Is your home suitable for a B&B/Inn. Is it paid for? Do you have enough money put away for all the essentials needed for this commercial endeavor. There will be numerous upgrades I am sure from painting your house inside and out, plumbing upgrades, flowers and other shrubbery to make the grounds look inviting. A commercial sign that has a logo and the name of you B&B/Inn as well as a entrance sign.
The Art of Selling Your Bed and Breakfast FSBO or Commercial Real Estate Agent
Previously we discussed the art of staging your B&B/Inn for Sale. Today we will get our wits together and decide if we want to For Sale By Owner (FSBO) or by a Professional Real Estate Agent. Now that everything is spotless and freshly painted, unnecessary things stored in a unit far enough away that the temptation of putting favorite items on display is not an option let’s sit down and figure out what exactly we should do and how we should do it. If you are a first time Bed and Breakfast Inn seller you may want to consult with several Commercial Real Estate companies.
Continue reading Selling Your Bed and Breakfast Part 2
Well, you have finally decided alone or hopefully with your partner or closest trusted friend or business manager to sell your Bed and Breakfast Inn. The first thing you have to do after the decision has been made is to take a deep breath think a little about how you got into this business the good days and the bad one and then step back and say out loud to you yourself “this is no longer my home or business and I will no longer look up on it as such but will maintain it at it best and prepare it to the liking of the general public without any of my own personal objects in the way.
I will sit down and decide where to start and how much to spend on.
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.