Married couple looking to buy an Inn or puchase

[jamesandjill]

My husband and I have been trying to buy an Inn for well over 2 years. We have looked at many the problem is all the banks want so much money down. The most we can put down is around $20,000. Does anyone know of any lease to own Inn's? Does anyone know of any financing we might have missed? We are not picky on location. We own a home in North Carolina but our daughter is going to live in and pay the mortgage. Once it is paid off which is only in a few years she would be able to purchase it at reduced price.
We do have 2 children ages 17 and 14 that would relocate with us.
We have taken additional classes online and webinars. My husband has management experience, hotel experience, and prior military. We both were therapeutic foster parents for over 8 years but decided we wanted a change so have discontinued foster care. I was part owner of an optical business and a stay at home mom.
We would consider being Innkeepers if any are available.

 

[gillumhouse]

Have you considered buying a large house and doing start-up. Some big old houses in Shinnston, WV. I have been hoping someone would open another B & B in town for the last 18 years (I have 20 year anniversary in July).
Lots of good things happening in Shinnston.

 

[EmptyNest]

Sorry to say I doubt you will find an inn to lease. When a place is up for sale it is because owners want to sell and be done with the inn. No one wants to take a chance leasing and then wondering what will happen to their place and business.
You have to have a large down payment these days. No getting around it. If you are looking for a place to provide you adequate income to live off of, you will need a large place and there are no bargains in those size places. Banks will not finance you without$$$ up front

 

[JBloggs]

Also sorry to say, but if you can't afford to buy an inn then you can't buy an inn.

 

[Morticia]

If your deposit is $20k then you can look at operating properties around $100k in selling price.
As you've probably found, those won't support your family.
Just to give you an example, and not to discourage any more than you already are, 10 years ago our deposit was 10x what you have and we were also turned away from many viable properties.
We sold our home to get the deposit. And we kept back $75k for first year operating expenses. So, yes, a $200+k deposit and an extra $75k still in the bank.
If you have been to classes, the money aspect must have been covered.
If you have the space in your present house why not list one bedroom on airbnb to get an idea what it's like raising a family with a business running in your home at the same time.

 

[Breakfast Diva]

I hate to be the voice of doom and gloom, but having a budget of $20,000 is just not realistic. The best thing you can do if you really have the dream of owning a b&b is to take the next couple of years and really focus on how you can save more money. Take extra part time jobs, babysit, try to get a part time job at a b&b for not only money, but experience.
Not only is there the expensive of buying the property, but there are so many other expenses as well, website, internet marketing, licenses, inspections, lodging directories. If you purchased a home to turn into a b&b the furniture and decorating will cost you nearly $20,00.
What you might seriously consider is trying to find a b&b/inn that is looking for a couple to work/manage their property. Even that will be difficult because you don't have experience working in b&bs, but there definitely are some owners that would take a risk if they felt you had the right sensibilities for their property.
Having a b&b sounds simple....but it's not. And it's not cheap.

 

[TheBeachHouse]

Just saw a new contest. The "Almost Home Inn" in Ogunquit Maine is having an essay contest to win the inn. Go for it!
(No link, my computer doesn't allow me to paste to this forum.)

 

[OnTheShore]

The Almost Home Inn and it's Essay Contest

 

[TheBeachHouse]

Another idea is to sell the home you own so you have the money for a down payment.
I'm sure you've already considered that, but that's how we did it.

 

[EmptyNest]

If your deposit is $20k then you can look at operating properties around $100k in selling price.
As you've probably found, those won't support your family.
Just to give you an example, and not to discourage any more than you already are, 10 years ago our deposit was 10x what you have and we were also turned away from many viable properties.
We sold our home to get the deposit. And we kept back $75k for first year operating expenses. So, yes, a $200+k deposit and an extra $75k still in the bank.
If you have been to classes, the money aspect must have been covered.
If you have the space in your present house why not list one bedroom on airbnb to get an idea what it's like raising a family with a business running in your home at the same time..

And where pray tell can your find a property for $100K????????

 

[EmptyNest]

Just saw a new contest. The "Almost Home Inn" in Ogunquit Maine is having an essay contest to win the inn. Go for it!
(No link, my computer doesn't allow me to paste to this forum.).

Well we all know how that goes....JB can tell you all about it. Never got enough interest/ money to so the contest :-(
Does this one have a minimum stated anywhere?

 

[JBloggs]

Just saw a new contest. The "Almost Home Inn" in Ogunquit Maine is having an essay contest to win the inn. Go for it!
(No link, my computer doesn't allow me to paste to this forum.).

Well we all know how that goes....JB can tell you all about it. Never got enough interest/ money to so the contest :-(
Does this one have a minimum stated anywhere?
.

Well we all know how that goes....JB can tell you all about it. Never got enough interest/ money to so the contest :-(
Does this one have a minimum stated anywhere?

8000 entries
She will not even get 1/3 of that.

 

[Lee2014]

Just saw a new contest. The "Almost Home Inn" in Ogunquit Maine is having an essay contest to win the inn. Go for it!
(No link, my computer doesn't allow me to paste to this forum.).

Well we all know how that goes....JB can tell you all about it. Never got enough interest/ money to so the contest :-(
Does this one have a minimum stated anywhere?
.

Well we all know how that goes....JB can tell you all about it. Never got enough interest/ money to so the contest :-(
Does this one have a minimum stated anywhere?

8000 entries
She will not even get 1/3 of that.
.

I would still encourage you to give it a try. So it doesn't get enough people to write an essay…. your money is sent back to you. If you win and there are 8,000 entries than the winner gets $20,000. I would check into the state of the place (like take a vacation and stay there but don't mention about the contest unless they bring it up.) It will give you a feel for the place and if you want to live there.

 

[Morticia]

If your deposit is $20k then you can look at operating properties around $100k in selling price.
As you've probably found, those won't support your family.
Just to give you an example, and not to discourage any more than you already are, 10 years ago our deposit was 10x what you have and we were also turned away from many viable properties.
We sold our home to get the deposit. And we kept back $75k for first year operating expenses. So, yes, a $200+k deposit and an extra $75k still in the bank.
If you have been to classes, the money aspect must have been covered.
If you have the space in your present house why not list one bedroom on airbnb to get an idea what it's like raising a family with a business running in your home at the same time..

And where pray tell can your find a property for $100K????????
.

And where pray tell can your find a property for $100K????????

That's as high as they can go with that deposit. I'm guessing there aren't any properties at that price. I know I could buy 2 houses for that in some out of the way locations but not sure you could make a go of it there!

 

[Sunshine]

Check your email address. I tried to contact you, but it came back undeliverable

 

[Copperhead]

The Almost Home Inn and it's Essay Contest.

The Almost Home Inn and it's Essay Contest

And there are several other active contests. Find the ones that would work best for your life style and enter away. No harm done as if they don't get the #s the $ will be returned.

 

[MtnKeeper]

Banks want more than 30% down because so many inns and B&Bs have gone into foreclosure and banks hate to lose money. This business isn't for everyone and I've seen more than a dozen places within 45 minutes of me go into foreclosure in the past ten years. So they are being very cautious about getting enough money down. No bank is going to loan you the money you need to buy a successful place with $20K down. We had over $250K so we had no problem. But I have a family member who has been trying to sell their place for a couple years. The people coming through don't have enough money to put down per the bank's requirement for the loan and the prospective buyers have asked them to do owner financing. Most people who finally list want out and they aren't going to take a chance that someone coming along will go into default on the loan. I'm sorry to say that unless you sell the house and have that money for a down payment, your chance of getting financing for any decent property is next to nil. The same with someone wanting to lease you their property - that's a huge risk and again most innkeepers want the money out to move onto their new life. Good luck, but I believe you're going to have to keep saving for several more years.

 

[Morticia]

Just saw a new contest. The "Almost Home Inn" in Ogunquit Maine is having an essay contest to win the inn. Go for it!
(No link, my computer doesn't allow me to paste to this forum.).

Just saw a new contest. The "Almost Home Inn" in Ogunquit Maine is having an essay contest to win the inn. Go for it!
(No link, my computer doesn't allow me to paste to this forum.)

Just voted the best seaside village (or some such) so now's the time to get that contest out there!

 

[TheBeachHouse]

Just saw a new contest. The "Almost Home Inn" in Ogunquit Maine is having an essay contest to win the inn. Go for it!
(No link, my computer doesn't allow me to paste to this forum.).

Just saw a new contest. The "Almost Home Inn" in Ogunquit Maine is having an essay contest to win the inn. Go for it!
(No link, my computer doesn't allow me to paste to this forum.)

Just voted the best seaside village (or some such) so now's the time to get that contest out there!
.

Just saw a new contest. The "Almost Home Inn" in Ogunquit Maine is having an essay contest to win the inn. Go for it!
(No link, my computer doesn't allow me to paste to this forum.)

Just voted the best seaside village (or some such) so now's the time to get that contest out there!

Looks like a nice house.
I entered a contest like this years ago. Maybe 35 years ago. House in Maine. It was written about in Yankee Magazine. That was a good way to spread the word.

 

[Jcam]

where I am 20K wouldn't even get you a deposit on a 1 bed flat - they want 50% downpayment or equity or both to even consider you -
However the most important thing is if you have a MASSIVE mortgage could you make the payments even if you secured it? probably not.