want to buy an inn

[NoHoBar]

I would recommend you contact a B&B Broker, this is their area of expertise. I think they call it "Creative Financing"

 

[Morticia]

You might consider joining paii. They have an online forum and they're a lot friendlier. You could probably get the info you want and you wouldn't have to resort to being snarky if you didn't. And, you'd know exactly to whom you were speaking.
Best of luck to you.

 

[Jcam]

Sorry no down payment no mortgage and then how do you expect to make payments and living expenses? Will owners to a lease to sell with you?
Otherwise pass this one by and start saving now. No one is going to give you anything.
we saved for 10 years to pay cash for our place..

EmptyNest, We DID have the money....If you read the question we are looking for any type of advise on where we could get creative financing or somewhere we didn't check. We have an impeccable business plan we know how we will make the payments and living!
Thanks again,
Shayne & Toryn
.

Sorry folks I don't care if you DID have the money, you don't now and that is what counts. Like others have said, get it back from them. And I also agree with others, you can have the most wonderful plan in the world but most bankers today won't give a hoot! They say " put your money where your mouth is. You are looking for creative financing and we are telling from experience it isn't out there any more. Unless you can find your fairy godmother, you just need to put plans on hold and start saving again.
we tell it like it is around here, if you don't like it, sorry.

.

Thank you again for responding, it's not that we didn't want anything for free or didn't expect negative feedback but just thought people such as yourself would be a bit more supportive and helpful, because you do understand the struggle! But I exspected more from people who deal with people....
Best to you, Happy new year
.

Part of the cynicism is we get a lot of people here - big dreams and no money and no experience who ask for our expertise and then tell us all we are idiots and we are all doing it wrong and how can we be so stupid that isn't it obvious that we should do it their way.
For myself I spend a good portion of my time helping people where I can and believe me the number of people who and I quote one "I know everything and i'm an expert in how this should be done" who are now desperate to sell and can't make it work and are stuck due to lack of buyers etc. I personally in your position be (1) is there any realistic way of getting even some of that money back from the relatives? and (2) looking at something like crowd funding - but a lot depends on how much you need to put down. My town its £115,000 for a 1 bed flat with no parking but where you are buying may be more reasonable or may be google search for Angel Investors? you never know you might just be lucky.

 

[JimBoone]

TS please don't be offended that folks don't have the answer you want to hear, the forum is known for short sometimes blunt answers. I can't say that I've taken all the advice given me, but folks here have gone the extra mile to try and offer me help in my short time on the forum...Lots of good folks here, but just because we are here doesn't mean we are wealthy and successful, we are still trying too.
How can I start an Inn with little or no money is a frequent question on the forum, maybe there should be a sticky note at the top of the forum, and unfortunately there doesn't seem to be an answer that doesn't involve lots of money.
I'm the odd duck here as we run an 8 room motel, but being tiny I feel a connection here that I don't have with large hotels. In 1966 I was on an errand with my then boss and as we passed a motel I made the comment that I'd like to operate a motel, it took until 1991 to make that dream happen, hang in there.
Homes that I've lived in over the years were not my dream house, more likely a rejected dump on which I could make a deal and hope my ability and sweat was enough to make it a home for my family, the motel was not an exception, in the mountains where I wanted to live, but the wrong side of the county. When we looked at the property in the fall, let's say it was messy, when we arrived on a dark, cold, December night hauling our belongings with us and expecting reservations prior to our closing, we found a dark empty building. The office door was unlocked and the old fluorescent light flickered enough for me to see to call the agent who instructed me to "make myself at home" and he would see us in the morning. Well let's see, most guest rooms were as left in disarray at the end of the fall season, one had a large rat floating in the commode, one room maybe had clean sheets and while I never found how to get heat or hot water we spent a cold night, but 25 years later it is home.
Okay, forgive me for being a smarty pants, but most of us that were not born to wealthy families don't have a lot of choices, I didn't win the lottery and it wasn't my nature to rob a bank so I took a chance and bought the dump. So if your desire is only for a specific inn I don't know how to do that, but if you just want to be an innkeeper then let your mind wander through other possibilities, it may be a different path, but doesn't mean you can't be successful.

 

[Morticia]

Sorry no down payment no mortgage and then how do you expect to make payments and living expenses? Will owners to a lease to sell with you?
Otherwise pass this one by and start saving now. No one is going to give you anything.
we saved for 10 years to pay cash for our place..

EmptyNest, We DID have the money....If you read the question we are looking for any type of advise on where we could get creative financing or somewhere we didn't check. We have an impeccable business plan we know how we will make the payments and living!
Thanks again,
Shayne & Toryn
.

Sorry folks I don't care if you DID have the money, you don't now and that is what counts. Like others have said, get it back from them. And I also agree with others, you can have the most wonderful plan in the world but most bankers today won't give a hoot! They say " put your money where your mouth is. You are looking for creative financing and we are telling from experience it isn't out there any more. Unless you can find your fairy godmother, you just need to put plans on hold and start saving again.
we tell it like it is around here, if you don't like it, sorry.

.

Thank you again for responding, it's not that we didn't want anything for free or didn't expect negative feedback but just thought people such as yourself would be a bit more supportive and helpful, because you do understand the struggle! But I exspected more from people who deal with people....
Best to you, Happy new year
.

Part of the cynicism is we get a lot of people here - big dreams and no money and no experience who ask for our expertise and then tell us all we are idiots and we are all doing it wrong and how can we be so stupid that isn't it obvious that we should do it their way.
For myself I spend a good portion of my time helping people where I can and believe me the number of people who and I quote one "I know everything and i'm an expert in how this should be done" who are now desperate to sell and can't make it work and are stuck due to lack of buyers etc. I personally in your position be (1) is there any realistic way of getting even some of that money back from the relatives? and (2) looking at something like crowd funding - but a lot depends on how much you need to put down. My town its £115,000 for a 1 bed flat with no parking but where you are buying may be more reasonable or may be google search for Angel Investors? you never know you might just be lucky.
.

Bingo!

 

[Jcam]

Sorry no down payment no mortgage and then how do you expect to make payments and living expenses? Will owners to a lease to sell with you?
Otherwise pass this one by and start saving now. No one is going to give you anything.
we saved for 10 years to pay cash for our place..

EmptyNest, We DID have the money....If you read the question we are looking for any type of advise on where we could get creative financing or somewhere we didn't check. We have an impeccable business plan we know how we will make the payments and living!
Thanks again,
Shayne & Toryn
.

Sorry folks I don't care if you DID have the money, you don't now and that is what counts. Like others have said, get it back from them. And I also agree with others, you can have the most wonderful plan in the world but most bankers today won't give a hoot! They say " put your money where your mouth is. You are looking for creative financing and we are telling from experience it isn't out there any more. Unless you can find your fairy godmother, you just need to put plans on hold and start saving again.
we tell it like it is around here, if you don't like it, sorry.

.

Thank you again for responding, it's not that we didn't want anything for free or didn't expect negative feedback but just thought people such as yourself would be a bit more supportive and helpful, because you do understand the struggle! But I exspected more from people who deal with people....
Best to you, Happy new year
.

Part of the cynicism is we get a lot of people here - big dreams and no money and no experience who ask for our expertise and then tell us all we are idiots and we are all doing it wrong and how can we be so stupid that isn't it obvious that we should do it their way.
For myself I spend a good portion of my time helping people where I can and believe me the number of people who and I quote one "I know everything and i'm an expert in how this should be done" who are now desperate to sell and can't make it work and are stuck due to lack of buyers etc. I personally in your position be (1) is there any realistic way of getting even some of that money back from the relatives? and (2) looking at something like crowd funding - but a lot depends on how much you need to put down. My town its £115,000 for a 1 bed flat with no parking but where you are buying may be more reasonable or may be google search for Angel Investors? you never know you might just be lucky.
.

Bingo!
.

or is there anywhere cheaper? we had a 2 year legal battle on to get next door purchased where we stood on the sidelines between the bank and the previous owner where there was nothing we could do but save every penny and hope we were lucky - we couldn't go on holiday as the situation changed week to week, and didn't dare spend a penny in case we needed it for next door, lost money on our rental house sale as the receiver thought we would be able to purchase a lot sooner which really burns - but there it is.

 

[EmptyNest]

TS please don't be offended that folks don't have the answer you want to hear, the forum is known for short sometimes blunt answers. I can't say that I've taken all the advice given me, but folks here have gone the extra mile to try and offer me help in my short time on the forum...Lots of good folks here, but just because we are here doesn't mean we are wealthy and successful, we are still trying too.
How can I start an Inn with little or no money is a frequent question on the forum, maybe there should be a sticky note at the top of the forum, and unfortunately there doesn't seem to be an answer that doesn't involve lots of money.
I'm the odd duck here as we run an 8 room motel, but being tiny I feel a connection here that I don't have with large hotels. In 1966 I was on an errand with my then boss and as we passed a motel I made the comment that I'd like to operate a motel, it took until 1991 to make that dream happen, hang in there.
Homes that I've lived in over the years were not my dream house, more likely a rejected dump on which I could make a deal and hope my ability and sweat was enough to make it a home for my family, the motel was not an exception, in the mountains where I wanted to live, but the wrong side of the county. When we looked at the property in the fall, let's say it was messy, when we arrived on a dark, cold, December night hauling our belongings with us and expecting reservations prior to our closing, we found a dark empty building. The office door was unlocked and the old fluorescent light flickered enough for me to see to call the agent who instructed me to "make myself at home" and he would see us in the morning. Well let's see, most guest rooms were as left in disarray at the end of the fall season, one had a large rat floating in the commode, one room maybe had clean sheets and while I never found how to get heat or hot water we spent a cold night, but 25 years later it is home.
Okay, forgive me for being a smarty pants, but most of us that were not born to wealthy families don't have a lot of choices, I didn't win the lottery and it wasn't my nature to rob a bank so I took a chance and bought the dump. So if your desire is only for a specific inn I don't know how to do that, but if you just want to be an innkeeper then let your mind wander through other possibilities, it may be a different path, but doesn't mean you can't be successful..

Here here JimBoone!

 

[gillumhouse]

I know you have probably gone, never to return, but I do have one last thing to say for someone who may come in with the same question down the road.
The parting shot tells me you were looking for rah-rah, not the truth. Would different answers have changed the reality? The truth is there is NO magic wand or fairy godmother to give you what you want, when you want it. We would not do you - OR the industry - any favors to give false hope. Each and every one here worked and saved to be able to do what we do now. And I knew upfront ir was not going to make me rich. All I asked of my B& B was to pay the expenses of the house and business - it does that. Did it drain my resources? Hell YES! Do I regret it? Hell NO!
By being here and the marketing I have done, I helped bring my City back (along with my involvement with the City), something that tells me I am successful and can be proud of even though in a decade I expect to be dead and gone and no one know who I was.
When you give, you must give freely or make it a business arrangement with legal documents. (When I bail people out, I do it knowing I am kissing that money goodbye forever and that is my choice to do or not do). Now, rather than be angry at being told there is no magic wand, take the advice given to be helpful rather than false hope, BOTH of you look for a second job and bank every penny you make from it. Learn to live on one salary and bank the other.
We raised 4 of our 6 kids on what I made at my full-time and part-time jobs (in Illinois where cost of living is NOT cheap) while Himself went to art school and then tried to "make it" as an artist for 4 years. Then he went back to school to hone his skills in his industry (another year) before getting a job again. Every raise went into a savings bond or upped my contribution to my 401k. Although different, MY story is much the same as the others - we ALL scrimped and scraped and did not do "Begathons" as my son calls them. Pull up the Big Boy/Girl knickers and work & save harder. If this one goes, concentrate on the fact that there MAY be something even better in the future.

 

[Jcam]

I know you have probably gone, never to return, but I do have one last thing to say for someone who may come in with the same question down the road.
The parting shot tells me you were looking for rah-rah, not the truth. Would different answers have changed the reality? The truth is there is NO magic wand or fairy godmother to give you what you want, when you want it. We would not do you - OR the industry - any favors to give false hope. Each and every one here worked and saved to be able to do what we do now. And I knew upfront ir was not going to make me rich. All I asked of my B& B was to pay the expenses of the house and business - it does that. Did it drain my resources? Hell YES! Do I regret it? Hell NO!
By being here and the marketing I have done, I helped bring my City back (along with my involvement with the City), something that tells me I am successful and can be proud of even though in a decade I expect to be dead and gone and no one know who I was.
When you give, you must give freely or make it a business arrangement with legal documents. (When I bail people out, I do it knowing I am kissing that money goodbye forever and that is my choice to do or not do). Now, rather than be angry at being told there is no magic wand, take the advice given to be helpful rather than false hope, BOTH of you look for a second job and bank every penny you make from it. Learn to live on one salary and bank the other.
We raised 4 of our 6 kids on what I made at my full-time and part-time jobs (in Illinois where cost of living is NOT cheap) while Himself went to art school and then tried to "make it" as an artist for 4 years. Then he went back to school to hone his skills in his industry (another year) before getting a job again. Every raise went into a savings bond or upped my contribution to my 401k. Although different, MY story is much the same as the others - we ALL scrimped and scraped and did not do "Begathons" as my son calls them. Pull up the Big Boy/Girl knickers and work & save harder. If this one goes, concentrate on the fact that there MAY be something even better in the future..

may be an even better property down the road - you just don't know.

 

[JimBoone]

I know you have probably gone, never to return, but I do have one last thing to say for someone who may come in with the same question down the road.
The parting shot tells me you were looking for rah-rah, not the truth. Would different answers have changed the reality? The truth is there is NO magic wand or fairy godmother to give you what you want, when you want it. We would not do you - OR the industry - any favors to give false hope. Each and every one here worked and saved to be able to do what we do now. And I knew upfront ir was not going to make me rich. All I asked of my B& B was to pay the expenses of the house and business - it does that. Did it drain my resources? Hell YES! Do I regret it? Hell NO!
By being here and the marketing I have done, I helped bring my City back (along with my involvement with the City), something that tells me I am successful and can be proud of even though in a decade I expect to be dead and gone and no one know who I was.
When you give, you must give freely or make it a business arrangement with legal documents. (When I bail people out, I do it knowing I am kissing that money goodbye forever and that is my choice to do or not do). Now, rather than be angry at being told there is no magic wand, take the advice given to be helpful rather than false hope, BOTH of you look for a second job and bank every penny you make from it. Learn to live on one salary and bank the other.
We raised 4 of our 6 kids on what I made at my full-time and part-time jobs (in Illinois where cost of living is NOT cheap) while Himself went to art school and then tried to "make it" as an artist for 4 years. Then he went back to school to hone his skills in his industry (another year) before getting a job again. Every raise went into a savings bond or upped my contribution to my 401k. Although different, MY story is much the same as the others - we ALL scrimped and scraped and did not do "Begathons" as my son calls them. Pull up the Big Boy/Girl knickers and work & save harder. If this one goes, concentrate on the fact that there MAY be something even better in the future..

All I asked of my B& B was to pay the expenses of the house and business - it does that. Did it drain my resources? Hell YES! Do I regret it? Hell NO!

I'm sure I saw running a lodging business through the eyes of someone on vacation, it's a romantic idea, relaxing around the house enjoying life and taking in money, sure is an attractive idea. In the real world my goal was like yours, the motel gave us a place to live and paid most basic household expenses. Maxine did the day to day work and I worked a job to feed us and at times to help the business. At best I say it loans me money, I get to hold the money a little while and think I'm doing good till the next bill arrives, but yes I still love it, like marriage it is often the struggles that make you appreciate what you have.

 

[Breakfast Diva]

I'm sure these are not the answers you wanted or hoped to hear. You can have all the good ideas and intentions in the world, but the bottom line is that it takes money. Lots of money. When we bought, I had to sell my house and use the equity for a down payment PLUS every penny we could get our hands on so we could come up with 20% down payment.
Want to know why banks won't lend without 20%? Just in my small area, 2 b&bs have been foreclosed on and are now up for auction as private homes. Both of those places had great business plans and ideas. This is not an easy business.
Frankly, it's rather insulting to innkeepers who have put up their life savings to make their businesses happen to have someone think that you can do this with no money down and no operating money..

Good Morning Breakfast Diva, Thank you....these are the answers I expected, I am a realist! However its so sad everyone is doing what they love however it's all so negative....I believe WHERE THERE'S a WILL THERE's A WAY. I was seeing how other people in my position was able to get there inn's .....Bottom line it was a lot of sacrifice and commitment and we have all that! I was looking for way's of creative financing we didn't think of. I have 25plus years working in and being a part of the industry and quite frankly, we are insulted to think we are trying to join a so called family that are obviously so bitter of the sacrifices!!
Again thanks
.

quite frankly, we are insulted to think we are trying to join a so called family that are obviously so bitter of the sacrifices!!
Again thanks

See, this is where your rose colored glasses show. We are not bitter, we are experienced. Believe it or not, some of the answers you've received have come from a couple of innkeepers who run aspiring innkeeper workshops and another one was the president of their state b&b association.
Short of inheriting the property or the owner willing to do a lease to own, there is just no magic pill for financing. Best of luck to you.

 

[Lee2014]

I'm the odd one here as far as how I got "my inn". My grandparents got it at an auction that the first bidder couldn't come up with the money. My Grandpa remodeled it and ran it until his health gave out. Then he ran it from the wheelchair until the day he landed in the nursing home. My uncle finally admitted that he was done and told my grandma to sell it, she refused. My aunt agreed to run it and I volunteered to be the maid for the first summer… I'm still pinned fast under the house's thumb three years later… We inherited a monster that saw the innkeepers as its personal slaves!

 

[JerseyBoy]

I'm the odd one here as far as how I got "my inn". My grandparents got it at an auction that the first bidder couldn't come up with the money. My Grandpa remodeled it and ran it until his health gave out. Then he ran it from the wheelchair until the day he landed in the nursing home. My uncle finally admitted that he was done and told my grandma to sell it, she refused. My aunt agreed to run it and I volunteered to be the maid for the first summer… I'm still pinned fast under the house's thumb three years later… We inherited a monster that saw the innkeepers as its personal slaves!

.

Duff that is a really cool story.

 

[Lee2014]

I'm the odd one here as far as how I got "my inn". My grandparents got it at an auction that the first bidder couldn't come up with the money. My Grandpa remodeled it and ran it until his health gave out. Then he ran it from the wheelchair until the day he landed in the nursing home. My uncle finally admitted that he was done and told my grandma to sell it, she refused. My aunt agreed to run it and I volunteered to be the maid for the first summer… I'm still pinned fast under the house's thumb three years later… We inherited a monster that saw the innkeepers as its personal slaves!

.

Duff that is a really cool story.
.

Thank you. Life has a way of leading you if you let it.

 

[TheBeachHouse]

I'm the odd one here as far as how I got "my inn". My grandparents got it at an auction that the first bidder couldn't come up with the money. My Grandpa remodeled it and ran it until his health gave out. Then he ran it from the wheelchair until the day he landed in the nursing home. My uncle finally admitted that he was done and told my grandma to sell it, she refused. My aunt agreed to run it and I volunteered to be the maid for the first summer… I'm still pinned fast under the house's thumb three years later… We inherited a monster that saw the innkeepers as its personal slaves!

.

Duff that is a really cool story.
.

Thank you. Life has a way of leading you if you let it.
.

The inn down the street is an inheritance. The woman running it grew up there. She is selling it this year after raising her kids there and finally deciding to downsize her home and busy schedule.

 

[Lee2014]

I'm the odd one here as far as how I got "my inn". My grandparents got it at an auction that the first bidder couldn't come up with the money. My Grandpa remodeled it and ran it until his health gave out. Then he ran it from the wheelchair until the day he landed in the nursing home. My uncle finally admitted that he was done and told my grandma to sell it, she refused. My aunt agreed to run it and I volunteered to be the maid for the first summer… I'm still pinned fast under the house's thumb three years later… We inherited a monster that saw the innkeepers as its personal slaves!

.

Duff that is a really cool story.
.

Thank you. Life has a way of leading you if you let it.
.

The inn down the street is an inheritance. The woman running it grew up there. She is selling it this year after raising her kids there and finally deciding to downsize her home and busy schedule.
.

One inn in town here, a girl started working there as a maid for the summer. She liked it so much she did it for years every summer. The elderly owner died and left the inn to the girl-now-woman in the will. This happened years and years ago.

 

[Aussie Innkeeper]

Have you contacted Rick Newman?
RICHARD K. NEWMAN
COMMERCIAL CAPITAL NETWORK
800 MAIN STREET
STROUDSBURG, PA 18360
Office: 570-481-6129
Mobile: 570-213-1903
WWW.Innfinancing.com

 

[TheBeachHouse]

We moved from the west coast to this town about 20 years ago. We saw an inn for sale and inquired about buying it. We had very little savings available for the down payment. Owner wasn't interested in helping out (can't blame him.)
So we got jobs and bought a small house and lived there for 17 years.
One day, we were on a walk and saw an inn in this town for sale. Did some math, including the equity in our small house, and decided it was doable.
We had to sell our house and take out a giant mortgage to do it, but we are happy where we are. All it took was 17 years of patience and the opportunity.
My advice is to get a job, whether at an inn, hotel or an unrelated industry and save your money. Watch for opportunity and be ready when it comes!
Best of luck!!!

 

[Morticia]

We moved from the west coast to this town about 20 years ago. We saw an inn for sale and inquired about buying it. We had very little savings available for the down payment. Owner wasn't interested in helping out (can't blame him.)
So we got jobs and bought a small house and lived there for 17 years.
One day, we were on a walk and saw an inn in this town for sale. Did some math, including the equity in our small house, and decided it was doable.
We had to sell our house and take out a giant mortgage to do it, but we are happy where we are. All it took was 17 years of patience and the opportunity.
My advice is to get a job, whether at an inn, hotel or an unrelated industry and save your money. Watch for opportunity and be ready when it comes!
Best of luck!!!.

The problem with this is that they've been working and saving. They've also been working with the innkeepers. They have jobs. But they gave away all their money. Now they have to start over. From zero.
Probably the best answer on here was from Aussie - she gave them a place to get money. The rest of us told them to get jobs. Which they already have.

 

[NoHoBar]

We moved from the west coast to this town about 20 years ago. We saw an inn for sale and inquired about buying it. We had very little savings available for the down payment. Owner wasn't interested in helping out (can't blame him.)
So we got jobs and bought a small house and lived there for 17 years.
One day, we were on a walk and saw an inn in this town for sale. Did some math, including the equity in our small house, and decided it was doable.
We had to sell our house and take out a giant mortgage to do it, but we are happy where we are. All it took was 17 years of patience and the opportunity.
My advice is to get a job, whether at an inn, hotel or an unrelated industry and save your money. Watch for opportunity and be ready when it comes!
Best of luck!!!.

The problem with this is that they've been working and saving. They've also been working with the innkeepers. They have jobs. But they gave away all their money. Now they have to start over. From zero.
Probably the best answer on here was from Aussie - she gave them a place to get money. The rest of us told them to get jobs. Which they already have.
.

The problem with this is that they've been working and saving. They've also been working with the innkeepers. They have jobs. But they gave away all their money. Now they have to start over. From zero.
Probably the best answer on here was from Aussie - she gave them a place to get money. The rest of us told them to get jobs. Which they already have.

I also said to contact a B&B specialist. Only because I laugh as everyone shares such personal detail to someone who doesn't care. But that is how we roll! Awesome group, even when people don't get the answers they want.