Tips on Buying and Bed and Breakfast
Now is the time to invest in an existing Bed and Breakfast/Inn or small boutique hotel. The price of a Bed and Breakfast Inn has dropped drastically because of the economic situation but this is not always a bad situation for those who can invest in these great historical or newly built properties. Mortgage modifications and term extensions from the Treasury are doing their best to provide less expensive mortgage financing and are cutting interest rates to make monthly mortgage payments more affordable. B&B/Inn owners who will pay lower monthly payments will be more likely to to have money to meet their B&B/Inn payment, which will then increase the value of the bonds that are secured by these mortgages. Affordable and predictable monthly payments are what everyone is looking for as an investment and a Bed and Breakfast Inn is an opportunity to not only invest but see a return in years to come. You may or may not want to be the Innkeeper as well but this is income property.
You will find the return in what you offer your guests. The existing B&B/Inn you are looking to purchase may not offer spa, gift certificates, holiday specials, extended stays, honeymoon suites, but there are so many Specials that your imagination can come up with to make your Bed and Breakfast the one guest just cannot wait to visit or return over and over again. Also make sure that your web site is designed by a professional and your photo’s be the best. There are so many schools (high schools, jr. colleges & maybe trade schools in your area) that teach photography. Call ask for their photography department. Request from the teacher or professor 3 of their best students photography work, contact those students and ask for their portfolio and choose the one you feel does the best work in interior and exterior shots. Make a small contract for the price say $100 to $200 so they know you will purchase the photo’s believe me they will be happy to be asked to take professional photo’s and you can give them credit on your web site. These photo’s are a selling point and valuable tool in the presentation of what you offer your guests on your web site. This will also mean will more financial return for you with great photo’s.
We encourage you to visit www.InnsForSale.com and to call Rick Newman for financial advise.