So where and how to begin the search for a motel/B&B/campground.
When we started all we had was that vague idea that we would like to purchase a hospitality property, live there and run it. We were looking for a change. Not just the one coming from a different job or a new place to live. We were looking for a more profound change. We thought that this is the road to take.
Other than that we had no prior experience of running a motel or what does it take to buy one.
So like every other journey this one started with gathering information.
Reading...that is usually my part. Talking to real estate agents especially the ones that were nice enough to share some of their experience in this field. Sea ch engines that deal with commercial properties sometimes have also some general information.
Probably one of the best advice came from one of the real estate agents that we spoke with who made us understand the difference, very important, between purchasing a hospitality property as a hobby, or part time job, versus purchasing one as a full time livelihood.
The key has a lot to do with size. We understood pretty early in the process that to make it a livelihood we will have to go with at least 10 -11 units/rooms. So in that way we could narrow the search and this is also why very early in the process we ruled out B&Bs as most of them are small or extremly expensive.
So we decided to look for a small motel 15-25 rooms. And that how we srarted the search.
When we started all we had was that vague idea that we would like to purchase a hospitality property, live there and run it. We were looking for a change. Not just the one coming from a different job or a new place to live. We were looking for a more profound change. We thought that this is the road to take.
Other than that we had no prior experience of running a motel or what does it take to buy one.
So like every other journey this one started with gathering information.
Reading...that is usually my part. Talking to real estate agents especially the ones that were nice enough to share some of their experience in this field. Sea ch engines that deal with commercial properties sometimes have also some general information.
Probably one of the best advice came from one of the real estate agents that we spoke with who made us understand the difference, very important, between purchasing a hospitality property as a hobby, or part time job, versus purchasing one as a full time livelihood.
The key has a lot to do with size. We understood pretty early in the process that to make it a livelihood we will have to go with at least 10 -11 units/rooms. So in that way we could narrow the search and this is also why very early in the process we ruled out B&Bs as most of them are small or extremly expensive.
So we decided to look for a small motel 15-25 rooms. And that how we srarted the search.
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