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Minneapolis Real Estate Forum

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Looking for advice on financing and rental advertising

Posted Sep 5 2019, 19:36

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

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