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.
* 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).
* 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
@Derek Earl Burington I just sent you a PM
@Derek Earl Burington I would recommend claiming ownership for these properties on Zillow and advertising there, as well. Where are these units that will be coming up for rent? If it's close to a hospital, a university, or another large employer, most of them have a department that will help folks that are relocating find housing. It might be wise to place a call to let them know that you have available units.
@Derek Earl Burington , I've always had the best of luck using Zillow. Although I've heard more and more that Facebook Marketplace is becoming popular.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing