Buying a Turnkey vs. Starting From Scratch

[Tim_Toad_HLB]

I'll start. We bought an existing B&B. Although we had investigated both options over many years, we were far enough away from retirement that we knew we were not buying our final property, and our main source of income was going to be the inn. So we wanted a place with an income stream already in place. We really had no trouble getting financing - our own financial situation was strong, and the bank was very familiar with the property and we were approved in less than 24 hours.
It was not all roses. The previous owner misled us about her revenue from the inn, and the broker we worked with didn't really lead us to the appropriate places to verify the revenue. There was more maintenance work required to bring the inn up to our standards than we thought. We didn't suffer too much financially the first two years but we worked very hard to fix the problems of the business.
We do love the town we're in and the house itself is very much what I pictured for myself in running a B&B. The business has grown dramatically since we bought and our revenue is increased by 50%; we are holding our own in a soft economy due to the proximity to some major metropolitan areas less affected by the recession.
I'd be curious for those who did a startup if one partner worked full-time while the other got the business going..

"I'd be curious for those who did a startup if one partner worked full-time while the other got the business going."
Oh you mean, she'll get to quit the other full time job at some point? LOL
.

So does your wife work another job besides innkeeping? Holy cow, how does she do those breakfasts?
We investigated and 'seminar'ed for about 15 years before making the leap and one reason that we bought a turnkey was that we couldn't find the right combo of having a job (one of us) and a good B&B business, in a place that we wanted to live. So knowing that the B&B would need to support us after I worked through about six months of part-time contract consulting work, we decided a turnkey was the right choice. It helped that we found a town and an inn that we loved. In the last year, my husband has started to do some contract software work (his 'other' trade besides handyman and bathroom cleaner) to ease the transition when we sell the inn.
.

She does. Her schedule is pretty flexible and I handle all the daytime chores, marketing, maintenance, check ins, check outs, afternoon refreshment, reservations, fluffs, turns, etc..
We get by and do whatever it takes to make it work.
I've got about a dozen hats that I just keep switching during the day. LOL
Aside from a few times when sudden family illness back in Chicago called her away, the guests have had the consistency and quality of breakfast she's become known for. I did ok, but as I saw mentioned once here, the darn guests kept mining me for day trip advice while I was cooking and a few things got overdone. I'm a pretty good cook, but the way she makes it look so effortless, I'm in constant awe.
One of the biggest drivers of the outside job is the freakin' cost of decent healthcare.
Our third year exceeded our fifth year goal, so we thought we saw the light at the end of the tunnel, but took a step backwards the last year or so.
The thing does pencil out ot be self-sustaining without any outside employment, we just have to get back to where we were in year three.

 

[swirt]

Dude, I hate to break it to ya, but there is NO WAY you can handle 9 rooms alone, without a couple three full time staff, not and have a quality clean place that's well marketed and well maintained. Uh, uh, not even if you were Clark Kent and had a spouse helping, still no way. I don't think anyone on this forum would disagree with me..

I'll just leave this part with, I have high energy
.

I'll just leave this part with, I have high energy

Sorry, I guess I just asked the same question everyone else did. I'm just going to make a little joke and then I won't mention this again...I would pay money to watch you do this single handedly because I don't think it's 'high energy' so much as just plain 'high'.

Hopefully you're already working in the field so you know what you're talking about.
.

I guess all people are different and that's what makes the world go round. You think I'm crazy for thinking I can do 9 rooms, I think you're slow because you can't

Everyone is different and my thoughts are neither better or worse than anyone elses.
.

Look, we essentially started this thread primarily for your benefit and everybody has taken great care and time to share their experiences.
Show some respect.
We've all been there and done it.
Being glib won't encourage more ideas or offerings of help.
"I guess all people are different and that's what makes the world go round."
This ain't the world, this is innkeeping and these are voices of great combined experience and real world, hands on doing it. Not hypothetically or wishful thinking wise.
"You think I'm crazy for thinking I can do 9 rooms, I think you're slow because you can't

"
Not crazy, just inexperienced and unrealistic. She isn't slow, nobody can do it. Even if you drop your standards and cut the cleaning time to half and hour that's four and a half hours, everyday, day in and day out, and in a place your research says is busier than most in the country.
In a normal year, meaning any year but this one for us, between July and mid-November, we will go on runs of 40-50 somtimes more days in a row with at least a couple of rooms occupied and at least a turn or two per day. I swear as someone trying to appreciate your energy and enthusiasm, it catches up with after a while.
Do the math yourself. Between the industry standard average of an 11am check out and the same 3pm check in, you have four hours.
Those four hours get cut into by all the stuff my first repsonse to you on time management include.
"Everyone is different and my thoughts are neither better or worse than anyone elses."
This is only true to a certain point when it comes to hands on experience with something.
I may think that a brake job on my 4x4 is easy and should only take my mechanic so many hours, but his many years of experience allows him the insight to know exactly how long it will take.
.

I wasn't aware that this thread was started just for me. I must have missed the announcement. As for respect, it's given back as it's received.
I have many friends in the hotel industry and have spoke with them about certain aspects, cleaning being one of them. According to them standard cleaning time is between 15-20 minutes per room for a "flip." A "fluff" as you all say, is 7 minutes. I might add that these are not mom and pop type operations but mega resorts. On average there are 40 rooms per floor with two to three housekeepers per floor, per day.
I suppose this is 'innkeeping' and not to knock any establishment, but that's probably why it's a slower pace compared to a hotel.
.

So, you have friends in the industry but have never worked at a hotel or an Inn?
Well, here's some free advice, for whatever that's worth. I managed four large hotels over the course of 18 years before opening my own little Inn 6 years ago...from a little highway Econolodge to an historic downtown hotel and conference center to an expensive beachfront resort. In NONE of those hotels did we allow anything less than half an hour per room per housekeeper for a full flip. That half hour allows for trips to storage closets and the laundry when needed as well as actual cleaning time.
I might also add that the housekeeper did not have to answer phones, take reservations, check people in or out, cook or serve or clean up after brekkie, do laundry (much less for nine rooms), go shopping, do the marketing, mow the lawn, weed the gardens, fix broken A/c units or hot water heaters, sit and chat with guests, give dinner recommendations or directions or help guests figure out "what to do today", or clean porches or balconies and their furniture,...etc...etc. Can you fix everything that breaks? Can you cook? Can you deal with some PO'd guest who is in your face about all of the above not getting done?? Can you get a whole weeks shopping done somewhere in there?
Let's say you have four hours between checkout and checkin, and each of your nine rooms takes 20 minutes for a flip. That's three hours...how on earth are you going to get any of the other above mentioned stuff done? Laundry alone for nine rooms would take the ENTIRE day, if you could even get it all done in one day.
Even with all my experience, and my spouse doing brekkie, and only three rooms, I sometimes have a hard time getting all of the things listed above done in one day. Unless you have been in the industry, or at the very least, taken an aspiring innkeeper class or done some type of internship, you have absolutely no idea what you're getting into, and therefore, I'm sorry to say, no leg to stand on when it comes to disputing any advice given you on this forum. The $1.99 ebook that tells you that you can get rich by renting out your spare bedrooms is full of

.
You sound like a great number-cruncher, and no doubt you'll have the whole financial thing analyzed down to the last fraction, but that's the least of your worries. Don't lay down a penny for option A or option B until you get some experience under your belt. Pop for some classes, hire on at a busy Inn, do an internship.
Honest to God....this advice comes from the heart....
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Liitle Blue you raise an excellent point.
Someone looking to run an inn can't just look at the time for a flip...you have to take into account all the other stuff. If someone had 9 rooms to flip (or even just to fluff) a single broken faucet, or faulty hot water tank can chew up that time and leave you with a mess on your hands .... and if the lawn needs tending to for an hour but the only non-rain filled hour of the day happens to fall between 11AM and 3PM then again you are just stuck. Trying to play the margins that tight would lead to stress that will wear you out regardless of your age or energy level.

 

[swirt]

We built ours from scratch. Our house existed but the idea for the cabins was not hatched until several years later. We did a short term loan to help purchase the cabin kits and paid that off with what the cabins generated within a year. Of course sweat equity helped a lot. We did all the construction ourselves (with the exception of some plumbing and some electrical that were beyond me) so that saved a lot of money. If we had paid people to do all the work we would probably still have a loan associated with it.

 

[Samster]

Dude, I hate to break it to ya, but there is NO WAY you can handle 9 rooms alone, without a couple three full time staff, not and have a quality clean place that's well marketed and well maintained. Uh, uh, not even if you were Clark Kent and had a spouse helping, still no way. I don't think anyone on this forum would disagree with me..

I'll just leave this part with, I have high energy
.

I'll just leave this part with, I have high energy

Sorry, I guess I just asked the same question everyone else did. I'm just going to make a little joke and then I won't mention this again...I would pay money to watch you do this single handedly because I don't think it's 'high energy' so much as just plain 'high'.

Hopefully you're already working in the field so you know what you're talking about.
.

I guess all people are different and that's what makes the world go round. You think I'm crazy for thinking I can do 9 rooms, I think you're slow because you can't

Everyone is different and my thoughts are neither better or worse than anyone elses.
.

Look, we essentially started this thread primarily for your benefit and everybody has taken great care and time to share their experiences.
Show some respect.
We've all been there and done it.
Being glib won't encourage more ideas or offerings of help.
"I guess all people are different and that's what makes the world go round."
This ain't the world, this is innkeeping and these are voices of great combined experience and real world, hands on doing it. Not hypothetically or wishful thinking wise.
"You think I'm crazy for thinking I can do 9 rooms, I think you're slow because you can't

"
Not crazy, just inexperienced and unrealistic. She isn't slow, nobody can do it. Even if you drop your standards and cut the cleaning time to half and hour that's four and a half hours, everyday, day in and day out, and in a place your research says is busier than most in the country.
In a normal year, meaning any year but this one for us, between July and mid-November, we will go on runs of 40-50 somtimes more days in a row with at least a couple of rooms occupied and at least a turn or two per day. I swear as someone trying to appreciate your energy and enthusiasm, it catches up with after a while.
Do the math yourself. Between the industry standard average of an 11am check out and the same 3pm check in, you have four hours.
Those four hours get cut into by all the stuff my first repsonse to you on time management include.
"Everyone is different and my thoughts are neither better or worse than anyone elses."
This is only true to a certain point when it comes to hands on experience with something.
I may think that a brake job on my 4x4 is easy and should only take my mechanic so many hours, but his many years of experience allows him the insight to know exactly how long it will take.
.

I wasn't aware that this thread was started just for me. I must have missed the announcement. As for respect, it's given back as it's received.
I have many friends in the hotel industry and have spoke with them about certain aspects, cleaning being one of them. According to them standard cleaning time is between 15-20 minutes per room for a "flip." A "fluff" as you all say, is 7 minutes. I might add that these are not mom and pop type operations but mega resorts. On average there are 40 rooms per floor with two to three housekeepers per floor, per day.
I suppose this is 'innkeeping' and not to knock any establishment, but that's probably why it's a slower pace compared to a hotel.
.

"I wasn't aware that this thread was started just for me. I must have missed the announcement."
Kind of but not exclusively for you. That being said you and any other aspiring innkeepers are getting a whole lot of good, free info, so throwing us a tiny bone on the respect end would be nice, but not required.
We started in the Monster Mullein thread based on your impetus and moved it over here.
"As for respect, it's given back as it's received."
Gotta earn it by paying your dues in the kitchen, bathroom, office, bedrooms, grounds, laundry room, ironing board, conferences, etc.
"According to them standard cleaning time is between 15-20 minutes per room for a "flip." A "fluff" as you all say, is 7 minutes."
Your average hotel room is a vastly less decorated and individual looking room, furnishings, laundry, bathroom, etc.. wise. I'd hazard to guess the corporate standards are equally less stringent than your average better quality B&b also.
"I might add that these are not mom and pop type operations but mega resorts. On average there are 40 rooms per floor with two to three housekeepers per floor, per day."
Then wouldn't it behoove you to compare apples to apples and arm yourself with the most relevant information before possibly making a very large investment in a venture that doesn't match the perceptions you've built about it based on info from some buddies?
.

Good points, Mr. Tim Toad, about the difference between a large hotel and b&B operation. I bet all of our rooms would look a heck of a lot better under one of those CSI lights.

 

[Morticia]

Dude, I hate to break it to ya, but there is NO WAY you can handle 9 rooms alone, without a couple three full time staff, not and have a quality clean place that's well marketed and well maintained. Uh, uh, not even if you were Clark Kent and had a spouse helping, still no way. I don't think anyone on this forum would disagree with me..

I'll just leave this part with, I have high energy
.

I'll just leave this part with, I have high energy

Sorry, I guess I just asked the same question everyone else did. I'm just going to make a little joke and then I won't mention this again...I would pay money to watch you do this single handedly because I don't think it's 'high energy' so much as just plain 'high'.

Hopefully you're already working in the field so you know what you're talking about.
.

I guess all people are different and that's what makes the world go round. You think I'm crazy for thinking I can do 9 rooms, I think you're slow because you can't

Everyone is different and my thoughts are neither better or worse than anyone elses.
.

Look, we essentially started this thread primarily for your benefit and everybody has taken great care and time to share their experiences.
Show some respect.
We've all been there and done it.
Being glib won't encourage more ideas or offerings of help.
"I guess all people are different and that's what makes the world go round."
This ain't the world, this is innkeeping and these are voices of great combined experience and real world, hands on doing it. Not hypothetically or wishful thinking wise.
"You think I'm crazy for thinking I can do 9 rooms, I think you're slow because you can't

"
Not crazy, just inexperienced and unrealistic. She isn't slow, nobody can do it. Even if you drop your standards and cut the cleaning time to half and hour that's four and a half hours, everyday, day in and day out, and in a place your research says is busier than most in the country.
In a normal year, meaning any year but this one for us, between July and mid-November, we will go on runs of 40-50 somtimes more days in a row with at least a couple of rooms occupied and at least a turn or two per day. I swear as someone trying to appreciate your energy and enthusiasm, it catches up with after a while.
Do the math yourself. Between the industry standard average of an 11am check out and the same 3pm check in, you have four hours.
Those four hours get cut into by all the stuff my first repsonse to you on time management include.
"Everyone is different and my thoughts are neither better or worse than anyone elses."
This is only true to a certain point when it comes to hands on experience with something.
I may think that a brake job on my 4x4 is easy and should only take my mechanic so many hours, but his many years of experience allows him the insight to know exactly how long it will take.
.

I wasn't aware that this thread was started just for me. I must have missed the announcement. As for respect, it's given back as it's received.
I have many friends in the hotel industry and have spoke with them about certain aspects, cleaning being one of them. According to them standard cleaning time is between 15-20 minutes per room for a "flip." A "fluff" as you all say, is 7 minutes. I might add that these are not mom and pop type operations but mega resorts. On average there are 40 rooms per floor with two to three housekeepers per floor, per day.
I suppose this is 'innkeeping' and not to knock any establishment, but that's probably why it's a slower pace compared to a hotel.
.

"I wasn't aware that this thread was started just for me. I must have missed the announcement."
Kind of but not exclusively for you. That being said you and any other aspiring innkeepers are getting a whole lot of good, free info, so throwing us a tiny bone on the respect end would be nice, but not required.
We started in the Monster Mullein thread based on your impetus and moved it over here.
"As for respect, it's given back as it's received."
Gotta earn it by paying your dues in the kitchen, bathroom, office, bedrooms, grounds, laundry room, ironing board, conferences, etc.
"According to them standard cleaning time is between 15-20 minutes per room for a "flip." A "fluff" as you all say, is 7 minutes."
Your average hotel room is a vastly less decorated and individual looking room, furnishings, laundry, bathroom, etc.. wise. I'd hazard to guess the corporate standards are equally less stringent than your average better quality B&b also.
"I might add that these are not mom and pop type operations but mega resorts. On average there are 40 rooms per floor with two to three housekeepers per floor, per day."
Then wouldn't it behoove you to compare apples to apples and arm yourself with the most relevant information before possibly making a very large investment in a venture that doesn't match the perceptions you've built about it based on info from some buddies?
.

Then wouldn't it behoove you to compare apples to apples and arm yourself with the most relevant information before possibly making a very large investment in a venture that doesn't match the perceptions you've built about it based on info from some buddies?

Thank you for saying succintly what I tried 5 times to say (and deleted).
.

what are you nuts?

The two words "TimToad" and "succinctly" are mutually exclusive terms. LOL

Its officially the weekend.
.

what are you nuts?

The two words "TimToad" and "succinctly" are mutually exclusive terms. LOL

Its officially the weekend.

Yeah, I realize that but it was the only word that fit...

 

[Morticia]

I'll start. We bought an existing B&B. Although we had investigated both options over many years, we were far enough away from retirement that we knew we were not buying our final property, and our main source of income was going to be the inn. So we wanted a place with an income stream already in place. We really had no trouble getting financing - our own financial situation was strong, and the bank was very familiar with the property and we were approved in less than 24 hours.
It was not all roses. The previous owner misled us about her revenue from the inn, and the broker we worked with didn't really lead us to the appropriate places to verify the revenue. There was more maintenance work required to bring the inn up to our standards than we thought. We didn't suffer too much financially the first two years but we worked very hard to fix the problems of the business.
We do love the town we're in and the house itself is very much what I pictured for myself in running a B&B. The business has grown dramatically since we bought and our revenue is increased by 50%; we are holding our own in a soft economy due to the proximity to some major metropolitan areas less affected by the recession.
I'd be curious for those who did a startup if one partner worked full-time while the other got the business going..

"I'd be curious for those who did a startup if one partner worked full-time while the other got the business going."
Oh you mean, she'll get to quit the other full time job at some point? LOL
.

"I'd be curious for those who did a startup if one partner worked full-time while the other got the business going."
Oh you mean, she'll get to quit the other full time job at some point? LOL

In our case the requirement was that the biz support both of us immediately (as we were both victims of a mass layoff), which is why a turnkey worked out best. We closed on Tuesday and had guests on Thursday and never looked back. We lay awake at night, but we never looked back.
We, too, sold our home to do this but did not do the extensive search you did. We looked in what we considered our 'home' area and then just threw caution to the wind and moved to where I've wanted to live since I was a teenager. Hubs had one other requirement for the location...it had to be someplace where there were sidewalks so he & the dog could walk to get the paper and a coffee in the morning. I have my ocean, he has a little mom & pop grocery store, life is good.

 

[JeannineIrish]

We did ours from scratch. We wanted to stay in the same city we had lived in for 25 years. At the time there was only two other B & B's in town. Three more opened up after we did and now the two original ones and one other have closed. Two sold as multi-family homes and the third is owned by Yale and they turned it into offices (how stupid are they

). There were also some three "quasi" B &B's, large homes where the owner rented rooms either short or long term through their connections with Yale. Only one of these remains.
Ours had been a single family home for the first 72 years and then the person who owned it before us did not live here but rented it out to grad students. He really let it get run-down. We are small, 4 rooms, and we hope to stay here when we stop doing the B & B some day. We became innkeepers as our next careers after taking early retirement from our corporate jobs. Actually I took continued to work for the first three years after we opened. This gave us a steady income while we were building the business and could use my income to make improvements. Neither of us had any prior experience in the hospitality sector. I had read a couple of aspiring inn-keeping books and had attended one aspiring workshop.
The B & B pays for itself and our retirement pays for our personal expenses. It has worked out very well for the past ten years. Hubby started collecting SS at 62 (2 years ago) and I turn 62 in Sept so I will be applying for it soon. As hubby says SS is like "found money" for us at this point

.

 

[JeannineIrish]

Our original plan was to buy an existing B&B and profit from the reputation, client base and revenue stream that an existing business provides. We looked at just a few operating Inns before we came to the realization that it was just not going to be a possibility for us.
Firstly, none of the existing Inns really coincided with my vision. Not one grabbed me by the heart and said “This is It, This is THE ONE“!. I really couldn’t see myself in any of them. Either the rooms were too small or the in-room bathrooms were poorly done or they had unsatisfactory Innkeepers Quarters. Far and away the biggest reason we didn’t consider any of them? MONEY of course! Most existing Inns are horrifically expensive and almost none show revenues enough to make their own mortgage payments.
All kinds of scenarios ran through my head, all with the same hideous conclusions…mortgage payments not getting made and good credit falling by the wayside. What’s even worse is the fact that B&B’s take forever to sell. What if we hated it and decided to sell, and the Inn sat on the market forever…draining us financially and emotionally? Start-up seemed the way to go. This way we could buy a regular house, make it the type of place we wanted. As an added bonus, if it didn’t work out for any reason, we could still afford to live there by just working one job each. Hubs still works and I quit my job after year three. What a circus that was, with both of us working!
We looked at several places in our home part of the state. Most didn’t have enough bathrooms or personal space, or room to add any. Some houses were perfect, but were in areas that would not have the visitor draw we’d need.
We kept coming back again and again to this place. The house was gorgeous, needed mostly cosmetic work and had been on the market at a reasonable price for almost two years. The location seemed great, but most importantly? The house fairly screamed at me “I’m the One, I’m Perfect - Buy Me”!
We looked at the house no less than four times…with my mom, with our contractor, with anyone who would voice an opinion. Finally, the Realtor stopped coming with us and would just let the patient homeowners know we were coming AGAIN.
My mother swears that the house was on the market so long because it was waiting for us. We bought it in the summer of 2002 and opened for our first guest on Memorial Weekend of 2003. Best decision I ever made and I would not hesitate to do another start-up if I had to do it over again....and you never know!.

You said it even better than I did.

 

[SweetiePie]

Well, my story flies in the face of most of the others posted here. I had never even been to a B&B when I started, hadn't read a book, nor attended any seminars. Thank God, there was no forum like this back then, or I probably would have given up before I started. Sometimes it is better NOT to know what to expect ahead of time.
It was definitely a START-UP in every sense of the word. I had a mother who developed Alzheimer's and being the only child was left to care for her. Luckily my dad had passed on years earlier and she had taken care of him. I definitely couldn't have done it with both of them. I knew I needed an occupation I could do from the home so that I would be able to care for her. I took my strongest talents, interior decorating, cooking and counseling disturbed people (my former profession) and jumped into innkeeping.
I sold my parents home is 2 days because of a combination of a good realtor, pent up demand and a lot of luck. I moved us to this location based upon having visited once on vacation and falling in love with the area. There were only three houses on the market at that time and the realtor thought that "this one would work". It is structurally sound but just wasn't architecturally too interesting. What I bought was the view, which is spectacular and one I never tire of. It was decribed in the flyer as "a view to die for". Usually that is realtor speak, but in this case it happened to be true.
I had moved from St. Paul, MN where I had been living in a Victorian home on the Register of Historic Places which would have made a gorgeous B&B. Unfortunately the owner had no interest. So with that vision I began here. This area doesn't lend itself to Victorian homes, especially in the mountains. However, I had to go with what I had and most of our furniture and the style I like, leaned in that direction. I call it English Country, which is probably the best description.
We bought the house outright and didn't overextend ourselves which is probably the thing that helped the most. I got the property for less than market value because it was a time similar to this. The couple was divorcing and the realtor referred to it as "the mess of the mountain". I'm not sure why it wouldn't sell, but their loss was our gain.
The part I liked most was furnishing it. For once, I got to shop and buy whatever I wanted. I supplemented our furniture with antiques from consignment shops and even thrift stores. It's not extravagent but people are impressed with my attention to detail. Everything just goes together.
I was almost forced into opening because the neighbors where referring their relatives to stay over the holidays. I intially ran it strictly as a B&B. Later when the dot.com boom hit, I did pretty well in the stock market and was able to add on a sunroom and spa. Later I added an outdoor deck on the shady side of the house and a garage. Dealing with contractors was the most challenging part of that ordeal.
I had my mom for 8 years before she passed on and it was hard juggling the responsibilities. However, I was glad that she was able to avoid having to go into a nursing home. I took what guests I could handle and appreciated the extra income.
Once I was able to devote my full attention to the business I added the tea room and began hosting meetings and other events. My plan was to add small weddings as well, but the economy has forced that plan to be put on hold for now. So that's my story.

 

[gillumhouse]

Well, my story flies in the face of most of the others posted here. I had never even been to a B&B when I started, hadn't read a book, nor attended any seminars. Thank God, there was no forum like this back then, or I probably would have given up before I started. Sometimes it is better NOT to know what to expect ahead of time.
It was definitely a START-UP in every sense of the word. I had a mother who developed Alzheimer's and being the only child was left to care for her. Luckily my dad had passed on years earlier and she had taken care of him. I definitely couldn't have done it with both of them. I knew I needed an occupation I could do from the home so that I would be able to care for her. I took my strongest talents, interior decorating, cooking and counseling disturbed people (my former profession) and jumped into innkeeping.
I sold my parents home is 2 days because of a combination of a good realtor, pent up demand and a lot of luck. I moved us to this location based upon having visited once on vacation and falling in love with the area. There were only three houses on the market at that time and the realtor thought that "this one would work". It is structurally sound but just wasn't architecturally too interesting. What I bought was the view, which is spectacular and one I never tire of. It was decribed in the flyer as "a view to die for". Usually that is realtor speak, but in this case it happened to be true.
I had moved from St. Paul, MN where I had been living in a Victorian home on the Register of Historic Places which would have made a gorgeous B&B. Unfortunately the owner had no interest. So with that vision I began here. This area doesn't lend itself to Victorian homes, especially in the mountains. However, I had to go with what I had and most of our furniture and the style I like, leaned in that direction. I call it English Country, which is probably the best description.
We bought the house outright and didn't overextend ourselves which is probably the thing that helped the most. I got the property for less than market value because it was a time similar to this. The couple was divorcing and the realtor referred to it as "the mess of the mountain". I'm not sure why it wouldn't sell, but their loss was our gain.
The part I liked most was furnishing it. For once, I got to shop and buy whatever I wanted. I supplemented our furniture with antiques from consignment shops and even thrift stores. It's not extravagent but people are impressed with my attention to detail. Everything just goes together.
I was almost forced into opening because the neighbors where referring their relatives to stay over the holidays. I intially ran it strictly as a B&B. Later when the dot.com boom hit, I did pretty well in the stock market and was able to add on a sunroom and spa. Later I added an outdoor deck on the shady side of the house and a garage. Dealing with contractors was the most challenging part of that ordeal.
I had my mom for 8 years before she passed on and it was hard juggling the responsibilities. However, I was glad that she was able to avoid having to go into a nursing home. I took what guests I could handle and appreciated the extra income.
Once I was able to devote my full attention to the business I added the tea room and began hosting meetings and other events. My plan was to add small weddings as well, but the economy has forced that plan to be put on hold for now. So that's my story..

We bought the house outright and didn't overextend ourselves which is probably the thing that helped the most.
We also bought outright. I do not believe in 2 mortgages so we refinanced our Illinois house to have the cash to pay for the WV house - when we found it. The first offer fell through thank goodness so we just put it in the savings until we found "our house". We would not have made it in the beginning if we had to make a mortgage - tie Illinois house sold before we opened and we had a deal with our youngest that he paid the old mortgage and we paid the diference and he lived in that house until it sold. Wonderful win/win situation.
Note to Aspirings - I opened when Internet was in the very beginnings. Today, with the Internet, you can set an opening date and already have reservations for that date and beyond. Plus I am in Podunk but it was the Internet and having a web site from day one that helped me succeed. I had a web site before I had a computer - the hostig company called me if I had an e-mail! I did get a computer shortly thereafter but until I did, I still had Internet presence and had it done professionally.

 

[Tim_Toad_HLB]

Well, my story flies in the face of most of the others posted here. I had never even been to a B&B when I started, hadn't read a book, nor attended any seminars. Thank God, there was no forum like this back then, or I probably would have given up before I started. Sometimes it is better NOT to know what to expect ahead of time.
It was definitely a START-UP in every sense of the word. I had a mother who developed Alzheimer's and being the only child was left to care for her. Luckily my dad had passed on years earlier and she had taken care of him. I definitely couldn't have done it with both of them. I knew I needed an occupation I could do from the home so that I would be able to care for her. I took my strongest talents, interior decorating, cooking and counseling disturbed people (my former profession) and jumped into innkeeping.
I sold my parents home is 2 days because of a combination of a good realtor, pent up demand and a lot of luck. I moved us to this location based upon having visited once on vacation and falling in love with the area. There were only three houses on the market at that time and the realtor thought that "this one would work". It is structurally sound but just wasn't architecturally too interesting. What I bought was the view, which is spectacular and one I never tire of. It was decribed in the flyer as "a view to die for". Usually that is realtor speak, but in this case it happened to be true.
I had moved from St. Paul, MN where I had been living in a Victorian home on the Register of Historic Places which would have made a gorgeous B&B. Unfortunately the owner had no interest. So with that vision I began here. This area doesn't lend itself to Victorian homes, especially in the mountains. However, I had to go with what I had and most of our furniture and the style I like, leaned in that direction. I call it English Country, which is probably the best description.
We bought the house outright and didn't overextend ourselves which is probably the thing that helped the most. I got the property for less than market value because it was a time similar to this. The couple was divorcing and the realtor referred to it as "the mess of the mountain". I'm not sure why it wouldn't sell, but their loss was our gain.
The part I liked most was furnishing it. For once, I got to shop and buy whatever I wanted. I supplemented our furniture with antiques from consignment shops and even thrift stores. It's not extravagent but people are impressed with my attention to detail. Everything just goes together.
I was almost forced into opening because the neighbors where referring their relatives to stay over the holidays. I intially ran it strictly as a B&B. Later when the dot.com boom hit, I did pretty well in the stock market and was able to add on a sunroom and spa. Later I added an outdoor deck on the shady side of the house and a garage. Dealing with contractors was the most challenging part of that ordeal.
I had my mom for 8 years before she passed on and it was hard juggling the responsibilities. However, I was glad that she was able to avoid having to go into a nursing home. I took what guests I could handle and appreciated the extra income.
Once I was able to devote my full attention to the business I added the tea room and began hosting meetings and other events. My plan was to add small weddings as well, but the economy has forced that plan to be put on hold for now. So that's my story..

What an amazing array of stories and how people got to where they are.
"The part I liked most was furnishing it. For once, I got to shop and buy whatever I wanted. I supplemented our furniture with antiques from consignment shops and even thrift stores. It's not extravagent but people are impressed with my attention to detail. Everything just goes together."
What an incredible set of similarities. After doing our year long journey, we were left with literally nothing but the clothes on our backs and a few treasured items. I can't think of anything more liberating than freeing ourselves of what the wise and sage George Carlin would describe as "stuff"
We moved out together at 18 and when we left Portland in 2003, the grand total of all that was left in storage fit in a 4' x 8' storage locker.
Our place isn't formal in the slightest or decorated with priceless antiques, but we get the kind of comments you receive from nearly every guest and the high "comfort" level and attention to detail is always noted.
When we get a guest who was expecting something different or isn't seeing all the frou frou they normally expect at a B&B, we get the "your place is so eclectic" or "How quaint"
In fact, our sense of style and welcoming hospitableness in our private homes over the decades and compliments to that effect by friends and folks we entertained at parties was a major reason we thought we could do this.

 

[happykeeper]

We built ours from scratch. Our house existed but the idea for the cabins was not hatched until several years later. We did a short term loan to help purchase the cabin kits and paid that off with what the cabins generated within a year. Of course sweat equity helped a lot. We did all the construction ourselves (with the exception of some plumbing and some electrical that were beyond me) so that saved a lot of money. If we had paid people to do all the work we would probably still have a loan associated with it..

I wish more folks could take a swing at building their own.

 

[EmptyNest]

We built ours from scratch. Our house existed but the idea for the cabins was not hatched until several years later. We did a short term loan to help purchase the cabin kits and paid that off with what the cabins generated within a year. Of course sweat equity helped a lot. We did all the construction ourselves (with the exception of some plumbing and some electrical that were beyond me) so that saved a lot of money. If we had paid people to do all the work we would probably still have a loan associated with it..

I wish more folks could take a swing at building their own.
.

That takes alot of effort that most people don't want to have to go through:-(

 

[JBloggs]

We will build our own home again when we move on from the B&B biz. I look forward to that.
Okay the title of this thread s/b "Buying a turkey from chicken scratch" that is what my eyes keep telling me. Sounds like a feasible title of a Bed and Breafkast for Dummies book.

 

[muirford]

We built ours from scratch. Our house existed but the idea for the cabins was not hatched until several years later. We did a short term loan to help purchase the cabin kits and paid that off with what the cabins generated within a year. Of course sweat equity helped a lot. We did all the construction ourselves (with the exception of some plumbing and some electrical that were beyond me) so that saved a lot of money. If we had paid people to do all the work we would probably still have a loan associated with it..

I wish more folks could take a swing at building their own.
.

There is a place for newly-built B&Bs but there is a lot to be said for keeping a historic property well-maintained and in the public provenance, as well. A very large part of the appeal of owning a B&B for me comes from living in a historic home and maintaining it in such a way that there isn't a risk of it being lost through neglect or disrepair. Renovating an old house takes a special kind of love and care.

 

[wendydk]

We will build our own home again when we move on from the B&B biz. I look forward to that.
Okay the title of this thread s/b "Buying a turkey from chicken scratch" that is what my eyes keep telling me. Sounds like a feasible title of a Bed and Breafkast for Dummies book..

We tell ourselves that when the Inn sells, we want a small house...with only one bathroom to clean. However...I find myself really wanting the big old foursquare built in 1910 that sits on the main street just down from the lake in my old hometown (half an hour south of where we are). It's about twice the size of this place, less than we paid for this one, and has one more bedroom and a huge empty third floor attic. I find myself dreaming "hmmm, would make a good B&B". I wouldn't dare mention that thought to hubs as he would have a $%#%^ fit. Then I think, maybe just a "guest house", no breakfast...then I think "No, just lots of room for visiting friends and family!"
If that place had been for sale when we were looking, we probably would have bought it, and would have been nowhere near as busy, but close to family. I dunno...I can't say that I have even one regret about doing what we did, where and when we did!

 

[gillumhouse]

Start-up does not have to mean build from ground up. I did my start-up in an existing house. Part of the appeal of this B & B is the history of the house and the people who lived here. The man who was born in the house visited in 1996, just months after we opened. He was so pleased that the house had been saved. I could not have built a place - even in 1995 - for what we paid for this house. And even adding what we spent AFTER buying the house for electricals, windows, plumbing, furnace, etc I am still ahead $$. Since the guest bathroom construction was done after Katrina (and by a gouging contractor - recommended by a couple with enough status in the community to have NEVER been gouged and I am an alien), that cost almost as much as all the other improvements put together! Hence my honking loan payment. Even with that, new construction would have required sprinkler system and all sorts of "extras" that would have made it impossible. The only thing one can do in this State, is to build your house and live in it for a couple years and THEN decide to turn it into a B & B but it can be no more than 6 huestrooms or you need a commercial kitchen.

 

[happykeeper]

We built ours from scratch. Our house existed but the idea for the cabins was not hatched until several years later. We did a short term loan to help purchase the cabin kits and paid that off with what the cabins generated within a year. Of course sweat equity helped a lot. We did all the construction ourselves (with the exception of some plumbing and some electrical that were beyond me) so that saved a lot of money. If we had paid people to do all the work we would probably still have a loan associated with it..

I wish more folks could take a swing at building their own.
.

There is a place for newly-built B&Bs but there is a lot to be said for keeping a historic property well-maintained and in the public provenance, as well. A very large part of the appeal of owning a B&B for me comes from living in a historic home and maintaining it in such a way that there isn't a risk of it being lost through neglect or disrepair. Renovating an old house takes a special kind of love and care.
.

I have thought about it once and a while and I think it would be a great project to rehab one. I think its great that some folks are willing to take on preservation as part of thier business. My enthusiasm for what we did is mostly because we were able to keep our overall costs at a level that would allow us to get started and then make a living at it. If we sell and are looking to reinvest in another inn, our age may favor looking for an existing property.

 

[Samster]

We are a start-up, now in biz 16 months. Whew, where did the time go?? I would much rather have bought a turnkey business and that's what we looked for when we were searching elsewhere before moving here. A turnkey business where everything is in order, that is.
This is our 7th home and the oldest home before this one was 18 months old. I am a convert on saving old homes and re-purposing them! Despite all it's quirks and the extra maintenance, the shortcomings of some of the design features that we couldn't change without either a boatload of money or changing the footprint of the house (kitchen is not large enough and is all the way at the back of the house, for example) - this is a great house and works very well as a B&B. Just this morning, our guests were asking about what we did to renovate and open (the story that we tell a gazillion times) and I thought how proud we are of what we've done here.
Sometimes I just sit and look around and realize how much I love this house. So, the smaller house that we'll live in someday will probably be an old house too. (With better insulation...haha!)
This has a real sense of place for us.....
Now if I could just get OUR area the way I want it, I would be one really happy innkeeper.

 

[muirford]

We are a start-up, now in biz 16 months. Whew, where did the time go?? I would much rather have bought a turnkey business and that's what we looked for when we were searching elsewhere before moving here. A turnkey business where everything is in order, that is.
This is our 7th home and the oldest home before this one was 18 months old. I am a convert on saving old homes and re-purposing them! Despite all it's quirks and the extra maintenance, the shortcomings of some of the design features that we couldn't change without either a boatload of money or changing the footprint of the house (kitchen is not large enough and is all the way at the back of the house, for example) - this is a great house and works very well as a B&B. Just this morning, our guests were asking about what we did to renovate and open (the story that we tell a gazillion times) and I thought how proud we are of what we've done here.
Sometimes I just sit and look around and realize how much I love this house. So, the smaller house that we'll live in someday will probably be an old house too. (With better insulation...haha!)
This has a real sense of place for us.....
Now if I could just get OUR area the way I want it, I would be one really happy innkeeper.

.

We are a start-up, now in biz 16 months.

Now your tale is really different because I would think of you as kindof half startup and half turnkey - startup with your first house and turnkey with the addition of the second. But the business doesn't necessarily transfer, I guess - just already having baths and furniture, such as it is.