Triplex w/commercial space

[Marquita Johnson]

I'm interested in a triplex with a commercial space on ground floor. Property would need full rehab. I would like to occupy the commercial space for my own business as well. Any thoughts on financing? Also should my business operate under separate LLC? Lastly what would refinance look like?

[John Wijtenburg]

Look into an SBA loan. It's very attractive financing, but the process is a little invasive and a longer lead time.

You could also close and make improvements with a bridge loan and then refinance with SBA. Get the team in place for the refinance before closing the bridge, though, to make sure you color within the lines to qualify for the best refinance.

I can recommend some good SBA lenders and intermediaries. It's definitely not something you want to do alone on the first go-round. DM me for a few names.

Talk to your attorney re: structure. Usually, separate LLCs are advisable, but every deal is unique.