Thinking of Buying a B&B and Starting My Life Over

[Sunshine]

i just checked b b online and bed and breakfast dot com for washington state properties for sale, saw some in the 450,000 to 550,000 range ....

missin WA!!

perhaps someday we will move back and open another B&B there (that was where we originally intended to open one in the first place!).
Where in WA are you looking to buy yours?

 

[Sunshine]

Don't forget the importance of "LOCATION". I know that sounds like a 'no brainer' but I am constantly amazed at some of the places where folks set up a B&B, in neighborhoods that I'm even scared to walk in, and way out of the way of anything.
Also are there other B&B's in the area? ask them how they do, does their B&B tend to be seasonal? etc.. that is helpful to know.

 

[Breakfast Diva]

i just checked b b online and bed and breakfast dot com for washington state properties for sale, saw some in the 450,000 to 550,000 range ....

i just checked b b online and bed and breakfast dot com for washington state properties for sale, saw some in the 450,000 to 550,000 range ...

Those are the ones that don't have a lot of revenue, i.e. day job for one innkeeper.

 

[Basil Fawlty]

You say you are considering buying a b&b. Have you done any research? Taken an aspiring innkeeper seminar? Read all the books? Hands on training? Got a wad of cash? Got health care?
We need a little more information before we can be of any help..

Have you done any research? Taken an aspiring innkeeper seminar? Read all the books? Hands on training?

Are all of those things mandatory in your country to start off with a B&B?
Neither did we have any experience when we started off nor did we go into anything of that sort.
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A well run 4 room (small) b&b in Washington state will probably be close to $1,000,000. Of course you can buy one that is not producing much revenue, but then what will you live on while you're trying to increase revenue if you don't have a lot of money stashed away.
Research and attending aspiring innkeeper seminars will also put reality into most folks. I've seen it over and over where people have used their retirement money to purchase a b&b, they get into the nitty gritty and it's not what they thought it was going to be. They realize they don't have the personality to live this lifestyle day after day. Usually, when that happens, they have already let the occupancy slip and can't sell for what they bought it for.
Do your research. If it's the right move for you, you'll know it. If not, you'll know it too, but you'll have most of your money left!
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A well run 4 room (small) b&b in Washington state will probably be close to $1,000,000.

OUCH!
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Well, actually, there are some bargains here in WA state. Sad to say, - many foreclosures - but it depends on where you are looking, of course. We wanted to stay within striking distance of Seattle - and we get lots of folks from around the sound from Vancouver, B.C down to Portland OR. Any island - particularly Bainbridge, Vashon, Orcas and the San Juans - are very expensive and mostly seasonal. If I had to do it over again, I'd say being centrally located to both the Cascades and the Sound is the ticket. Eastern King County, Snohomish County - even over the I 90 pass east - you'll get wine country trade. Kitsap, where we're located, is a fairly good area - as I said you get folks from around the sound and the Olympic Nat'l park and the Hood Canal is nearby. Lots of year-round wedding venues here, too. There are good real estate opportunites in Kitsap - one 5 room b&b on 3 acres with Olympic Views just sold for 745,000.00 ------
Oh, and by way of Worst Scenario education - see the entire TV show "Fawlty Towers". Puts it all in perspective with a laugh!
Basil Fawlty

 

[EmptyNest]

What you're gonna need that you haven't mentioned is that nest egg to buy something or renovate what you already own. All of the rest of it sounds like you've at least thought thru what might be needed!
Good luck!.

So...did we scare this fellow off? I was expecting he would give us some feedback :-(

 

[Joey Camb]

What you're gonna need that you haven't mentioned is that nest egg to buy something or renovate what you already own. All of the rest of it sounds like you've at least thought thru what might be needed!
Good luck!.

So...did we scare this fellow off? I was expecting he would give us some feedback :-(
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Ive heard from him but Weve nearly got the property picked out and business plan written for him lol.

 

[birdwatcher]

Welcome, and what everyone said is so true. Location, Location, Location and a safety account in case things don't go as planned, meaning that you have at least 6-12 months of $$ stashed away fot emergency such as not making enough to pay the mortgage...other than that remember that its a 24/7 job and if you decide to have children in the future or have children that adds more time ,effort and worry...just saying
Good luck, we didnt have experience either but we now are innkeepers that are hired to care for an inn and not owners, for now we like this better we don't have to worry about making enough to pay the bills and still eat.