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!
A wedding video business (with no weddings in 2020 and relocating to different customer base area) needs a $1.3M office (???)
What about renting cheap space under a commercial lease--or even a sublease.
Have you spoken with any local Commercial Brokers about leasing (Re your cash flow).
Something to discuss with the Brokers (if you go that route) is do you conduct business with customers at this location in person often, or is it just workers that need it.
How does your w2 income look? You might have to reach out to a non-traditional lender for a portfolio product if you can't qualify.
@Scott Mac I defiinitely didn't need it in 2020. In 2021? Going into the biggest wedding boom ever of 2022 and 2023? We're making almost double what we did in 2019.