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toddburme

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So far we have had a contact off of Craigslist and one off of B&B.com. The MLS has done nothing. I know it just takes one but it would be nice to have ten people clamoring. hahhah
 

JBloggs

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Todd the # site for selling your inn is bedandbreakfastforsale.com - personally I think it is the worst, they allow a small photo and very little info, but this is a site people follow, they get emails when a new inn is listed, or like the email I go today when an inn has sold.
It is the most expensive out there. If you are on BBONLINE list it there in the for sale listings, or BnBfinder. People who look for an inn for sale will go to all of these, I don't think it is necessary to pay for all of them. Bedandbreakfast.com is pricey as well.
http://www.bedandbreakfastforsale.com/
NEVER MIND! You are the only inn listed on there for your state. I just looked.

But you aren't on here:
http://www.innshopper.com
FREE listing. Owner of the site is a member of Innspiring.
 

toddburme

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K thanks will do it. We got an offer but it was too low to accept. It was nice to see some action though. Back to the drawing board.
I seriously doubt the traditional avenues will produce much as how many people can figure out how to do a state wide search for B&B's on the MLS.
The nicest part was the offer was very informative about what we will need to get financing etc. How our numbers look and what a person can expect if they owned. I was pleasently surprised at how it help up. I think we are priced right now. We did a big drop after listing it and I can see rightly so.
 

Happy Keeper

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K thanks will do it. We got an offer but it was too low to accept. It was nice to see some action though. Back to the drawing board.
I seriously doubt the traditional avenues will produce much as how many people can figure out how to do a state wide search for B&B's on the MLS.
The nicest part was the offer was very informative about what we will need to get financing etc. How our numbers look and what a person can expect if they owned. I was pleasently surprised at how it help up. I think we are priced right now. We did a big drop after listing it and I can see rightly so..
You piqued my interest TB. Can you share more on how the offer educated you about selling?
 

toddburme

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First, I need to use more commas. :) since we have only been open 18 months, our numbers are a bit weak. We tried to confine the fix up and opening costs to the first year but we didn't. Any potential buyer will need to be lead through those numbers. Which we successfully did. Then when they go to the bank it needs to be done again.
By doing this we saw that our original price was clearly too high. No bank would have taken it seriously as a possible loan. the current price is logical cash flow wise and historically. We are priced lower then a 2004 purchase price even with our improvements.
 

toddburme

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Oops the iPad limited my response.
We also found that a traditional mtge is more then likely not possible. So. A commercial mtge or an sba loan are the best options.
 

Happy Keeper

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First, I need to use more commas. :) since we have only been open 18 months, our numbers are a bit weak. We tried to confine the fix up and opening costs to the first year but we didn't. Any potential buyer will need to be lead through those numbers. Which we successfully did. Then when they go to the bank it needs to be done again.
By doing this we saw that our original price was clearly too high. No bank would have taken it seriously as a possible loan. the current price is logical cash flow wise and historically. We are priced lower then a 2004 purchase price even with our improvements..
o k - i c
It got me thinking about our exit plan, so I was just wondering.
 
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