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    5 Replies Latest reply on Apr 29, 2009 9:59 PM by wilfin

    Want to purchase and INN but can't get financing

    robinl Newbie
      Hi,

      My husband and I have been searching for a property to buy for several years and thought this economy may bring out some good options. We found one. It is a 12 bedroom inn with commercial kitchen and resturant area that seats 100 people plus 2 out buildings on 20 acres in a popular resort area. We're looking at $350,000 for the land / buildings which is a steal...the reason is it needs to be remodeled to the tune of about $500,000 additional dollars. We have purchased homes before and filpped them, but we're at a total loss when it comes to this property. Banks laughed at us considering the investment $$$. We are looking into forming a corporation to try to limit our personal liability.

      Any suggestions? anyone out there purchased a hotel/Inn and have advise on what not do when it comes to funding options?

      robin