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Home > Reader Questions > I Want to Buy a B&B But I’m Unemployed and Have Poor Credit. – Kayla

I Want to Buy a B&B But I’m Unemployed and Have Poor Credit. – Kayla

Posted by: Consumer April 12, 2012 in Reader Questions

I am looking how to buy a house when I have poor credit and no money or a job and I want to use the house for a bed and breakfast so that will be my income to pay the bills.

I have poor credit and I just recently became unemployed and am not getting my unemployment like I expected. I have a son and I am a single mother. My ex and I have had many problems and I finally am free of him now that he is in prison but he will be out soon and I want to move. I would like to move closer near my family in TX and I cant afford anything because I have no money and my credit is poor and I have alot of debts. I would like to buy a house and turn it into a bed and breakfast so that I can work from home and pay the bills. I have a plan but I have no money and I need help figuring out a way to be able to purchase the house, grants or loans, being that I am unemployed and have poor credit. Last I checked my credit score was at 600. But the only thing on my credit is a unpaid medical bill. I paid off one credit card but I still have 2 that are unpaid and I havent paid on in awhile. Plus I have some unpaid utilities but I am not sure if those are on there or not.

Kayla

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  • jerg1e

    Kayla
    Since you are unemployed and want to move closer to family it is a great time to contact those you owe. Explain your situation and work out a plan. If you are close enough with your family they may have contacts to help you get a job and or help with daycare. Not all B&B’s hire many employees but to get a feel for that type of busniss it may help to look for a position at a hotel and or a restaurant. You will soon discover if your goal is one you will continue to work toward and you will be able to increase your credit score by making good on your debts. It will be very hard work but with the help and support of those close to you you can do it. Keep you goal in mind and keep positive.

  • Msullivan

    Kayla,

    It is good to have a plan but your plan is incomplete. If your goal is to own and operate a B&B, you need to think of that as a long term goal and you need to identify short term goals that will get you there.

    You know you will need cash for a down payment and other initial costs. You know you will need good credit to get a mortgage and a line of credit for business expenses. You also need to understand the business so you must educate yourself on setting rates, advertising for clients and all the other factors that will determine if your business succeeds or fails.

    In my experience, the best way to learn a business is to work at it. Since you are unemployed, why not look for a job working at a B&B? Even a part time job will provide you with an education and some cash.

    To improve your credit, you need to pay your bills. That requires income and discipline. And while you are paying your bills you must also save money so you will have cash to start the business. If you’d like to learn more about the costs and work involved in starting a business go the Small Business Administration (www.sba.gov) and you will find a wealth of information.

    Your only other option is to find a very good friend who is willing to risk probably at least $200,000 of his or her money to set you up in business without any additional effort on your part. I don’t have any friends like that but you may. I suggest the path of careful planning and hard work. It takes longer but you will appreciate what you earn.

    Good Luck! 

  • David

    It would be a hard sell to the loan company.
    They are going to want you to have some kind
    of stake in the venture (money down)

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