unsupportive family

[JBloggs]

The innstant inncome I was speaking of was confirmed reservations on the books the day you take over the inn. You have a website and operating inn and can have income right off the bat. The banks would like to see an inn operating and its income for these loans. That was my take on it, vs renovating and still requiring to have money to do that and turn a place into a B&B which ain't cheap. Remember - not all innkeepers are bob the builders who can renovate and do repairs etc, many hire everything out, so for those it is not as cost effective as those who do it all themselves.

 

[swirt]

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.

.

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.
.

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
.

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.
.

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
.

You raise a good point Riki,
For a B&B with only 2 or 3 rooms, most aren't going to buy it with a business loan. The current advice for small B&B's for sale is to price them and sell them as a "normal" property and thow in the business items to sweeten the deal.
However, if you are talking about an B&B/inn large enough to be purchased with a business loan, it is unlikely you could build it for less than the cost of some of the similarly appointed inns that are currently on the market. The deals on existing inns are similar though to the deals on existing homes there are a lot that are big enough to be converted to a B&B. It is currently much cheaper to buy existing homes than to build new.

 

[egoodell]

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.

.

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.
.

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
.

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.
.

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
.

You raise a good point Riki,
For a B&B with only 2 or 3 rooms, most aren't going to buy it with a business loan. The current advice for small B&B's for sale is to price them and sell them as a "normal" property and thow in the business items to sweeten the deal.
However, if you are talking about an B&B/inn large enough to be purchased with a business loan, it is unlikely you could build it for less than the cost of some of the similarly appointed inns that are currently on the market. The deals on existing inns are similar though to the deals on existing homes there are a lot that are big enough to be converted to a B&B. It is currently much cheaper to buy existing homes than to build new.
.

You raise a good point Riki,
For a B&B with only 2 or 3 rooms, most aren't going to buy it with a business loan. The current advice for small B&B's for sale is to price them and sell them as a "normal" property and thow in the business items to sweeten the deal.
However, if you are talking about an B&B/inn large enough to be purchased with a business loan, it is unlikely you could build it for less than the cost of some of the similarly appointed inns that are currently on the market. The deals on existing inns are similar though to the deals on existing homes there are a lot that are big enough to be converted to a B&B. It is currently much cheaper to buy existing homes than to build new.

Yes, I'm actually talking about purchasing a home and adjusting it to a B&B. We bought property with a cottage and have reconstructed the cottage into a wing and added the main portion of the common area onto it.
There is a top B&B here that took a ranch house and added to it, same thing.
They are now one of the top B&Bs on Tripadvisor and sold about a year and a half ago for 1.25 million.
Try and get a loan for that! I could never even get the down for something like that.
RIki

 

[Morticia]

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.

.

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.
.

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
.

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.
.

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
.

I think the difference that needs to be pointed out is that you still have a fulltime job. (Not sure if your husband works, too.)
In that regard you COULD get a personal loan to do what you wanted.
Of course, you got to the top in the reviews quickly! You offer an excellent product. You are focused and small enough to handle all the details.
I could have gotten a personal mortgage, too, IF one of us was going to continue to work outside the inn. With no other income, the only type of mortgage we could get was a business loan.
Everyone will have a different situation. So, for owners who will only be doing the B&B and no other outside revenue stream, to start from scratch would seem impossible without that same big pot of money that the downpayment requires. Difference being, if the B&B is up and running, you start pulling income much more quickly.
In our case, we had the big pot of money for the downpayment, but no plans to work outside the inn. We needed it to be making money from day one. We did not want to reinvent the wheel by opening a brand new biz, especially as we had no idea what we were doing!
In spite of the internet being a wonderful resource for a new business to quickly TRY to compete with businesses that are already open, people have got to be searching for where your B&B is in order to find the B&B. Thus, if someone builds in a place no one is looking at, they will also have to build a market, not just a website.
Many ways to make this work and everyone needs to find the one that works best for them.

 

[JBloggs]

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.

.

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.
.

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
.

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.
.

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
.

You raise a good point Riki,
For a B&B with only 2 or 3 rooms, most aren't going to buy it with a business loan. The current advice for small B&B's for sale is to price them and sell them as a "normal" property and thow in the business items to sweeten the deal.
However, if you are talking about an B&B/inn large enough to be purchased with a business loan, it is unlikely you could build it for less than the cost of some of the similarly appointed inns that are currently on the market. The deals on existing inns are similar though to the deals on existing homes there are a lot that are big enough to be converted to a B&B. It is currently much cheaper to buy existing homes than to build new.
.

You raise a good point Riki,
For a B&B with only 2 or 3 rooms, most aren't going to buy it with a business loan. The current advice for small B&B's for sale is to price them and sell them as a "normal" property and thow in the business items to sweeten the deal.
However, if you are talking about an B&B/inn large enough to be purchased with a business loan, it is unlikely you could build it for less than the cost of some of the similarly appointed inns that are currently on the market. The deals on existing inns are similar though to the deals on existing homes there are a lot that are big enough to be converted to a B&B. It is currently much cheaper to buy existing homes than to build new.

Yes, I'm actually talking about purchasing a home and adjusting it to a B&B. We bought property with a cottage and have reconstructed the cottage into a wing and added the main portion of the common area onto it.
There is a top B&B here that took a ranch house and added to it, same thing.
They are now one of the top B&Bs on Tripadvisor and sold about a year and a half ago for 1.25 million.
Try and get a loan for that! I could never even get the down for something like that.
RIki
.

Yes, and those who think they will get a $1.25-2.5 mil B&B without a decent equity down are dreaming.
EVEN if the B&B did prove itself in the numbers - the new owners (dreamers) are leaving their current professions and taking on something new - THEY are not proven - they could take a very profitable B&B and run it into the ground quickly.
The bank will requires its $$ to cover the loan. Just like any mortgage as well - it cannot be more than a certain percent of your income, they need to ensure you can make the payments and survive. For most of these there would need to be another partner in the business who has a regular paycheck coming in. But again - changing careers and moving states makes you a RISK to a bank.
I concur on all sides of this conversation - if you have a pocket full of cash then the world is your oyster, as the saying goes. If not, then it will be tough to get financing, and the only way to obtain this dream is one 2 x 4 at a time.

 

[JBloggs]

PS I wanted to add...as I often do - the number of calls we have received from those interested (not necessarily those who have been here and looked, but just telephoned to ask questions) because they have "lost their jobs" and figure they "could do this". It really is insulting to me. When I speak with them I can't help but feel my guard come up a little bit. They say things like "Well since we both lost our jobs and are not young enough to retire we figure this is something we could do...but we just have to sell our house in Florida still..." BLECH. A few have asked about owner financing because they "have no money."
"Would you consider owner financing or leasing?" Uh we have to live some place too!

 

[Morticia]

PS I wanted to add...as I often do - the number of calls we have received from those interested (not necessarily those who have been here and looked, but just telephoned to ask questions) because they have "lost their jobs" and figure they "could do this". It really is insulting to me. When I speak with them I can't help but feel my guard come up a little bit. They say things like "Well since we both lost our jobs and are not young enough to retire we figure this is something we could do...but we just have to sell our house in Florida still..." BLECH. A few have asked about owner financing because they "have no money."
"Would you consider owner financing or leasing?" Uh we have to live some place too!.

You know there's a certain amount of that going on because they're reading about how people who lose their jobs are starting their own businesses. Add to that the same old same old we get all the time about how hard could this be and you can see why they would think they could just do it.
That they have no money is the scary part. You're saying these folks are thinking they're too old to get new jobs and are going to hang on until they retire but they have no money? What are they going to retire on?

 

[meili]

The dial replica watches design is replica watches obviously Glashütte Original, as one might expect from the watch makers replica handbags of some of replica handbags the most immediately distinctive dials in the business, however ugg boots the finish ugg boots quality is clearly polished over their other chronographs in the Senator collection. This platinum replica watches version is replica watches expensive however, operating the pushers; one almost forgets how expensive ugg boots it is since ugg boots the sweet smoothness of the button action. The chronograph pusher action, as far replica watches as I'm replica watches concerned, I think it is one of the best creations there is in the industry.While I quite appreciate the replica watches movement and replica watches its operation, I don't like the dial as a whole.

 

[Joey Camb]

PS I wanted to add...as I often do - the number of calls we have received from those interested (not necessarily those who have been here and looked, but just telephoned to ask questions) because they have "lost their jobs" and figure they "could do this". It really is insulting to me. When I speak with them I can't help but feel my guard come up a little bit. They say things like "Well since we both lost our jobs and are not young enough to retire we figure this is something we could do...but we just have to sell our house in Florida still..." BLECH. A few have asked about owner financing because they "have no money."
"Would you consider owner financing or leasing?" Uh we have to live some place too!.

You know there's a certain amount of that going on because they're reading about how people who lose their jobs are starting their own businesses. Add to that the same old same old we get all the time about how hard could this be and you can see why they would think they could just do it.
That they have no money is the scary part. You're saying these folks are thinking they're too old to get new jobs and are going to hang on until they retire but they have no money? What are they going to retire on?
.

true true. It has always baffled me that when people are out at work all day they buy a big house and think we will sell it and buy a small house when we retire and spend the money surely when you are home all day you want more space? just a thought. Plus this is no game for people not in good health (ie no benefits and long hours hard work) plus having no clue what they are getting into if they think it is easy.

 

[Samster]

PS I wanted to add...as I often do - the number of calls we have received from those interested (not necessarily those who have been here and looked, but just telephoned to ask questions) because they have "lost their jobs" and figure they "could do this". It really is insulting to me. When I speak with them I can't help but feel my guard come up a little bit. They say things like "Well since we both lost our jobs and are not young enough to retire we figure this is something we could do...but we just have to sell our house in Florida still..." BLECH. A few have asked about owner financing because they "have no money."
"Would you consider owner financing or leasing?" Uh we have to live some place too!.

You know there's a certain amount of that going on because they're reading about how people who lose their jobs are starting their own businesses. Add to that the same old same old we get all the time about how hard could this be and you can see why they would think they could just do it.
That they have no money is the scary part. You're saying these folks are thinking they're too old to get new jobs and are going to hang on until they retire but they have no money? What are they going to retire on?
.

true true. It has always baffled me that when people are out at work all day they buy a big house and think we will sell it and buy a small house when we retire and spend the money surely when you are home all day you want more space? just a thought. Plus this is no game for people not in good health (ie no benefits and long hours hard work) plus having no clue what they are getting into if they think it is easy.
.

I think one of the ideas behind having a smaller place when someone retires is that it's less to take care of and frees you up more for leisure activities and travel. People seem to have larger houses when they have kids at home and perhaps entertain more in their home.
Here in the States, you had to re-invest your money when you sold and bought a new house to avoid paying taxes on any money that you made on the sale. That has been changed somewhat. That's how we ended up buying larger and larger homes over the years as we moved around.

 

[Joey Camb]

PS I wanted to add...as I often do - the number of calls we have received from those interested (not necessarily those who have been here and looked, but just telephoned to ask questions) because they have "lost their jobs" and figure they "could do this". It really is insulting to me. When I speak with them I can't help but feel my guard come up a little bit. They say things like "Well since we both lost our jobs and are not young enough to retire we figure this is something we could do...but we just have to sell our house in Florida still..." BLECH. A few have asked about owner financing because they "have no money."
"Would you consider owner financing or leasing?" Uh we have to live some place too!.

You know there's a certain amount of that going on because they're reading about how people who lose their jobs are starting their own businesses. Add to that the same old same old we get all the time about how hard could this be and you can see why they would think they could just do it.
That they have no money is the scary part. You're saying these folks are thinking they're too old to get new jobs and are going to hang on until they retire but they have no money? What are they going to retire on?
.

true true. It has always baffled me that when people are out at work all day they buy a big house and think we will sell it and buy a small house when we retire and spend the money surely when you are home all day you want more space? just a thought. Plus this is no game for people not in good health (ie no benefits and long hours hard work) plus having no clue what they are getting into if they think it is easy.
.

I think one of the ideas behind having a smaller place when someone retires is that it's less to take care of and frees you up more for leisure activities and travel. People seem to have larger houses when they have kids at home and perhaps entertain more in their home.
Here in the States, you had to re-invest your money when you sold and bought a new house to avoid paying taxes on any money that you made on the sale. That has been changed somewhat. That's how we ended up buying larger and larger homes over the years as we moved around.
.

it is sort of the opposite here as you pay a tax on the percentage of your house over a certain amount so actually it works out cheaper to go smaller.

 

[Samster]

PS I wanted to add...as I often do - the number of calls we have received from those interested (not necessarily those who have been here and looked, but just telephoned to ask questions) because they have "lost their jobs" and figure they "could do this". It really is insulting to me. When I speak with them I can't help but feel my guard come up a little bit. They say things like "Well since we both lost our jobs and are not young enough to retire we figure this is something we could do...but we just have to sell our house in Florida still..." BLECH. A few have asked about owner financing because they "have no money."
"Would you consider owner financing or leasing?" Uh we have to live some place too!.

You know there's a certain amount of that going on because they're reading about how people who lose their jobs are starting their own businesses. Add to that the same old same old we get all the time about how hard could this be and you can see why they would think they could just do it.
That they have no money is the scary part. You're saying these folks are thinking they're too old to get new jobs and are going to hang on until they retire but they have no money? What are they going to retire on?
.

true true. It has always baffled me that when people are out at work all day they buy a big house and think we will sell it and buy a small house when we retire and spend the money surely when you are home all day you want more space? just a thought. Plus this is no game for people not in good health (ie no benefits and long hours hard work) plus having no clue what they are getting into if they think it is easy.
.

I think one of the ideas behind having a smaller place when someone retires is that it's less to take care of and frees you up more for leisure activities and travel. People seem to have larger houses when they have kids at home and perhaps entertain more in their home.
Here in the States, you had to re-invest your money when you sold and bought a new house to avoid paying taxes on any money that you made on the sale. That has been changed somewhat. That's how we ended up buying larger and larger homes over the years as we moved around.
.

it is sort of the opposite here as you pay a tax on the percentage of your house over a certain amount so actually it works out cheaper to go smaller.
.

We paid a lot more for a smaller house when we made a move to California. We didn't have problem re-investing our money then!

 

[StonehengeBNB]

Our families are incredibly supportive of us. If anything, my mom (I'm 39) is uber-excited about offering her suggestions on decorating, etc. For our startup, it was reasonably easy since we already have the house--which we had bought for ourselves, and it was simply large enough to give us this opportunity to learn about being Innkeepers first hand (as opposed to lots fo nights in other people's B&Bs asking zillions of questions and as opposed to the books and web sites I've been pouring over for years).
--Eriks

 

[gillumhouse]

PS I wanted to add...as I often do - the number of calls we have received from those interested (not necessarily those who have been here and looked, but just telephoned to ask questions) because they have "lost their jobs" and figure they "could do this". It really is insulting to me. When I speak with them I can't help but feel my guard come up a little bit. They say things like "Well since we both lost our jobs and are not young enough to retire we figure this is something we could do...but we just have to sell our house in Florida still..." BLECH. A few have asked about owner financing because they "have no money."
"Would you consider owner financing or leasing?" Uh we have to live some place too!.

You know there's a certain amount of that going on because they're reading about how people who lose their jobs are starting their own businesses. Add to that the same old same old we get all the time about how hard could this be and you can see why they would think they could just do it.
That they have no money is the scary part. You're saying these folks are thinking they're too old to get new jobs and are going to hang on until they retire but they have no money? What are they going to retire on?
.

true true. It has always baffled me that when people are out at work all day they buy a big house and think we will sell it and buy a small house when we retire and spend the money surely when you are home all day you want more space? just a thought. Plus this is no game for people not in good health (ie no benefits and long hours hard work) plus having no clue what they are getting into if they think it is easy.
.

I will move to a smaller house/apartment to have less to clean or repair and to have it all on one floor - no stairs. That is one big reason us oldsters go smaller. We are also down-sizing - giving things to kids or selling off stuff or just plain throwing it away, VERY hard for those who come from a long line of packrats! I helped close my Mom's house - I need to throw it way before the kids have to. Another reason I plan to sell my B & B totally furnished including my stemware, silver, all except personal stuff like my m-i-l's dolls. They can even have the dolls the Duchess collected if they want them and a few of them are supposed to be worth something - big whoop, I do not care.