Where to Start? Understand the Financials, Inn Financing, Tax Benefits and More
It's easy to understand the lifestyle of owning a bed and breakfast. And to understand the attention to detail that goes into providing a wonderful experience for your guests. I've mentioned briefly what the 'job' of innkeeping entails. And it's easy to get caught up in the dream state as you start your search.
But it's important to understand the financials and everything that ties to the financial side of the business. You want to be an educated buyer, and sellers need to understand what buyers go through when it comes to the financing. Its not nearly as glamorous as what the guests experience, but it's essential for the success of your business. And the best way to increase the value of your business is to increase your revenue, control expenses, and increase the cash flow, or the bottom line.
But you don't know what you don't know. That's what I am here for, to anticipate your questions and answer them before you knew what to ask.
But it's important to understand the financials and everything that ties to the financial side of the business. You want to be an educated buyer, and sellers need to understand what buyers go through when it comes to the financing. Its not nearly as glamorous as what the guests experience, but it's essential for the success of your business. And the best way to increase the value of your business is to increase your revenue, control expenses, and increase the cash flow, or the bottom line.
But you don't know what you don't know. That's what I am here for, to anticipate your questions and answer them before you knew what to ask.
I've written countless posts on my blog on the topic of financing since it is the territory where most buyers are unfamiliar. And a thorough broker is one who educates the buyer. I know the operations, I know the brokerage, I know the tourism industry, and I know the financials. I'm a well rounded, full service lodging/hospitality specialist.
Browse the full blog if you'd like, but below are some of the most helpful topics:
1. Inn Financing in general
https://goo.gl/4rfF06
https://goo.gl/oXxi8N
https://goo.gl/GYnQLT
https://goo.gl/5FMoTy
https://goo.gl/wn9q1p (cap rates)
2. Using a 401k as a source for downpayment
https://goo.gl/ZLO8vC
3. How do I qualify for the loan?
https://goo.gl/4dd0pn
4. How long has it been on the market?
https://goo.gl/7PbRpy
5. Are buyers ready to make the leap? Why, if yes or no?
https://goo.gl/BkRM8q
https://goo.gl/RuZjTf
https://goo.gl/NPnH9C
6. Residential vs. Commercial Real Estate
https://goo.gl/AFxbdf
https://goo.gl/ULrRST
7. Common Buyer Questions
"What's the primary reason an inn fails to succeed?"
https://goo.gl/5A39A8
"How did the seller come up with the price?"
https://goo.gl/B1vVPy
"What about doing a startup property?"
https://goo.gl/9i6qg6
8. For sellers: your exit strategy and finances
https://goo.gl/g7ZdpI
9. The importance of using a local lender
https://goo.gl/BzWrME
https://goo.gl/OkTHvR
10. Feasible vs. Viable
https://goo.gl/hrkXhR
11. Disclosed Dual Agency and Agency Relationships
https://goo.gl/B3s74z
https://goo.gl/otDPnF
Read some client reviews with whom I had a Disclosed Dual Agency Relationship
12. Tax Benefits of Inn Ownership
https://goo.gl/QMJfxm
Feel free to contact me with any questions at all, I'm happy to help.
