Looking for advice on financing and rental advertising
Ok, so I'm up against a wall here. This is the first time in my career that I've been in this position. I have some hurdles to cross and I'm looking for some input.
Hurdles:
* I have 6, maybe 7 units to fill in the coming 6 weeks.
* I have 4 rehab projects going on currently.
* My banker, just informed me today that they no longer refinance projects, within the first 12 months of ownership, as long term holds. Meaning they will only finance 80% of cost (acquisition + rehab), instead of 75% of LTV (appraisal value).
My questions:
* Where do you advertise the most efficiently?
I normally use FB Marketplace and Craigslist, but with the need to fill 6 or 7 in 6 weeks, that's gonna be time consuming!
* Does anyone have a suggestion for a bank that does not require 12 months of ownership, before lending against value vs cost?
I'm not over leveraged at this point, but I would like to get my money back out of these rehabs. If I cant, I will have quite a bit of my money tied up for the next 12 months.
PS. I'm in MN