Biggest deal of girls life and she needs your advice!

[Emma T.]

I am about to make the biggest purchase of my life, and I really could use some help! I´m a late twenties girl that recently inherited 230 000 pounds and am thinking of purchasing this property in the north of England. It doesnt matter that u dont know the area, just need some general advice.

I am looking to buy a foreclosed pub, namely this one:
http://www.rightmove.co.uk/commercial-property-for-sale/property-36271768.html

The price has been put down several times. Basically, I am thinking that I use all my money to buy it and then renovate it to become a nice home over time (the entire downstairs is a pub / restaurant and basically unlivable). The upstairs has 3 rooms that I can rent out during the summers as the village it is situated in is on the famous "Coast to Coast" walk.

The way I figure it is that this deal is the bost of both worlds, as I can both use the house as a bed and breakfast business but also as a home. Over time, I can renovate the downstairs bit and it can become my home, which would be the worst case scenario I am thinking in case the business doesnt take off.

This is my first real estate deal, so I could really really use some help :)

[Joel Owens]

Whenever you are new to large sums of money DO NOT and I repeat DO NOT make rash decisions and throw it into something with which you have no experience in.

That is a recipe for disaster. I would rather see you go visit some bed and breakfast and bars to see what is involved with that type of thing. I would make your purchase much smaller than your inheritance with a loan so you have plenty of reserves and if you make small mistakes you have a buffer and will not go under.