Bed and Breakfast Investment Property

[Corey Robert Leet]

Hey Everyone,

My wife and I are looking at possibly purchasing a currently operating Bed and Breakfast in Minnesota. Anyone have any experience with this type of investment? We have a few questions if anyone is willing to provide their experience. Our main questions are 1) We have received P&L statements from the current owners from the last 3 years, however, is there a way to verify their numbers? 2) We plan to have a caretaker operate the B&B for us as we do not live near the property. Has anyone had success with this type of circumstance? We would plan to offer the caretaker free room & board along with a small monthly stipend. All of our current investment properties are SFH or college rentals, so this is kind of a new venture for us, so any thoughts are appreciated.

     Thanks,

           Corey Leet

[Julie McCoy]

@Corey Robert Leet I'd highly recommend spending some serious time in some actual B&Bs before deciding to purchase one.  I own four STRs and wouldn't touch a B&B with a ten foot pole.  Guests at a B&B expect warm hospitality, a hot cooked breakfast each morning, personalized service.  You're not gonna get that with a "caretaker" working for a stipend.