Renting a B&B In Blackpool, How Risky?
Discussion
Myself and my partner are both in employment, I work lots of hours including nights and she's in a 9-5.
Currently we are renting a property so don't own, However we do have savings....
Lately been looking at B&B's to rent in blackpool, and the rent on a few of them doesn't look too bad, However how much money do you think we'd have to lay out to get started?.
I know it'd be very hard work, But would be prepared to put as much in to it as possible.
Anyone even had any experience in this before?
Currently we are renting a property so don't own, However we do have savings....
Lately been looking at B&B's to rent in blackpool, and the rent on a few of them doesn't look too bad, However how much money do you think we'd have to lay out to get started?.
I know it'd be very hard work, But would be prepared to put as much in to it as possible.
Anyone even had any experience in this before?
Simpo Two said:
Having read that twice I think you mean letting not renting. Landlords let, tenants rent.
I read it as meaning he wanted to rent one in order to run it as a going concern.If so, providing you don't sign any long term guarantees, what the worst the could happen?
If Simpo Two is correct - run a mile!
I assume the OP was thinking along the lines that as they are renting now, why not for a similar price rent a B&B in wherever and work to let out the rooms and they get to live there as well within that cost.
I wouldn't touch that line of business with a barge pole. Doesn't mean you or others shouldn't but it would scare me silly.
I wouldn't touch that line of business with a barge pole. Doesn't mean you or others shouldn't but it would scare me silly.
The main issue is whether you will need any staff or not. If you do, then you will either get very lucky and find someone who will always turn up, work hard and not rob you. But if you are that kind of lucky then buy lottery tickets instead.
If it's a place you can run on your own and you are prepared to work those hours/do that kind of work then it might be worth having a look at.
If it's a place you can run on your own and you are prepared to work those hours/do that kind of work then it might be worth having a look at.
desolate said:
If so, providing you don't sign any long term guarantees, what the worst the could happen?
I guess the worst that could happen is the O/P and his partner give up their jobs to do this for a couple of years, make no money at all at it and thus are down the equivalent of 2 x 2 years salary?Not something i'd be going in to with a gung ho attitude.
Edited by daemon on Friday 14th July 16:10
D1on said:
Simpo Two said:
Having read that twice I think you mean letting not renting. Landlords let, tenants rent.
No I mean renting 
Couple that with most of their activity coming say the weekends of June / July / August, then in to the Iluminations for Sept / Oct, thats going to leave you with incredibly low occupancy figures over the entire year.
Then factor in you're going to be up against established B&Bs that own the property / have no significant costs AND already have a reasonably established customer base.
My gut feeling that anyone whos offering a B&B to rent is Blackpool already knows theres no money in it and are just hoping to find a victim to take it on for a couple of years and pay them rent.
I was told some years ago that as these traditional holiday spots become increasingly grim and uninviting (and I'm pretty sure B'Pool comes into that category), more and more of the b n' b rooms have become lower-end DSS lets.
This is not something for the inexperienced to venture into because it will almost certainly end in tears.
This is not something for the inexperienced to venture into because it will almost certainly end in tears.
drainbrain said:
I was told some years ago that as these traditional holiday spots become increasingly grim and uninviting (and I'm pretty sure B'Pool comes into that category), more and more of the b n' b rooms have become lower-end DSS lets.
This is not something for the inexperienced to venture into because it will almost certainly end in tears.
+1This is not something for the inexperienced to venture into because it will almost certainly end in tears.
It would be easy to view it all with rose tinted glasses and get a false positive if you hit Blackpool this weekend say.
Head there in February and you will get a feel for how grim it really is for most of the year....
Mate of mine runs a successful bed and breakfast and also runs a training course offering advise on running a B&B
http://bedandbreakfastbootcamp.co.uk/coursedetails...
http://bedandbreakfastbootcamp.co.uk/coursedetails...
037 said:
Mate of mine runs a successful bed and breakfast and also runs a training course offering advise on running a B&B
http://bedandbreakfastbootcamp.co.uk/coursedetails...
All very well and i do believe there is money in running a B&B if you are good at it - and i am sure your mate is testament to that - BUT Blackpool is an eco-system all to itself.http://bedandbreakfastbootcamp.co.uk/coursedetails...
Buy a poorly rated one and turn it around, it'll be bloody hard work but can be rewarding.
A guy i used to work with bought one with his wife and MIL in Bournemouth, the place had poor reviews and was one of the bottom 20 on Trip Advisor. 5 years on they've completely turned it around, they're now #29 out of 140 in Bournemouth. They've spent a lot refurbishing it, making it a proper friendly place with local food and home made goodies. They run it a lot on social media which in this day and age helps a lot. Now, all their reviews are 4 or 5 star.
It's a risk and you'll have to do something special to make it work
A guy i used to work with bought one with his wife and MIL in Bournemouth, the place had poor reviews and was one of the bottom 20 on Trip Advisor. 5 years on they've completely turned it around, they're now #29 out of 140 in Bournemouth. They've spent a lot refurbishing it, making it a proper friendly place with local food and home made goodies. They run it a lot on social media which in this day and age helps a lot. Now, all their reviews are 4 or 5 star.
It's a risk and you'll have to do something special to make it work
Nickyboy said:
Buy a poorly rated one and turn it around, it'll be bloody hard work but can be rewarding.
A guy i used to work with bought one with his wife and MIL in Bournemouth, the place had poor reviews and was one of the bottom 20 on Trip Advisor. 5 years on they've completely turned it around, they're now #29 out of 140 in Bournemouth. They've spent a lot refurbishing it, making it a proper friendly place with local food and home made goodies. They run it a lot on social media which in this day and age helps a lot. Now, all their reviews are 4 or 5 star.
It's a risk and you'll have to do something special to make it work
Having good reviews on Trip Advisor doesnt mean hes making money. OR certainly enough money relative to the effort being put in.A guy i used to work with bought one with his wife and MIL in Bournemouth, the place had poor reviews and was one of the bottom 20 on Trip Advisor. 5 years on they've completely turned it around, they're now #29 out of 140 in Bournemouth. They've spent a lot refurbishing it, making it a proper friendly place with local food and home made goodies. They run it a lot on social media which in this day and age helps a lot. Now, all their reviews are 4 or 5 star.
It's a risk and you'll have to do something special to make it work
And it differs from the proposition here as the O/P is proposing renting a B&B not buying and refurbishing one.
I think owning a B&B is a nice little fantasy people have - like owning their own pub or running a bar in Spain. All very nice in theory but very hard to make a living at.
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