Friday, August 19, 2016

New Camden Maine Inn for Sale!

A wonderful 8 room bed and breakfast in the heart of village of Camden, Maine. All rooms have private baths, a mix of period and contemporary decor, and attention to detail. Lovely and bright common rooms, a well landscaped lot and plenty of parking.

The owner's have wonderful space as well, with 3 bedrooms, 2 baths, living room, spacious eat in kitchen with some commercial equipment and a brick pizza oven!

Financially viable.  Offered at $1,595,000.

Contact me for details or visit my website for more information and photos.

Saturday, August 13, 2016

New Listing in the lakes region! Lakeview Inn, Naples, Maine...

This inn (formerly known as Inn at Long Lake) has been around for many years. It sits just steps from the causeway (a snippet of the lake can be seen from spots around the inn), between Long Lake and Brandy Pond.

16 guest rooms, all with private baths.

Large great room with massive stone fireplace.

Spacious dining room.

Large covered front porch.

Newly renovated owner's quarters with large kitchen with granite, living room, spacious bedroom and bathroom with granite and a tiled shower.

Offered at $1,150,000

For more details, visit the listing page on my website.

Thursday, May 26, 2016

Price reduction on this beautiful water view Camden #Maine bed and breakfast!

Now offered at $880,000! This gorgeous inn has 6 spacious guest rooms with en-suite baths, many with water views, all beautifully appointed with custom furnishings, window treatments, rugs and historic art and paint colors. There's a gas fireplace in the large parlor, dining room, two guest rooms and a wood burning fireplace in the library. Ambiance is everywhere!

The first floor spacious owner's suite offers the same appointments, with hardwood floors, French doors from the living room into the bedroom, a spacious eat-in kitchen and a view! All new mechanicals, roofing, and more. Contact me for details or visit the listing on my website.

This is a great opportunity to operate a very manageable inn in a destination location with a view!

Friday, May 20, 2016

New Price! Atlantic Birches Inn, Old Orchard Beach, Maine

This beautiful 10 room inn is just up from the pier and 7 miles of sandy beach! A charming 1940s bungalow and 1904 John Calvin Stevens Queen Anne with beautiful period details.
Now offered at $775,000. Call, email or text me for details 207-266-5604

Friday, April 1, 2016

Innkeeping = Work + Fun + Life... a Nice Balance

How many jobs out there do you know of that can really offer a balance of life, work and fun? I think that Innkeeping may be one of the few!

Let's take a closer look:

working with dietary restrictions
constant grocery shopping
(did I mention cleaning?)
house maintenance
snow removal (for some of us!)
managing the reservation system
managing the purchasing of goods and supplies
managing food costs
marketing and keeping up with new trends
social media and keeping up with new trends
working on special events and packaging
working with staff
entertaining guests and meeting new people
working on ways to make your property be as welcoming as it can be
knowing the businesses in your area (and being a patron of them!)
attending hospitality related conferences (local and national)
knowing and exploring the area (to be the best tour guide for your guests)
working on ways to be locally sustainable and green
paying taxes

cooking (likely for many of us in the industry)
social media (most of us do it personally already)
entertaining guests (part of why we get into this industry, right?)
meeting new people
frequenting the local restaurants (partial write-offs!)
attending conferences/travel (and they're write-offs!)
exploring the area like a tourist (likely in an area you loved that brought you there to buy a lodging property!)
landscaping and gardening (for some of us)
home improvements (for some of us)

grocery shopping
house maintenance/improvements
social media
entertaining (for many of us)
shopping at your local businesses
dining at the area restaurants
meeting new people
landscaping and gardening
snow removal (for some)
paying taxes (ugh)

Do you see the overlap? It's pretty evident, isn't it?

Let me help you get into a lodging property to experience this balance for yourself!

Call, text (207-266-5604) or email!


Thursday, March 10, 2016

Great article on the truth behind ROBS (Rollover for Business Start-up)...

We've had numerous clients utilize their 401k funds to purchase a lodging property, and one of the companies that facilitates this transaction (in accordance with IRS) is Guidant Financial. This can make a substantial difference in what buyers can afford to purchase.

Guidant put out this great piece on busting the myths behind ROBS. 

Using Rollovers for Business Start-ups (ROBS) to finance a business isn’t new, but it is unfamiliar to many. As a result, there are a lot of myths swirling around about the use of ROBS that may be stopping would-be entrepreneurs from chasing their dreams.

ROBS involve using money from an eligible retirement account to finance the purchase of a business or franchise. To make a long story short, a corporation is formed, and that corporation then sponsors a 401(k) plan. Funds are rolled from an existing retirement account into the new 401(k) without triggering a taxable distribution. This new 401(k) purchases (or invests in) shares of the corporation, which can then purchase a business or franchise.

In essence, ROBS allow you to take control of your finances and invest in yourself. Here’s the truth behind the most common ROBS myths:

1. It’s not tax avoidance.

Using the ROBS structure isn’t a way to evade taxes by any means. The Employee Retirement Income Security Act of 1974 (ERISA) was set up explicitly to encourage investment in small businesses – businesses that pay taxes.

2. ROBS are an investment, not a loan.

With ROBS, you’re investing in your new business or franchise, not taking on debt. This means you won’t have to make monthly loan payments or incur interest, and you have the opportunity increase the value of your investment.

3. You can use ROBS to diversify your nest egg.

You don’t have to take every penny from your existing retirement fund for ROBS to work. Many people only use a portion of their retirement assets, leaving the remainder in their existing 401(k) or IRA to be invested traditionally. What’s more, the ROBS arrangement can be used in conjunction with a small business loan or other financing option, so you can diversify your investments even further.

4. ROBS are not for absentee business owners.

If you’re hoping to use ROBS, you must be a bona fide employee of your new business. As a guideline, Guidant recommends you work at least 1,000 hours per year to be considered a bona fide employee.

5. ROBS cannot fund an LLC.

To meet the compliance requirements of Rollovers for Business Start-ups, the business must be a C Corporation. A Limited Liability Company (LLC), Partnership or S Corporation don’t meet the necessary requirements.

6. Getting funded using ROBS can take as little as three weeks.

Depending on the state in which you’re filing, and how fast you’re able to file the necessary paperwork, funding can take as little as a few weeks.  Most are completed in less than 30 days.

7. ROBS are not the same as Self-directed IRAs.

While it’s possible to finance a business with both self-directed IRAs (SDIRAs) and ROBS, there are some major differences between the two. If you use an SDIRA, the owner may not work for the business they invest in or take a salary. The investment amount is also potentially liable for the unrelated business income tax (UBIT), which can get very expensive. With ROBS, the 401(k) owner must work for the new business, and the UBIT doesn’t apply.

8. ROBS can be used to fund start-ups.

As the name suggest, Rollovers for Business Start-ups are a great option to finance not only start-ups, but also purchases of existing businesses and franchises.
To some, the ROBS process can appear to have complex rules and regulations. But if you have a qualified retirement plan with a balance that’s sufficient for your start-up needs and work with an experienced company to support its formation, it can be a great option to start or recapitalize your business debt-free. 

Ready to get started? Contact me! And check out Guidant's website for more info.