Financing

To complete the restoration and open our own business, obviously we need money. A lot of money. We've saved a good chunk of it (the 'war chest' as I like to call it) but it's only about 50% of what we need. We have three options for the rest:

1) Sell our house in California. We don't want to do that because it's a good investment property, and it's also our "escape hatch" if we decide not to stay in Pennsylvania. (It may just be a security blanket, but it's an important one.)

2) Liquidate our retirement funds. Obviously not a good option, for the same "security blanket" reasons.

3) Borrow it.

In our B&B workshop, we were told that nobody will finance a B&B startup--there's just too many unknowns, and no financial history. (If you're buying an existing B&B, that's another story.) So they encouraged us to seek consumer loans, i.e. mortgages, home equity loans, etc.

So we did, and today we were turned down because they have a $200,000 cap on consumer loans. Coming from Los Angeles, where empty lots sell for $500,000, this seemed ridiculous, but that's just part of my re-adjustment. So next Friday we're meeting with a commercial lender. I won't be surprised if he tells us "no" -- I just don't want him to laugh in my face.

Dawn had to file some paperwork with the court today, but rather than have our lawyer do it, she took care of it herself. Afterwards, she walked across the street to the lawyer's office, got them to make copies of her filing, and then had them validate her parking. So instead of paying them $50, she got them to pay her $5 parking. Brilliant! Then she went and bought a $600 vacuum, which kind of defeated the savings, and re-emphasized why we need financing.

  
The fireplaces were likely closed in when they converted from wood to coal. With the plaster off, you can see the arch in the original opening.