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Looking for a B&B that can actually cash flow!
Last post 12-27-2007, 9:13 AM by SuzyQ. 28 replies.
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 11-16-2007, 3:44 PM |
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SuzyQ
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Joined on 09-06-2007
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McKinney, TX
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Posts 16
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Re: Looking for a B&B that can actually cash flow!
Hi Wendy,
The property I am buying is a neat 1903 Victorian farmhouse (that has been added to), in need of some minor updating and repairs but basically in great shape. I am buying it for slightly under the appraised value with some other pluses. It will have 5 rooms and sits on 1/2 acre in the fastest growing "city" in the country. So growth should NOT be a problem! The downtown area is thriving and growing, is historic and my inn will be about 2/10ths of a mile from the historic square. I can't wait! Giving up my "real" job (the one with the steady paycheck) will probably cause me some sleepless nights, but this is my passion and I would rather die trying than to never have tried at all. Stay tuned!!! 
SuzyQ
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| 11-17-2007, 5:42 PM |
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wendydk
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Joined on 10-14-2007
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Bellaire, Northern Michigan
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Posts 44
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Re: Looking for a B&B that can actually cash flow!
Good for you, SuzyQ!
I wish you lots of luck and great success. Don't forget to list it on Bedandbreakfast.com...it's been by far my best referrer!
Wendy
Applesauce Inn
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| 11-17-2007, 8:25 PM |
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SSOULE
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Joined on 11-18-2003
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Posts 590
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Re: Looking for a B&B that can actually cash flow!
Good luck! Do keep us posted and let us know how we can help.
Sandy
Sandy Soule BedandBreakfast.com Sandy@BedandBreakfast.com
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| 11-28-2007, 5:38 PM |
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nkeepersb
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Joined on 11-28-2007
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Posts 1
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Re: Looking for a B&B that can actually cash flow!
Greetings from Maine. Any luck with finding that Inn ? I have had my Inn for about 7yrs and love it. But just put on the market. It is a 16 room inn with all private baths. Does a great business $$$ wise Let me know if your still looking. Love talking inn stuff LOL
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| 11-29-2007, 3:12 PM |
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SuzyQ
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Joined on 09-06-2007
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McKinney, TX
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Posts 16
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Re: Looking for a B&B that can actually cash flow!
Hello nkeepersb! I LOVE Maine!! Growing up, I spent every summer for 13 years on Mt. Desert Island. I have always felt that a piece of my soul will reside there forever. To answer your question, I DID find an inn, as I posted further up the blog chain....the current business (Country Charm B & B) will be closed however and I will be reopening it as the Virginia Rose Inn in mid-March. It is located on W.Virginia St. in McKinney, TX. I am SO excited (and yes, nervous too). Hadn't planned to do a start-up, but that's ok! I have 8 years of hotel experience and have my associates degree in Hospitality Management. Your inn with16 rooms sounds beautiful! Good luck with the sale. I love talking inn stuff too! (Some say I am obsessed/possessed). 
SuzyQ
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| 12-03-2007, 11:06 AM |
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wendydk
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Joined on 10-14-2007
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Bellaire, Northern Michigan
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Posts 44
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Hey SuzyQ
Looks like you registered your domain name...glad to see that. Are you doing your site yourself, or having someone do it for you?
Please don't hesitate to call me if you ever have any questions that I can help you with...my number is 231-533-6448 and my email is wendy@applesauceinn.com. I don't know how many Inns are already in your area or how helpful they'll be, but I'm excited for you and will be happy to help any way I can.
Have a good winter!
Wendy
Applesauce Inn
Bellaire, MI
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| 12-08-2007, 11:34 AM |
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SuzyQ
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Joined on 09-06-2007
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McKinney, TX
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Posts 16
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Hi Wendy!
I am going to have the website done professionally; I know of a company through my networking group. He took down the domain name for me. I am sorry to hear that you will have to sell your inn!! How hard that must be, but alas, family does come first. My folks are both gone; my kids are grown (one is away at school). I am beginning to feel a bit overwhelmed with all that has to be done, especially with stuff I know NOTHING about (like credit card processing, B&B insurance, etc).
I just sent you an e-mail; hopefully you will get it. Mine is virginiaroseinn@yahoo.com for now. Hope to hear from you!
Sue
SuzyQ
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| 12-09-2007, 12:31 PM |
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commentator
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Joined on 04-15-2007
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Posts 3
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SuzyQ,
Great news, you are off and running, I looked up your city and it looks like a nice place, decent sized, median household income very high and a young population. I have found city-data.com as just one good source for looking up locations for demographic data and other info.
I have not posted on here for awhile and was just looking to see what was going on and WOW your place in the sun. I wish you all success.
commentator
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| 12-09-2007, 7:34 PM |
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SuzyQ
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Joined on 09-06-2007
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McKinney, TX
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Posts 16
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Thank you Commentator! Yes, McKinney was just renamed 'fastest growing city' for cities over 50,000. With the downtown area being revitalized and being so unique in the DFW area, it has many wonderful qualities. I am very excited, but I know I have my work cut out for me as well. I appreciate the good wishes! Stay tuned!
SuzyQ
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| 12-10-2007, 10:40 AM |
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wendydk
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Joined on 10-14-2007
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Bellaire, Northern Michigan
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Posts 44
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Hey SuzyQ
I have some recommendations for you, and thought I would post them here rather than in a private email, in case anyone else is interested.
I used James Wolf Insurance, but AFTER our first year, dropped them as Fremont Insurance offered a better product for half the price. Our policy through them is less than $1000 per year...you can get Fremont Insurance through most independent agents, and now James Wolf Insurance sells Fremont too, reasonably priced, according to them (they keep calling me now, trying to win me back)!
For credit card processing, I go with Cellcharge. I like them because they require no equipment, all authorizations are done over the phone. It costs a $9.95 per month gateway fee plus a flat 4% of each transaction. I've been approached by a dozen or more processors since we opened (including my brother-in-law), and all promise they can beat the 9.95+4% formula. Problem is, once they lay out all the costs, they're always higher! I've recommended Cellcharge to many Innkeepers with great results. Their website is www.cellcharge.com. They have great customer service and their deposits to my checking account are always timely. In four and a half years, I haven't had even one problem. I can check my transactions online or by telephone.
As far as websites go, I do my own through Network Solutions. They offer easy to use templates, are very affordable and I can make my own changes instantly and for free. It costs me less than $150.00 per year for up to 1000 pages, site hosting, 10 email accounts and my domain name. I have built a dozen sites through them over the years and still maintain several. (www.applesauceinn.com, www.antriminns.com, www.michiganinnguide.com, www.antrimcountytitleinc.com and www.danielsracing.net are just a few.)
Keep us posted, and have fun with your new Inn!
Wendy
Applesauce Inn
Bellaire, MI
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| 12-17-2007, 9:39 PM |
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innkeeper220
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Joined on 12-18-2007
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Posts 1
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Re: Looking for a B&B that can actually cash flow!
Are you still looking for good cash flow? Our inn has been very successful for 13.5 yrs (we did a start up) in central Illinois, just 29 miles from Springfield. Our inn offers 10 rooms, one long term apt in loft of carriage house and new (2003) innkeeper qtrs. Our inn has recently been evaluated by Bill Oates from Vermont, renowned in the field for his seminars, consultations, etc. After viewing our website www.marketstreetinn.com , please give us a call.
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| 12-21-2007, 11:08 AM |
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elsamagosa
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Joined on 12-21-2007
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Posts 2
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Re: Looking for a B&B that can actually cash flow!
Hello,
Please visit my Ebay auction for more details:
Also attached are some images of the property and some more useful links to more information about Portugal, although this is essentially a family home and can be used simply as such (doesn't have to be a B&B - even though it took me four years and €25.000.00 worth of burocracy to obtain it...)
Also, just to reiterate that there is more on offer than just aproperty, that is in fact, on its own, worth more than what I've auctioned it for. For instance the colectable 4x4 that I'm including with the deal: I have already spent €15.000.00 on it... - It's a beauty! - Unfortunately I have to sell... Believe me, it's not something I want to do, but unfortunately, have to. I am, as it is, actually losing money by selling it at the current price on Ebay (so you'll forgive me if I cannot accept less than £296.000.00 as a minimum offer - especially because you can get £600.000.00 easily for it next year - pls see following email for more details as to why value is escalating as sharply as it is). The reason I do have to sell is because of a divorce - I have to pay half of the value of the house to my ex-husband.
Also, forgot to mention in the ad that the house also has a large loft and an authorization to build a pool.
Here are some more images taken by some of my guests who have been kind enough to share:
Below is the link to some images a local agency took - pls disregard the price they quote as that includes their comission and I've ceased the contract I had with them (the link will only work if you copy the link and paste it straight onto your browser - otherwise, if you just click on the link, it just takes you to ERA's main page.)
+ Some satellite images:
Please do feel free to ask any questions and come visit anytime
Kindest regards
Elsa Santos
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| 12-27-2007, 9:12 AM |
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SuzyQ
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Joined on 09-06-2007
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McKinney, TX
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Posts 16
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Re: Looking for a B&B that can actually cash flow!
Hello Elsa,
I have purchased a property that will soon become my new bed and breakfast; the Virginia Rose Inn. Thank you for your post however!
SuzyQ
SuzyQ
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| 12-27-2007, 9:13 AM |
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SuzyQ
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Joined on 09-06-2007
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McKinney, TX
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Posts 16
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Re: Looking for a B&B that can actually cash flow!
I have recently purchased a property that will soon become the Virginia Rose Inn; located on Virginia St. in McKinney TX. Good luck with the sale of your property!
SuzyQ
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