Each of us lives only now, in this brief instant. The rest has been lived already. So make the most thoughtful choices you can today that will lead to a better future.
Steve's Thought of the Day
Stop drifting and hoping a magic solution will appear. Instead, you can participate in rescuing yourself. Find peace by pursuing facts through trusted advisers and research rather than the blind trust of salespeople trying to sell you something by almost any means necessary.
Steve's Thought of the Day
Make decisions to deal with your debt with logic and facts, not assumptions, and worry about what other people will think. People who judge you will soon be forgotten. Nobody thinks about anyone that much.
Steve's Thought of the Day
The world is nothing but constant change. Your life is only a perception. Choose a way out of debt based on facts, not assumptions. Do what is best for your future because those that judge you will not feed you.
Steve's Thought of the Day
Do you have a greater responsibility to repair your financial past or your financial present and future? Make good choices that allow you to tackle your debt and immediately start building your emergency fund and saving for retirement. Tomorrow will be here before you know it. Lost time is a sin.
Steve's Thought of the Day
There is no sense in wasting a perfectly good financial mistake. Instead, learn from it and do better moving forward. The past is gone. Turn and face the future now.
Steve's Thought of the Day
Those who judge you for past financial mistakes are not your friends. So don't make choices about your future out of fear of what they may think. Instead, make choices based on truth, fact, and what is best for you moving forward from today.
Steve's Thought of the Day
Don't believe everything you think. Challenge your assumptions about getting out of debt. Do what is best for you, not others.
Steve's Thought of the Day
Is it less moral to file bankruptcy or to not take action that leaves you old, broke, hungry, and dependent on others?
Steve's Thought of the Day
If bankruptcy is so bad, why did our Founding Fathers specifically include it in the U.S. Constitution as protection for financial difficulties?
Stop listening to people that say bankruptcy is a last resort. It is neither first nor last. It is a tool like credit counseling, debt settlement, and others. For the best result, you need to use the right tool for the job.
Steve's Thought of the Day
People that tell you to avoid bankruptcy want to sell you something else are repeating something they heard or do not know what they are talking about. Get the facts and then make your own decision. Don't let an unskilled script-reading commissioned salesperson make life decisions for you.
Steve's Thought of the Day
Debt problems are like fingerprints. No two are alike. A one-size-fits-all solution will give you a one-size-fits-all result. You deserve better.
Steve's Thought of the Day
You are not your debt. Your value, self-esteem, and existence should not be defined by the money troubles you may be facing right now. Debt problems are solved with proper action, not guilt, self-hatred, and disgust.
Steve's Thought of the Day
Debt is nothing more than math wrapped in emotion. The math is easy, the emotional part leads us to do impulsive things. Not the right thing.
Steve's Thought of the Day
What type of money personality do you have? It is important to know. Take my online test now and discover how you unconsciously deal with money, credit, and debt.
Steve's Thought of the Day
How much retirement savings are you willing to throw away by dealing with your old debt instead of preparing for your financial future? Find how much you will lose by making the wrong choice. Use my online debt repayment calculator now.
Steve's Thought of the Day
Does it make more sense to ask for life-altering debt advice from an unskilled and untrained commissioned salesperson in a call center or an experienced debt coach like Damon Day that provides a customized solution for money troubles?
Steve's Thought of the Day
I Want to Buy a B&B But I’m Unemployed and Have Poor Credit. – Kayla
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
This is your chance to be a hero and help out this person by providing your feedback and answer to the question in the comments section below.
3 thoughts on “I Want to Buy a B&B But I’m Unemployed and Have Poor Credit. – Kayla”
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.
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.
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.
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!Â
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)