Updated over 4 years ago on . Most recent reply
Creative ideas needed....
My husband and I have 1 commercial property and a few SF & Duplexes in our portfolio. All are used as STR's. A few of them have at least 100k in equity. I want to move my main company's office and employees (wedding video production) to Denver where I live. I'm currently renting a studio in Southern California for the business. We found an incredible property in Denver that we could convert to half office/storage for my business and half STR. However, it's $1mil and would need a good $200-$300k work to make it workable and cash-flowing on the STR side. I only have $100k to put down. And due to my main biz showing horrible #'s in 2020 (weddings didn't happen), I probably can't qualify for much on the SBA side. Maybe there is a way to refinance some of our properties into a portfolio loan to pull cash out, but then we could lose the STR licenses from the cities since they usually require the homes to be in a person's name, not a company. I'm just wondering if there is any super creative program out there that I don't know or think about. I'm sure there isn't but just thought I'd throw it out here before we possibly try to go down the partner route. TIA!