Saturday, January 24, 2009

How does this relate to innkeeping?


I recently came across this clipping while I was going through some files and clearly remember why. Twenty plus years ago I snipped this from a Washington Post when it reminded me of someone I knew whose father made good money and all he did was save; but by his attitude it was evident he did not enjoy everyday life. And at 21, we aren't always focused on being smart with our money, but I recall thinking this quote said it all. And I was determined to use money wisely, but enjoy using it, unlike my friend's father. So here I am, living a dream in Maine as an innkeeper myself. And because I get it, I am able to help buyers and sellers as they hand over their job as innkeeper to another. I think I've used my money pretty wisely.

What better way these days to use our money and make it work for us? Buying an inn or a B&B provides an enjoyable job (both a use and an advantage); it serves as an investment (both a use and an advantage); it buys a home (again, both a use and an advantage); and clearly it buys a lifestyle (you guessed it...both a use and an advantage).

What many first time B&B buyers don't realize is that if they're looking at a property with good business value, they may easily qualify for far more than they would for a private home where your salary is used as the basis for loan qualification. And banks love to lend for successful business purchases, naturally it minimizes their risk. So just because your current salary may not qualify you for a purchase of a million dollar property, the gross revenue and potential of that property does play a significant role. Yes, you need the downpayment, but for a less risky purchase, the bank is often willing to be creative to benefit both the buyer and the bank. Contact a Maine bank to discuss the options - the first step doesn't cost you anything.

give it some thought - you just might get it...

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