The wife and Myself are thinking of selling our house and buying a motel in northern Ont. It has been a long term dream till now as a good deal on a running 10 unit motel on 10 acres is available. Is there any body with exp in this business on here?o No:
No real experience in the hospitality industry, but I would ask myself a few serious questions before taking the plunge. Is there a tourist attraction or a business center in the area that would be likely to attract customers? Is this likely to be a seasonal business? My next question is obvious. How many units do you have to keep occupied (on average) to pay the bills and support your family? Realistically, can you keep these units full at the price that you choose to charge? In the US, 90% of all new businesses fail in the first year. In almost every case this is because there is either no realistic business plan, or the venture is woefully undercapitalized. Running your own business and being your own boss is a great dream; it almost always takes more work and time then you plan for, and you usually don't make quite as much money as you expect. I am absolutely not trying to discourage you, but you should not go in to a venture such as this without being totally objective about your chances of success. If the numbers work, go for it!
Thanks for the input! We have been working on this for 2 or 3 years and would be going in mortgage free with a good amount of savings. The motel is on the trans canada highway and has been open for 40 years and in prime hunting and fishing area. The old boy that has run it for the last 30 years has made a good living and is ready to retire. The motel averages 3 rooms a night over the year That average will go up when we open in the winter for ice fishing and snowmobiling. We will be talking to the owner today to get the financial statements. If all the #s look good I think We will take the next step :TU:
If you work and this is a job for the family then go for it. It sounds as though you have done your homework:TU: . I would say go for it, life is too short not to try your ideas:beer
We would be moving 6 hours north so it would be are only income. It is only the Wife and Myself as are kids have all moved out on there own. We are not out to get rich and just want a quiet life and no boss to answer to:TU:
Sounds like a great idea, Like a real laid back job. I would guess you might live in one of the rooms. Or is there a home ? I always liked those little Hotels
OK how did You find My deal. They say the customers check in but never seem to leave and there is a crazy old lady in the house That runs the joint. It is OK The owner says she don't eat mutch.:laugh: :spank: :laugh:
<coughCough> didn't you say the word "wife" ?!?! I say go for it !! even if there are no guests, you can go a couple of weeks and always be sleeping on clean sheets o No:
Now that I think about you being known as CRAZYchevy, There might be trouble after you move in.. Actually, If you do or dont make the deal I would like to see a picture of the place. Is it buiilt like the old Bates Hotel as for the layout ? It migh be a good tourest trap If you turned it into a replaca of The Bates Hotel. You could even walk around at night in a womans dress and wig. :grin:
Just talked to a guy who came back from Hearst, he said he saw more than a few deserted motels along the way..just a point to bring up, not meant to bust your bubble!! Later,Tony.
It's OK! At My age I no longer have a bubble:moonu: It is no where near Hurst it is 1.5 hours from the US border Lots of traffic and great fishing and hunting.:TU:
Sounds like fun! Do You drive out or fly? The motel in near the Sue on the trans Canada. The #s look good so I think I may put a for sale sign on me lawn:blast:
As long as you are prepared/capable/have the tools and equipment to maintain it, you will be fine. Thats where you can save a big bunch of money. Sounds like you're gonna need a BIIIG plow truck!
It comes with 2 tractors 1 deer with a blower And a big kabota to cut the grass. http://propertyguys.com/property/index/id/50547 What Do Ya think?
Very active sled community up there! If the numbers look good for non winter my bet is you will do great if run year round. Get in with the Snowmobile clubs and ATV clubs in the summer....maybe offer packages for the weekend! Dream lifestyle for allot of guys I know, to have a wife on-board for that well....that is like winning the lotto. I say go for it!
I go through Iron Bridge every week, but hadn't noticed this one for sale. That stretch of Hwy 17 sees plenty of summer traffic, can't remember what winter traffic is like though. I say go for it, as it'll give me another "pee break" location.:laugh: :laugh: Seriously, you should do well there.:TU:
