Saturday, July 29, 2017

A Maine inn for sale that's ideal for weddings and events...

I seem to be getting more interest from buyers looking for an inn that can also hold events, for anywhere from 50 to 150 attendees. What's most important is the right size (level) lot and the right zoning.

My inn was on a 0.18 acre of land, most of which was taken up by the inn, parking and a very small garden. And I mean small, where my husband only needed to use a weed-wacker to cut the grass! I'm not exaggerating, though he did use a small push mower.

So I really appreciate a large beautiful, well groomed lot when I see one. Limerock has just that. The inn sits on 3/4 of an acre, and boy do they take care of it. Look at these pictures!










You can see the inn (green with the turret) in the bottom photo and the proximity to downtown and the waterfront.

For more details on this Maine inn for sale, visit the listing page on my website. This is a great offering!

Wednesday, July 26, 2017

A great investment opportunity in a popular coastal Maine village!


Blue Harbor House offers a genuinely hospitable and refreshingly casual atmosphere and relaxing accommodations in an idyllic coastal Maine village.

They have intentionally created a relaxed and comfortable ambiance for their guest to enjoy. Don’t be fooled by their laid back style, however! Their attention to detail and luxury​ amenities ensure their guests have a quality experience. They maintain a solid position on TripAdvisor and receive rave reviews that speak for themselves.



The separate 2,500 square foot Cape built in 2006 is the owner's completely separate and self contained home, with living room, dining room, eat-in kitchen, 4 bedrooms, 3.5 baths, fireplace, radiant flooring, jacuzzi, full unfinished basement and plenty of storage. Something extremely rare, particularly at this price point. The financials fully support the separate owner’s accommodation, at no additional premium. So the house essentially comes free with the inn! If more moderate living space fits your needs, the opportunity exists to rent the entire house out for weekly rentals, at very favorable rates! The option for new owners to utilize the large 3 room guest suite with direct access to the kitchen exists as an additional accommodation choice to this versatile business.


A big benefit of having more space than you might need is for friends and family, and they WILL want to come visit you during the most beautiful season, when the inn is full. So they don't have to take a revenue producing room to stay with you, or you don't have to tell them they can't come visit!

 






At $1,425,000 with a 10% cap rate, this offering is a great opportunity to live and work where you love and make money while you're at it.

Contact me for more details.


Saturday, July 15, 2017

Tax Benefits of the Inn Ownership Lifestyle

A common buyer concern when they don't fully understand the tax benefits of this home based business is "that's not nearly what I make at my current job". And they're right.



Let's face it, most of us work to make money, right? And we hope that we enjoy what we do along the way. But the bottom line paycheck that an inn or lodging property affords is different than what we may make in other, more traditional jobs.

A lodging property is a hybrid business. There are numerous tax benefits from working in your home based business (inn/lodging property/B&B). Your paycheck from a more traditional job needs to cover your mortgage, utilities, food, property/liability insurance, auto expense, health insurance, repairs and maintenance, landscaping, snow removal, leisurely expenses, dining out, some travel, etc. Most of these expenses are legitimate tax write-offs to the lodging business. So your personal "paycheck" requirements will change. In the end, the cash flow, or your owner disbursement or paycheck is primarily for spending money, vacation, some personal food (that isn't written off by the business), some dining out (only 50% of dining out can be written off on the business tax return) and of course, savings.

So can you see how your needs change? Something else that I found very true, as do other innkeepers, that you don't 'need' the vacation from your job the same way you do when you are in a corporate type job or one where you don't make your own rules. The need to escape is entirely different. I found that the need to get away to destress wasn't the same as an innkeeper. My desire to travel was simply to explore, not to escape. And often exploring in my very own state, the one to which I moved because I loved spending vacations here, was enough to satisfy my travel needs.

This innkeeping 'job' is different. Many, more typical jobs are stressful and easy physically, but tough mentally. Innkeeping is the exact opposite: you're on your feet and up going and doing for possibly 12-16 hours a day. But it is easy mentally. You're dealing with people on vacation, when they are the happiest. They're paying you. They're hugging and thanking you after they pay you! Each day is finite, you don't take a desk full of problems home at night. It's an entirely different animal. And that is a big reason to consider getting into this business. Aside from being in control of your own business and investment.

So you need to think about these things when reviewing the financials before being spooked by the smaller cash flow number than you'd like.

Tuesday, July 11, 2017

New Listing! Old Saco Inn on the Old Saco River in Fryeburg, Maine

A gem in the western lakes and mountains region of Maine! Situated on 65 acres with over 2,600 feet of frontage on the Old Saco River.

Nine spacious guest rooms in two buildings, most with private decks overlooking the river and/or the inn's driving range. Dinner is offered on Fridays and Saturdays in the two story dining room with the center stone fireplace being a focal point.

The owner's quarters is a spacious and very well appointed open floor plan apartment, with modern cabinets and granite in the kitchen and bath.

The list of amenities and included equipment is quite impressive.

All with a strong business; this is a great offering at $1,350,000. Check out the listing page on my website for more details.