Finding the right location

[Morticia]

I swear I had made a comment on this but can't see it so I will write it again - check out what permits you need, business, Food and Beverage, safety etc. Purchasing an existing B&B eans they will already have these. Nothing worse than buying a house and then finding your neigbors object to a B&B.
However if you do buy it as a house, you will be able to get residential financing ..... if you buy a B&B you will probably only get business financing (15-20 years if you are lucky). In addition, if its already a business, you will probably only get financing for the property and not for the "business value / goodwill" - these were some of the issue I ran into and my credit was really good (note I said "WAS really good LOL)..

I swear I had made a comment on this but can't see it so I will write it again - check out what permits you need, business, Food and Beverage, safety etc. Purchasing an existing B&B eans they will already have these. Nothing worse than buying a house and then finding your neigbors object to a B&B.
However if you do buy it as a house, you will be able to get residential financing ..... if you buy a B&B you will probably only get business financing (15-20 years if you are lucky). In addition, if its already a business, you will probably only get financing for the property and not for the "business value / goodwill" - these were some of the issue I ran into and my credit was really good (note I said "WAS really good LOL).

The financing really depends a lot on the downpayment and the financial institution...we have some B&B owners here who bought a B&B but who got a conventional home mortgage. BIG downpayment, outside job that could cover the rest.

 

[JunieBJones (JBJ)]

I swear I had made a comment on this but can't see it so I will write it again - check out what permits you need, business, Food and Beverage, safety etc. Purchasing an existing B&B eans they will already have these. Nothing worse than buying a house and then finding your neigbors object to a B&B.
However if you do buy it as a house, you will be able to get residential financing ..... if you buy a B&B you will probably only get business financing (15-20 years if you are lucky). In addition, if its already a business, you will probably only get financing for the property and not for the "business value / goodwill" - these were some of the issue I ran into and my credit was really good (note I said "WAS really good LOL)..

I swear I had made a comment on this but can't see it so I will write it again - check out what permits you need, business, Food and Beverage, safety etc. Purchasing an existing B&B eans they will already have these. Nothing worse than buying a house and then finding your neigbors object to a B&B.
However if you do buy it as a house, you will be able to get residential financing ..... if you buy a B&B you will probably only get business financing (15-20 years if you are lucky). In addition, if its already a business, you will probably only get financing for the property and not for the "business value / goodwill" - these were some of the issue I ran into and my credit was really good (note I said "WAS really good LOL).

The financing really depends a lot on the downpayment and the financial institution...we have some B&B owners here who bought a B&B but who got a conventional home mortgage. BIG downpayment, outside job that could cover the rest.
.

I swear I had made a comment on this but can't see it so I will write it again - check out what permits you need, business, Food and Beverage, safety etc. Purchasing an existing B&B eans they will already have these. Nothing worse than buying a house and then finding your neigbors object to a B&B.
However if you do buy it as a house, you will be able to get residential financing ..... if you buy a B&B you will probably only get business financing (15-20 years if you are lucky). In addition, if its already a business, you will probably only get financing for the property and not for the "business value / goodwill" - these were some of the issue I ran into and my credit was really good (note I said "WAS really good LOL).

The financing really depends a lot on the downpayment and the financial institution...we have some B&B owners here who bought a B&B but who got a conventional home mortgage. BIG downpayment, outside job that could cover the rest.

If you buy a "turn-key" business you have to prove the numbers to the bank. If you are moving and leaving your current employment and basically changing careers, you better have a hefty down payment and proof you can repay your monthly mortgage. Like all loans, it cannot be more than a fixed percent of your income. I guarantee banks are not handing out loans like candy to first time Innkeepers.

 

[gillumhouse]

As much as I love my bed and breakfast I will sell it at some point. It is turn key and if the right person comes along I could be sooner than later. Just give it some thought..

As much as I love my bed and breakfast I will sell it at some point. It is turn key and if the right person comes along I could be sooner than later. Just give it some thought.

I think Swirt was thinking of an INN for SALE section on this forum at some point. Majority of innkeepers sell after a few years, it is what it is. Fun alot of the time, but guests in your home for years wears thin after a while. I think everyone should run an inn for at least 5 years! There are alot of benefits. I want to clear something up, just because we sell doesn't mean it was not worth it!
Think about it this way, as a strange example - think about babies? How soft and cuddly. Well they progress and each stage is unique in our lives. Same with a B&B. We don't want them to be a baby forever...we grow with the B&B. Then we finally become empty nesters.

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Good analogy! I agree that selling does not mean there is an aversion, dislike, or even burnout. It quite often just means it is time for a new phase in one's life. Circumstances change just as life changes. Those who are young have more changes in their lives than those like me. I had to wait to the end to get what I wanted to do - and lucked out to discover we both enjoy it and appear to be reasonably good at it.
In our phase of life's circumstances. the B & B brings the world to us since we (he) can no longer travel. For those in their prime, this was good but it is time to do more of whatever is of interest or is best for the family circumstances.
Just as I warched my baby crawl, walk, and then run, I have watched my "baby" grow from being excited to have 6 room nights a month to saying in the winter - we only had 6 room nights! (used to be none in the winter!).
When the time comes to move on, each of us will know it - or at least I hope we will.

 

[newinnlove]

Check out www.bbteam.com, too..

Thanks Penelope! Great site.
Paula

 

[newinnlove]

As much as I love my bed and breakfast I will sell it at some point. It is turn key and if the right person comes along I could be sooner than later. Just give it some thought..

Sounds like we should talk Sandynn!

 

[newinnlove]

May I just say THANK YOU ALL for your posts! Keep'em coming!

 

[Penelope]

What are your reasons for choosing the NE? There are a couple of gorgeous properties on and around the coast of Maine. I have my reasons for looking in that area, but they are probably totally different than yours.
there are some different properties listed on www.bedandbreakfastforsale.com
It is a small site; not nearly as large as bbonline or b&b.com, but it is a different set of Inns for sale.
You can look by town or by size.

 

[GeorgiaGirl]

Here's a large home that could be turned into a B&B....it might be out of the price range (and location...), but it sure looks neat!!

http://www.bnbfinder.com/?action=innForSaleState&stateCode=MA

 

[Penelope]

I know a few weeks/months ago there was a thread on here that most of us aspirings posted our "wish list" on. You might want to see if you can find that to look thru. I know a few of us put websites on it for Inns for Sale.
GG, that one is so far out of my price range, it's in the next county!!!

 

[sandynn]

As much as I love my bed and breakfast I will sell it at some point. It is turn key and if the right person comes along I could be sooner than later. Just give it some thought..

Sounds like we should talk Sandynn!
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E-mail me off line.

 

[newinnlove]

As much as I love my bed and breakfast I will sell it at some point. It is turn key and if the right person comes along I could be sooner than later. Just give it some thought..

Sounds like we should talk Sandynn!
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E-mail me off line.
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its probably right in front of me, but I cannot find a way to email you off line. Some posts include an evnvelope to click on but there is not one on yours (or mine either)

 

[newinnlove]

Here's a large home that could be turned into a B&B....it might be out of the price range (and location...), but it sure looks neat!!

http://www.bnbfinder.com/?action=innForSaleState&stateCode=MA.

Thanks GeorgiaGirl. Beautiful property but you're right about the price tag. Ouch!

 

[newinnlove]

What are your reasons for choosing the NE? There are a couple of gorgeous properties on and around the coast of Maine. I have my reasons for looking in that area, but they are probably totally different than yours.
there are some different properties listed on www.bedandbreakfastforsale.com
It is a small site; not nearly as large as bbonline or b&b.com, but it is a different set of Inns for sale.
You can look by town or by size..

I'm from MA and have vacationed in ME since I was a baby. Family here, etc. I'm toying with the idea of WA state coast but so far away.......

 

[Morticia]

As much as I love my bed and breakfast I will sell it at some point. It is turn key and if the right person comes along I could be sooner than later. Just give it some thought..

Sounds like we should talk Sandynn!
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E-mail me off line.
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its probably right in front of me, but I cannot find a way to email you off line. Some posts include an evnvelope to click on but there is not one on yours (or mine either)

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its probably right in front of me, but I cannot find a way to email you off line. Some posts include an evnvelope to click on but there is not one on yours (or mine either)

You won't get the email link unless you are logged on.
But you are correct that sandynn doesn't have the link. And as I am absolutely awful about remembering who owns what inn, I can't even email you to tell you the name of her place.

 

[GeorgiaGirl]

Or is it, Briar Rose in Colorado?? Correct me if I'm wrong

 

[newinnlove]

Or is it, Briar Rose in Colorado?? Correct me if I'm wrong.

lost the train of thought here Georgiagirl

What about the Briar Rose?

 

[IronGate]

Or is it, Briar Rose in Colorado?? Correct me if I'm wrong.

Or is it, Briar Rose in Colorado?? Correct me if I'm wrong

I think catlady is right. The Briar Rose uses their name as a screen name.

 

[EmptyNest]

Or is it, Briar Rose in Colorado?? Correct me if I'm wrong.

Or is it, Briar Rose in Colorado?? Correct me if I'm wrong

I think catlady is right. The Briar Rose uses their name as a screen name.
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yes I am correct sandynn is who I said it was.

 

[newinnlove]

We're off for the next few days to scout out some places in NH and ME. I'll let you know how we make out

 

[IronGate]

We're off for the next few days to scout out some places in NH and ME. I'll let you know how we make out

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Good luck!