple.
All the best! Keep us posted on what you decide to do.
.
Joey Bloggs said:
I am sad for all those who are currently trying to save old houses and do not even know if the market will support their "start up" B&B's and do not even prequalify the zoning and licensing and end up with their hats in their hands.
I'm all for saving old houses. I've saved a few myself and don't regret a one.
But right now, with today's glut of just fabulous B&Bs on the market at great prices, it makes no sense to me that someone would do a startup.
There are dream B&Bs out there right now. At bargain basement prices. Income producing. Marketing in place.
Why oh why would anyone who wants to own a B&B not just buy one? Starting from scratch, at this point in time, really seems unwise. IMHO.
 

wendydk

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Y'all must be referring to inn-stant inn-come from purchasing an existing inn. :) I am sad for all those who are currently trying to save old houses and do not even know if the market will support their "start up" B&B's and do not even prequalify the zoning and licensing and end up with their hats in their hands.
No relative "gets" what a B&B is all about, only the innkeeper who has the desire to run an inn. That is what counts anyway - it is your dream. The number of guests we have who she says she would love an Inn and he says he couldn't stand it are huge, and a good reason for them not to run a B&B. It will quickly divide any strong couple.
All the best! Keep us posted on what you decide to do.
.
Joey Bloggs said:
I am sad for all those who are currently trying to save old houses and do not even know if the market will support their "start up" B&B's and do not even prequalify the zoning and licensing and end up with their hats in their hands.
I'm all for saving old houses. I've saved a few myself and don't regret a one.
But right now, with today's glut of just fabulous B&Bs on the market at great prices, it makes no sense to me that someone would do a startup.
There are dream B&Bs out there right now. At bargain basement prices. Income producing. Marketing in place.
Why oh why would anyone who wants to own a B&B not just buy one? Starting from scratch, at this point in time, really seems unwise. IMHO.
.
Innkeeper To Go said:
There are dream B&Bs out there right now. At bargain basement prices. Income producing. Marketing in place. Why oh why would anyone who wants to own a B&B not just buy one?
I agree...if ever there was the perfect time to go for it, now is that time. The simple answer why even the bargain Inns aren't selling? Financing. As one with an Inn for sale, I speak from our own experiences with extremely interested parties that simply cannot get the deal financed. One of the drawbacks of being small, I guess.
 

gillumhouse

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If I had not already read this thread, my response would have been IF they will be living with you at the inn - fergitit! But they will not so you can say thank you for caring but come see me at my inn.
Start-up vs turnkey is an on-going debate. Internet and Directories have helped even that playing field regarding instant guests. What should really determine the what/where is where do you WANT to live and how many B & Bs are there now? If the answer is none - find out why. It could be that no one thought of it because there are a lot of things to see and do if marketed or it could be simply thre is not enough "traffic" to support a B & B - so look elsewhere. The other factor is how fat is your wallet? If you have a lot of reno costs, you may as well buy turnkey - it will be cheaper. That old house may look wonderful but the cost of adding bathrooms, updating the electricals and plumbing and heating AND the heating bills (if it is not insulated) that come in every winter will bury you.
 

egoodell

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Y'all must be referring to inn-stant inn-come from purchasing an existing inn. :) I am sad for all those who are currently trying to save old houses and do not even know if the market will support their "start up" B&B's and do not even prequalify the zoning and licensing and end up with their hats in their hands.
No relative "gets" what a B&B is all about, only the innkeeper who has the desire to run an inn. That is what counts anyway - it is your dream. The number of guests we have who she says she would love an Inn and he says he couldn't stand it are huge, and a good reason for them not to run a B&B. It will quickly divide any strong couple.
All the best! Keep us posted on what you decide to do.
.
Joey Bloggs said:
I am sad for all those who are currently trying to save old houses and do not even know if the market will support their "start up" B&B's and do not even prequalify the zoning and licensing and end up with their hats in their hands.
I'm all for saving old houses. I've saved a few myself and don't regret a one.
But right now, with today's glut of just fabulous B&Bs on the market at great prices, it makes no sense to me that someone would do a startup.
There are dream B&Bs out there right now. At bargain basement prices. Income producing. Marketing in place.
Why oh why would anyone who wants to own a B&B not just buy one? Starting from scratch, at this point in time, really seems unwise. IMHO.
.
Innkeeper To Go said:
Joey Bloggs said:
I am sad for all those who are currently trying to save old houses and do not even know if the market will support their "start up" B&B's and do not even prequalify the zoning and licensing and end up with their hats in their hands.
I'm all for saving old houses. I've saved a few myself and don't regret a one.
But right now, with today's glut of just fabulous B&Bs on the market at great prices, it makes no sense to me that someone would do a startup.
There are dream B&Bs out there right now. At bargain basement prices. Income producing. Marketing in place.
Why oh why would anyone who wants to own a B&B not just buy one? Starting from scratch, at this point in time, really seems unwise. IMHO.
Why would anyone just not buy one? Well, if you have a huge amount of cashola sure, just go buy one. You are assuming all buyers have a huge pot of savings. But have you seen what the banks are requiring for a DOWN for any of these beautiful B&Bs that are for sale?????? We sure didn't have that kind of cash.
And to tell you the truth, although I thought I wanted an old historic home, I'm super glad we built. We won't have to repair anything for YEARS. We built the rooms big and roomy to fit the tubs that all our guests want. We built ourselves a nice loft apartment so that I can have my own kitchen and dining area to have friends over and so we can write off the big kitchen.
And we are doing all this for a fraction of what we would have had to come up with as a down for a comparable inn for sale.
The internet gives a new business almost the same footing as buying an older inn would be. In three years we have worked our way up to number two recommended in our town for B&Bs above some that have been in business for years.
Do not overlook starting new. We were able to do it in stages so we don't have a massive monthly payment, too. I'm with two rooms and the main part done, and hope to add my other three rooms this year.
Riki
 

Innkeeper To Go

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Y'all must be referring to inn-stant inn-come from purchasing an existing inn. :) I am sad for all those who are currently trying to save old houses and do not even know if the market will support their "start up" B&B's and do not even prequalify the zoning and licensing and end up with their hats in their hands.
No relative "gets" what a B&B is all about, only the innkeeper who has the desire to run an inn. That is what counts anyway - it is your dream. The number of guests we have who she says she would love an Inn and he says he couldn't stand it are huge, and a good reason for them not to run a B&B. It will quickly divide any strong couple.
All the best! Keep us posted on what you decide to do.
.
Joey Bloggs said:
I am sad for all those who are currently trying to save old houses and do not even know if the market will support their "start up" B&B's and do not even prequalify the zoning and licensing and end up with their hats in their hands.
I'm all for saving old houses. I've saved a few myself and don't regret a one.
But right now, with today's glut of just fabulous B&Bs on the market at great prices, it makes no sense to me that someone would do a startup.
There are dream B&Bs out there right now. At bargain basement prices. Income producing. Marketing in place.
Why oh why would anyone who wants to own a B&B not just buy one? Starting from scratch, at this point in time, really seems unwise. IMHO.
.
Innkeeper To Go said:
Joey Bloggs said:
I am sad for all those who are currently trying to save old houses and do not even know if the market will support their "start up" B&B's and do not even prequalify the zoning and licensing and end up with their hats in their hands.
I'm all for saving old houses. I've saved a few myself and don't regret a one.
But right now, with today's glut of just fabulous B&Bs on the market at great prices, it makes no sense to me that someone would do a startup.
There are dream B&Bs out there right now. At bargain basement prices. Income producing. Marketing in place.
Why oh why would anyone who wants to own a B&B not just buy one? Starting from scratch, at this point in time, really seems unwise. IMHO.
Why would anyone just not buy one? Well, if you have a huge amount of cashola sure, just go buy one. You are assuming all buyers have a huge pot of savings. But have you seen what the banks are requiring for a DOWN for any of these beautiful B&Bs that are for sale?????? We sure didn't have that kind of cash.
And to tell you the truth, although I thought I wanted an old historic home, I'm super glad we built. We won't have to repair anything for YEARS. We built the rooms big and roomy to fit the tubs that all our guests want. We built ourselves a nice loft apartment so that I can have my own kitchen and dining area to have friends over and so we can write off the big kitchen.
And we are doing all this for a fraction of what we would have had to come up with as a down for a comparable inn for sale.
The internet gives a new business almost the same footing as buying an older inn would be. In three years we have worked our way up to number two recommended in our town for B&Bs above some that have been in business for years.
Do not overlook starting new. We were able to do it in stages so we don't have a massive monthly payment, too. I'm with two rooms and the main part done, and hope to add my other three rooms this year.
Riki
.
egoodell said:
Do not overlook starting new. We were able to do it in stages so we don't have a massive monthly payment, too. I'm with two rooms and the main part done, and hope to add my other three rooms this year.
It was not meant at all as a criticism of those who started new a few years ago. But today's situation is vastly different from the situation that existed when you created your inn from scratch.
Today the B&Bs that are for sale are bargains in every sense of the word. There are many many B&Bs on the market that are seriously undervalued because folks just need to sell.
That does not in any way mean that financing is easy today. It's extremely difficult to get financing for a B&B. But folks starting new will still have big outlays of cash to come up with and the days of getting easy 2nd mortgages to finance those improvements have come and gone.
Today's situation is unlike any we've seen in the B&B industry in the US. Ever.
For folks considering owning a B&B, there is absolutely no doubt whatsoever in my mind that buying an existing property is a much better business decision than starting from scratch.
 

egoodell

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Y'all must be referring to inn-stant inn-come from purchasing an existing inn. :) I am sad for all those who are currently trying to save old houses and do not even know if the market will support their "start up" B&B's and do not even prequalify the zoning and licensing and end up with their hats in their hands.
No relative "gets" what a B&B is all about, only the innkeeper who has the desire to run an inn. That is what counts anyway - it is your dream. The number of guests we have who she says she would love an Inn and he says he couldn't stand it are huge, and a good reason for them not to run a B&B. It will quickly divide any strong couple.
All the best! Keep us posted on what you decide to do.
.
Joey Bloggs said:
I am sad for all those who are currently trying to save old houses and do not even know if the market will support their "start up" B&B's and do not even prequalify the zoning and licensing and end up with their hats in their hands.
I'm all for saving old houses. I've saved a few myself and don't regret a one.
But right now, with today's glut of just fabulous B&Bs on the market at great prices, it makes no sense to me that someone would do a startup.
There are dream B&Bs out there right now. At bargain basement prices. Income producing. Marketing in place.
Why oh why would anyone who wants to own a B&B not just buy one? Starting from scratch, at this point in time, really seems unwise. IMHO.
.
Innkeeper To Go said:
Joey Bloggs said:
I am sad for all those who are currently trying to save old houses and do not even know if the market will support their "start up" B&B's and do not even prequalify the zoning and licensing and end up with their hats in their hands.
I'm all for saving old houses. I've saved a few myself and don't regret a one.
But right now, with today's glut of just fabulous B&Bs on the market at great prices, it makes no sense to me that someone would do a startup.
There are dream B&Bs out there right now. At bargain basement prices. Income producing. Marketing in place.
Why oh why would anyone who wants to own a B&B not just buy one? Starting from scratch, at this point in time, really seems unwise. IMHO.
Why would anyone just not buy one? Well, if you have a huge amount of cashola sure, just go buy one. You are assuming all buyers have a huge pot of savings. But have you seen what the banks are requiring for a DOWN for any of these beautiful B&Bs that are for sale?????? We sure didn't have that kind of cash.
And to tell you the truth, although I thought I wanted an old historic home, I'm super glad we built. We won't have to repair anything for YEARS. We built the rooms big and roomy to fit the tubs that all our guests want. We built ourselves a nice loft apartment so that I can have my own kitchen and dining area to have friends over and so we can write off the big kitchen.
And we are doing all this for a fraction of what we would have had to come up with as a down for a comparable inn for sale.
The internet gives a new business almost the same footing as buying an older inn would be. In three years we have worked our way up to number two recommended in our town for B&Bs above some that have been in business for years.
Do not overlook starting new. We were able to do it in stages so we don't have a massive monthly payment, too. I'm with two rooms and the main part done, and hope to add my other three rooms this year.
Riki
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egoodell said:
Do not overlook starting new. We were able to do it in stages so we don't have a massive monthly payment, too. I'm with two rooms and the main part done, and hope to add my other three rooms this year.
It was not meant at all as a criticism of those who started new a few years ago. But today's situation is vastly different from the situation that existed when you created your inn from scratch.
Today the B&Bs that are for sale are bargains in every sense of the word. There are many many B&Bs on the market that are seriously undervalued because folks just need to sell.
That does not in any way mean that financing is easy today. It's extremely difficult to get financing for a B&B. But folks starting new will still have big outlays of cash to come up with and the days of getting easy 2nd mortgages to finance those improvements have come and gone.
Today's situation is unlike any we've seen in the B&B industry in the US. Ever.
For folks considering owning a B&B, there is absolutely no doubt whatsoever in my mind that buying an existing property is a much better business decision than starting from scratch.
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Innkeeper To Go said:
egoodell said:
Do not overlook starting new. We were able to do it in stages so we don't have a massive monthly payment, too. I'm with two rooms and the main part done, and hope to add my other three rooms this year.
It was not meant at all as a criticism of those who started new a few years ago. But today's situation is vastly different from the situation that existed when you created your inn from scratch.
Today the B&Bs that are for sale are bargains in every sense of the word. There are many many B&Bs on the market that are seriously undervalued because folks just need to sell.
That does not in any way mean that financing is easy today. It's extremely difficult to get financing for a B&B. But folks starting new will still have big outlays of cash to come up with and the days of getting easy 2nd mortgages to finance those improvements have come and gone.
Today's situation is unlike any we've seen in the B&B industry in the US. Ever.
For folks considering owning a B&B, there is absolutely no doubt whatsoever in my mind that buying an existing property is a much better business decision than starting from scratch.
I'll agree to disagree. It would still today be far easier for us to purchase a property with a personal loan than to purchase a business with a business loan that the banks consider "iffy" at best. Once you have the property then you can get started in stages. They have already changed "good" credit numbers waaaay up now to be considered in good standing.
I don't know how anyone these days can get a loan to purchase a B&B. Even when the prices are discounted down. That's in my mind why there are so many for sale.
RIki
 
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