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Old 04-03-2013, 11:54 AM
 
315 posts, read 209,333 times
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My wife and myself were thinking of buying a B&B in ES or HS. We thought of a Bar in HS but a B&B seems like a nice way to make some money on an investment and also live in it at the same time. Which city would be best? We love HS but ES may be better for a B&B.
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Old 04-03-2013, 12:59 PM
 
602 posts, read 1,339,376 times
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Before you start thinking about where you should locate your business (b&b or bar), you should do plenty of research on the ownership costs.

Fixed costs are huge for either business. Know what they are then multiple by 1.5 or 2. Expenses are always higher than you think they should be.

On the income side, be realistic about how much $ you can bring in. The b&b season in Eureka is approximately April-October. And there is competition.

After owning a vacation rental in SC since 2004, last summer I decided to stop renting. Early on, folks said if I rented for 12-15 weeks per year I'd have it made. That's a myth as it doesn't take into account that I used my rental Insurance, property tax, and utilities have gone up every year.

Bottom line, make sure you know and understand what you are trying to accomplish. B&b, a little income producing property? (one downside, you're always on call). Double your expenses, reduce estimated income by 50%. If the numbers work, then you move on to which town would be best.

JM2¢
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Old 04-03-2013, 01:36 PM
 
Location: Little Rock AR USA
2,457 posts, read 6,523,265 times
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This is not from personal knowledge, but observation. I have worked in H.S. and have family and friends living there. I don't think H.S. would be as seasonal a E.S. because of the winter race season, year round gambling, and summer lake season. I know nothing about property prices or zoning regulations. I suspect zoning would be key because I doubt you would be permitted to buy just any one of the many grand old homes and convert it into a B & B. Many of those old homes have been neglected for years because they are too expensive to maintain. Just some thoughts.

Good luck, and welcome to "The Natural State".
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Old 04-03-2013, 04:21 PM
 
315 posts, read 209,333 times
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Thanks. I know that if you build out side of the city there are not any regulations. My brother built a home in HS and he was outside town in between HS and HSV. he did not have to pull the first permit. There is one I know of in HS past HSV a bit called Mountain Tyme. I think they did OK as far as keeping it full about half the year. I love ES but the point you brought up that it closes down part of the year is spot on.

I was there one winter several years ago and it was dead. Also its 30 miles to the nearest walmart and 50 to the nearest HD if it has not changed since I was there. But it is also one of the coolest places I have ever been. I have walked down the street and saw everyone from Gay couples, to hippies walking bare foot to people in old Chevy Belair's and Harleys galore. It was so eclectic that how could you not fall in love with it.

That said, I visited my brother in HS and I watched back several years ago the down town Vickies coffee shop open up then go out of business. It seemed to happen a lot. Some seem to make it, but others do not. It could be the management and I know that happens a lot. I also don't have the time or energy to make back the money the I would loose if everything took a dump.
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Old 04-03-2013, 05:56 PM
 
3,326 posts, read 7,976,599 times
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Eureka Springs might be the only place in the whole state well-suited to B&B's.
There are some in other towns that do okay, no doubt, but nothing compares to Eureka.
I've often wondered if U.S. 62 was actually a wormhole to another dimension. The place just doesn't fit the rest of Arkansas AT ALL. Not putting down Arkansas (always have to disclaim on the ol' www), but there's no denying things are way different in Eureka Springs.

Hot Springs? meh. A town that could be so much more, but isn't.
Trashy in some of the older areas. Rough around the edges, so to speak. Crime has always been an issue. Newer parts are dull and typical. Touristy stuff is okay and kind of neat. Overall, the it always seemed very weird to me. Even some of the people I knew from there were a bit 'out there'.
Interesting place, but not appealing enough to settle down, in my opinion.
It's only advantage would be those big retailers.
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