Do You Know A Fantastic Bargain?

[Don Draper]

Honest to God...if they're that well prepared and have that much money to put down, they should be buried in good opportunities....

Honest to God...if they're that well prepared and have that much money to put down, they should be buried in good opportunities...

Seriously. Thier playing field is WIDE open!
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The problem is most of these inns don't pencil out. To get a loan these days the lenders scrutinize everything. They won't lend unless it's a proven winner. That leaves out distressed properties because they can't show the income needed. Whatever they buy needs to be able to pay it's own bills and generate a bit more.
Send me some suggestions!
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Well, therein lies the catch 22...though it's purportedly a "buyer's market", no successful B&B is going to sell for less than top dollar right now...if they are doing well in this economy they will want maximum return, regardless of what any appraiser has to say. Sounds to me like they should look for a smaller property that they can pay cash for, maybe something with room to expand?
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Well, therein lies the catch 22...though it's purportedly a "buyer's market", no successful B&B is going to sell for less than top dollar right now...if they are doing well in this economy they will want maximum return, regardless of what any appraiser has to say. Sounds to me like they should look for a smaller property that they can pay cash for, maybe something with room to expand?

But if they REALLY want to sell, they have to come down in price, because their place is overpriced if the appraisal won't appraise. Even in good times, a lot of innkeepers have over inflated ideas of what their property is worth. In reality, it's only worth what it can sell for today.
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I understand what you're saying, but that only applies for Inns that really want to sell. We've seen a trend here with b&b's going on and off the market very quickly...sometimes people just want to see what they can "get" for their business.
I think people who REALLY want to sell will price themselves accordingly. Just more info your prospectives have to sort through in determining what is the right fit for them.

 

[Innkeeper To Go]

In the $1 million range, I think the Historic Requa Inn is a terrific buy. Their revenue is $250K and they close 2 months every year, so room for growth. They also have an unused restaurant on site that could bring even more revenue.
It's a lovely place in a fabulous location, especially for outdoors activities. Featured property on National Geographic.
The listing agent, Johanna Welty has a great reputation. Everyone says she's just a delight to work with..

Thank you Innkeeper TG, I'll take a good look at that site and pass it on to them! First hand knowledge of the place is invaluable.
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Breakfast Diva, did your aspiring innkeepers find a place?
I saw that the Historic Requa Inn was just sold and was wondering if it was your aspiring couple who snagged it?