Dear Demeter Clarc,
There is an interesting opportunity for me to leave my current position and take a very big risk to purchase a small hotel in the mountains. My boyfriend and I have quit our jobs and are prepared to move out of the city to take on this new challenge. The owner of the motel is old and burnt out. He’s ready to retire. He’s bending over backwards to help us secure financing. We have never run a motel before or any business for that matter. Are we crazy to uproot our lives for this unique opportunity?
Dear Mizz Newhart,
May I first congratulate you on your courageous spirit of adventure?! I’m all for calculated risks. Agree to run the motel for a year. See if you and your boyfriend like the lifestyle and responsibility before you commit. There’s no need to go ballsdeep in financial risk when you don’t even know if running the motel is a sustainable and enjoyable choice for you both. Since the owner is desperate to unload the property (a red flag, btw), when negotiating a year-long management deal write in a right of first refusal, so you get the first option to buy the place should somebody else come sniffing around. During this year, you will learn all the “inns” and outs which will allow you to make an educated decision about investing your money and taking on a major mortgage. After a year of hard work at the motel, you’ll discern whether the arrangement is both feasible and sufficiently rewarding enough for you both to commit to this project long-term.