Step 1   Get Educated Take an Aspiring Innkeeper Seminar that covers the subject starting with property valuation right through daily operations.  Make sure the curriculum includes the behind the scenes facts about this exciting hospitality business.  Find out what a day in the life of an innkeeper is all about.   Work with experts in the field and get the facts before you invest in your new career.   Mortgage lenders will look for this on your resume.   For a good example look at "Innkeeping from the Innside" our 3 day aspiring innkeeper seminar. Step 2   Do Your Research A natural follow on to your education will be using the knowledge you have acquired to make a decision about your ideal properties size, major characteristics and potential location. Step 3   Get Your Finances In Order   Determine the size your down payment and get liquid so that you are in a strong negotiating position.   Very few sellers will accept a contingency that you must sell your home or business before you can close.  Know your assets and liabilities, net worth, annual income, annual expenses, credit history, life insurance, investments and retirement income.  This will speed up the mortgage process.  It is important to be prepared so that you can move quickly when the right property comes along.   We know, we closed in less than two weeks from the day we made the offer on our inn.   Cash talks! Step 4   Stay at Successful Inns   Like all businesses there are always inns in any area that are the best run, best managed and provide the best experience.  These are the properties you want to visit to see how it is done.  See how it is done from a guest viewpoint and begin making a list of the things you like and don't like about the guest experience.   Notice the size of the staff and their duties.  Make note of inns that you may want to own someday.  Call us for Cape Cod properties we may know about that are not yet listed for sale. Step 5   Do an Internship or Work for a Season at an Inn   Nothing beats experience.   Lenders like to see that you not only have taken a seminar but that you have had a real life Innkeeping related experience.   If you don't have a hospitality background do an internship or work for a season at a successful Inn.  There are many inns who will happily employ you for a season or who offer an internship experience. Step 6   Work with a B&B/Inn Specialist   Hire a specialist in the field of B&B real estate to help you make your purchase.  This will save you a lot of time and aggravation and potentially a lot of money.   It will surely increase your chances of finding and obtaining that specials property.   Interview Realtors to determine their experience in successfully representing buyers in a B&B transaction.   Find out how many inns they have actually sold.  If possible hire an Accredited Buyer Representative (ABR) certified B&B Realtor specialist to represent you and your interests.   Buying a B&B is a very different purchase than a simple land and building transaction like a home purchase.   A specialist will guide you through the process and insure that you have all the available business and real estate information about the property you are considering and the area it is in.  A specialist will know the local regulations that effect the B&B business in the towns you are considering.  A specialist will help you and your attorney craft a business offer that includes all the assets of the business in the sale and insures a smooth business transition. Email us!