Every now and then we find the most spectacular piece of architecture and immediately think “WOW, wouldn’t THAT make an amazing bed and breakfast!” This photo (and below) was taken by my friend Trisha when she was recently in Eureka, CA. Her brother is a photographer and does a lot of work with B&Bs. This […]
A “Start-Up” vs. “Going Concern” Bed and Breakfast…The Difference, Explained. Read More »
Clients texted me a few weeks ago and during our exchange of texts they acknowledged (and fully appreciated) my role not only as broker/advisor, but as a counselor, coach, cheerleader, human resources director, business consultant, financial services advisor, restaurant and wine advisor (okay, not really imperative) but you get the point! And I’ll add ‘puzzle
An inn or bed and breakfast is a hybrid. Yes, it is a business that operates within a piece of real estate on a piece of land. But it is a commercial business with a residential component. So how does an appraiser go about valuing this hybrid business? It’s not always easy for the buyer
Going Concern Value – Inn Valuation Read More »
With Acadia Cottages soon to settle, Ducktrap Motel around the bend, Inn on Carleton not too far behind and a classic coastal inn recently under agreement, 2014 is looking up for both buyers and sellers! These three I’ve named are all completely different types of lodging properties: near Acadia National Park, Acadia Cottages offers 11
2014 seems to be bringing a lot of activity! Read More »
Would you go to a cardiologist if you’re having problems with a swollen ankle? Or take your watch to be repaired by a seamstress?Then why would you go to a lender who doesn’t deal in the hospitality industry? A little dramatic, yeah, but you get my point! There are many reasons to speak with local lenders when
The importance of using a local lender well versed in hospitality… Read More »
When we hear the question “have you pre-qualified your clients?” in a residential transaction it usually means that your buyer has been in touch with a lender, submitted their personal financial statement and received a “pre-qual” letter from the bank. This letter would state that based on the buyer’s financials and their job income, they
Pre-qualifying Commercial Buyers? Read More »
When our guests pay for their full stay, we include our local state sales tax. How this translates in accounting terms is that the cost of the room is revenue earned and the state lodging sales tax is a liability. The tax is not ours to keep, it’s ours to pay to the state each
Gross Income Should Not Include Lodging Sales Tax When Talking Value! Read More »
COUNTRY INNS BED AND BREAKFASTS HOTELS AND MOTELS COTTAGES AND CABINS the LODGING & HOSPITALITY BUSINESS… Each of these income producing lodging businesses is just that, a business. And let’s face it, when it comes time to prepare the business’s tax returns, we naturally try to deduct as many expenses as we legitimately can to reduce
P&L vs. the Corporate Tax Return: the Tax Return Is KING! Read More »
Are you aware that under the right circumstances you can rollover your 401K into purchasing a new business, such as a bed and breakfast? Check out R.O.B.S. (rollovers as business startups) and Self Directed IRA’s via Guidant Financial. This could make the difference in finding just the right inn and using your cash wisely! Be
Using your 401K toward a hospitality purchase? Read More »
The rates we have been seeing in hospitality lending in Maine for years have been relatively and historically low for commercial loans. However, they keep changing very quickly. Contact me to discuss current rates.
Not everyone who is a licensed real estate agent is a Realtor®?
A Realtor® is a licensed real estate salesperson who belongs to the National Association of Realtors®, the largest trade group in the country. Realtors® are held to a higher ethical standard than licensed agents and must adhere to a Code of Ethics. Some Realtors® are brokers, while some are associate brokers or sales agents. These are varying levels of education, licensing and often responsibilities.
And hospitality ‘Consultants’ or ‘Brokers’ who are not licensed in the state of Maine are not held to any standards the way we are here as licensed Realtors® in Maine, where consumer protection is paramount.
I am a REALTOR®, a real estate professional who has taken the extra step to belong to the National Association of REALTORS®. Through membership, I abide by a Code of Ethics and have gained expertise to help you navigate one of the most complicated and important transactions you’ll make in your lifetime.
