want to buy an inn

[TS4ever14_]

Hello, allow us to introduce ourselves.....Shayne & Toryn we WANT TO PURCHASE this amazing Inn, however we have no money down.....yeah i know how the hell are we going to get this inn, well we are looking for advise.....i have an amazing business plan, but NO schedule C. The Inn was bought by an older couple that were going to retire and run it , it has beautiful living quarters ....it sets on 13.5 acres JUST beautiful. Toryn and I have been working with the now owners since May of last year, they rent out rooms now and then, so to the banks it's a start up. so of course they want 10 to 20% down. I have so many people that have weddings and parties coming up and it's all passing us by because we don't have the down payment. because we helped a family member save there house.
Please Give us some help here I have been in the industry off and on my whole life , it runs in my veins....There has to bea way to buy this great property!!??
Thank you

 

[EmptyNest]

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.

 

[TS4ever14_]

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

 

[Hillbilly]

I give you credit for dreaming big and wanting to dive right in.Anyone can write a great looking business plan. Without money it's just words on paper. I would suggest trying to find a rent to own or both of you finding a few jobs a piece and save some money for a few years. Owning your own business is not easy. Looking at it on paper is completely different than real life.

 

[Morticia]

Get the money back from the family members you helped. If they are on a repayment plan ask if they can speed it up. Or give you a lump sum to get you rolling again. They might just have to sell their house to give you back the loan.

 

[JimBoone]

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
.

Hi and welcome, this is a business I think most of us here enjoy, however me, and I think most here are everyday folks just trying to get by from day to day, one or more would like to sell their inns, if there is a quick simple solution for buying or selling without having considerable cash in hand, well I don't think we have that answer.
Early on a knowledgeable person helped put together a business plan/projection for me, what did my banker say, been a long time now, but something along the line of "yeah that's pretty, but we don't care, show us your track record of what you have done".
The family member whose home you helped save, did you give them the money (love) or are you now their mortgage holder (business investment) that you could borrow against?
The place you are dreaming about sounds nice, land and business, are the present owners in a position or willing to sell as rent to own or is this a dream they had that didn't work for them?
Me, I didn't buy my dream property, the down payment would have been as much as the asking price on the place I bought. I borrowed on equity on property I owned, I sold part of what I owned to pay off a second mortgage, and I borrowed the rest on the property I was buying, I cashed in my retirement funds, risked everything to follow a dream. I was blessed, it worked for me and over the years I've tried to create my dream property. Not the answer you are looking to find, but I bought what I could make happen and then over time changed it into what I wanted or at least pushed it in that direction.
Good Luck

 

[gillumhouse]

We refinanced an almost paid off house to pay cash for this house. I did not believe in 2 mortgages and worst case scenario and the bubble burst, we would lose a house we did not want and a few thousand dollars.
Then came the kickers - 2 kicks we co-signed car loans for. One was 3 payments from the end and the other, for the second time was behind. It was pay up or whack our credit which I was in no position to rebuild. THEN there were the medical expenses when Himself's body decided it had had enough (these crop up every 3 to 5 years it seems). Those drained our resources to the no loan possible region almost. Good thing we owned the house free & clear - then. Now I wish. We are in year #21 and I am still scratching. (discovered long ago though that the financial condition I am most comfortable with is broke. Broke is roof over head, food on table, bills paid, but not much extra. The B & B pays the house expenses and marketing)

 

[EmptyNest]

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.

 

[Morticia]

We refinanced an almost paid off house to pay cash for this house. I did not believe in 2 mortgages and worst case scenario and the bubble burst, we would lose a house we did not want and a few thousand dollars.
Then came the kickers - 2 kicks we co-signed car loans for. One was 3 payments from the end and the other, for the second time was behind. It was pay up or whack our credit which I was in no position to rebuild. THEN there were the medical expenses when Himself's body decided it had had enough (these crop up every 3 to 5 years it seems). Those drained our resources to the no loan possible region almost. Good thing we owned the house free & clear - then. Now I wish. We are in year #21 and I am still scratching. (discovered long ago though that the financial condition I am most comfortable with is broke. Broke is roof over head, food on table, bills paid, but not much extra. The B & B pays the house expenses and marketing).

Yes, there are personal creative financing options - sell everything you own (we sold our home and were still short on the down payment); cash in your retirement savings (I refused to do this, just in case); get family to buy in with a long term repayment plan.
Now, everyone uses go fund me.
OTOH, quite often the best opportunities pass us by because we are not in a position at that moment to grab them. It's an excellent learning experience.
You guys all know my daughter lost everything when her mil became sick and had no insurance to cover her medications or chemo. They still owe $50000 on a house they haven't lived in for 7 years. They'll never own another home. They drive beater cars. But they wouldn't have all of their stuff back if it meant mom died earlier. They were able to keep her alive for another 2 years by sacrificing their futures. Those are choices people make.

 

[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.

.

We have our ist B&B free and clear and big down payment for our expansion (took on property next door) and very good books and track record and still struggled to get a mortgage - not to be a downer but its hard enough if you do have the money.

 

[user 26]

There is someone on the forum who worked out a lease to own ... that is the only way I can think of for you to purchase that particular place.
I wanted to buy the place I ran that was put on the market, I had no down payment and the owner declined to lease to own. I could find no way to get a down payment. I was heartbroken. Maybe you will find a way.

 

[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.

 

[Morticia]

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..

We not only needed 25% down, we also decided we needed $75k operating capital for the first year. Having that 'fat' really helped when the sewer backed up 2 months into our ownership. And the furnace and hot water tanks both needed to be replaced.
We had to buy new appliances in the first year because the PO's stopped fixing anything once they went on the market.

 

[2cat_lady]

We sold our home, that we owned free and clear and bought our present property. Paid cash but it helped that real estate was much cheaper here but socked a lot in renovations to bring it up to what we needed to open. We're still putting money into it, so on paper we really end up with no income, lol. Month to month, being content to live in one room until this spring when we can finally finish our apartment on the premises and no going on vacation. It helps that DH is very thrifty (read cheap) and I'm very content to live without any luxuries. But I'm my own boss, I owe nothing to anyone and I have my health, knock on wood.
This probably doesn't help, but I think everyone is trying to tell you that there is no magic formula. The timing has to be right, you can't rely on anyone but yourself, and you can have the smartest business ideas around but if you don't have pocket change it all means nothing.

 

[TS4ever14_]

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

 

[TS4ever14_]

We sold our home, that we owned free and clear and bought our present property. Paid cash but it helped that real estate was much cheaper here but socked a lot in renovations to bring it up to what we needed to open. We're still putting money into it, so on paper we really end up with no income, lol. Month to month, being content to live in one room until this spring when we can finally finish our apartment on the premises and no going on vacation. It helps that DH is very thrifty (read cheap) and I'm very content to live without any luxuries. But I'm my own boss, I owe nothing to anyone and I have my health, knock on wood.
This probably doesn't help, but I think everyone is trying to tell you that there is no magic formula. The timing has to be right, you can't rely on anyone but yourself, and you can have the smartest business ideas around but if you don't have pocket change it all means nothing..

Thank you for your response.....

 

[TS4ever14_]

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

 

[TS4ever14_]

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.

.

We have our ist B&B free and clear and big down payment for our expansion (took on property next door) and very good books and track record and still struggled to get a mortgage - not to be a downer but its hard enough if you do have the money.
.

Thank you, for being to the point , but Kind

 

[TS4ever14_]

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
.

Hi and welcome, this is a business I think most of us here enjoy, however me, and I think most here are everyday folks just trying to get by from day to day, one or more would like to sell their inns, if there is a quick simple solution for buying or selling without having considerable cash in hand, well I don't think we have that answer.
Early on a knowledgeable person helped put together a business plan/projection for me, what did my banker say, been a long time now, but something along the line of "yeah that's pretty, but we don't care, show us your track record of what you have done".
The family member whose home you helped save, did you give them the money (love) or are you now their mortgage holder (business investment) that you could borrow against?
The place you are dreaming about sounds nice, land and business, are the present owners in a position or willing to sell as rent to own or is this a dream they had that didn't work for them?
Me, I didn't buy my dream property, the down payment would have been as much as the asking price on the place I bought. I borrowed on equity on property I owned, I sold part of what I owned to pay off a second mortgage, and I borrowed the rest on the property I was buying, I cashed in my retirement funds, risked everything to follow a dream. I was blessed, it worked for me and over the years I've tried to create my dream property. Not the answer you are looking to find, but I bought what I could make happen and then over time changed it into what I wanted or at least pushed it in that direction.
Good Luck
.

Thank you for your direct and to the point...and being kind and taking your time to respond
I would come to your Inn any time...

 

[TS4ever14_]

We refinanced an almost paid off house to pay cash for this house. I did not believe in 2 mortgages and worst case scenario and the bubble burst, we would lose a house we did not want and a few thousand dollars.
Then came the kickers - 2 kicks we co-signed car loans for. One was 3 payments from the end and the other, for the second time was behind. It was pay up or whack our credit which I was in no position to rebuild. THEN there were the medical expenses when Himself's body decided it had had enough (these crop up every 3 to 5 years it seems). Those drained our resources to the no loan possible region almost. Good thing we owned the house free & clear - then. Now I wish. We are in year #21 and I am still scratching. (discovered long ago though that the financial condition I am most comfortable with is broke. Broke is roof over head, food on table, bills paid, but not much extra. The B & B pays the house expenses and marketing).

Thank you for your response, we appreciate your time......
Best to you and yours