Posted by eric on May 16, 2000 at 14:46:39:
B&B’s are normally one of those “jobs you have to save up for”. I looked into it. In order to make a profit, they really need to have around 9 rooms, and that’s a big house. Also, most B&B’s are seasonal, and the owners work when most people are on vacation, e.g., fall in New England, winter in Florida. I wouldn’t think there would be enough left on the table in a partnership. Probably best to try and flip it, maybe market it as “possible B&B”.
Bed & Breakfast - Posted by Tim W.
Posted by Tim W. on May 16, 2000 at 13:06:58:
I’ve located a property that I believe to be idea as a B&B. Three story, red brick, old vitorian building that sits up upon a hill in an ideal location. The building is in dire need of rehabbing, but has great potiential.
The owner is a 70+ yr old woman, who’s son lives with her. In speaking to her next-door neighbor, her daughter has been after her to sell the property.
My thoughts on this property are to secure a contract for purchase with these people (assuming they’ll want to sell), then find the right person(s) to flip it to who would have an interest in same.
My questions are how would I go about finding these prospects and, would I be better to not flip it, but put together the investors to carry out the plans and stay within partnership for long term returns?