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Why don’t I see the Seller’s Mortgage on the Profit & Loss?

This is a very common question prospective buyers ask, hence the explanation here. The answer is simple. Are you (buyer) going to pay their mortgage? No! So you want to see the operating expenses. The gross income less operating expenses before any debt service (mortgage) or owner compensation equals NOI (net operating income). And from …

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A frequently asked question: how do I qualify?

As a home buyer, you understand what it means to qualify for a home loan, your salary has to cover your current debt and a new house mortgage. The bank wants you to be within a certain debt to income ratio. Pretty simple. With buying a lodging/hospitality property, if you are leaving your job, how …

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UNIQUE SELLING PROPOSITION: What is your USP?

What makes your inn unique? What makes your inn memorable? What makes your inn marketable? A strong USP. Your Unique Selling Proposition. Any time I speak about the Norumbega Inn in Camden, inevitably the response is “OH, the castle, I know that one!”.  Norumbega is an architectural wonder! I personally know from my inn ownership, how important …

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