OfflineI was on the website of a HML looking at their application for funds. They asked the question, 'Do you need seasoned funds?' Well, I don't know. I'm not familiar with that term. I'm going to be doing wholesale deals, or flipping contracts to other investors. Since I'll be borrowing money short term, would I need to have seasoned funds? I'm thinking NO, just because I've nerver seen the term used by anyone here on the DG forums, but I could be wrong. Can anyone help me out and explain what seasoned funds are?
Thanks a lot.
Sandi
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boconnor,
Thanks for the reply. I understand now because literally 5 minutes after I posted this question, I was watching the VIP mastermind sessions 2010 and Matt and Dean explained that banks that refinance at purchase price are basically punishing me for finding a great deal and therefore would not be a good "fit" for an investor. I have a pool of private money that I can draw upon and using the formula shown on the VIP DVD shows exactly what I can offer to be able to pull out some cash using the 75-80% refi. Thanks again!
AaronD
Hey there!
I have been calling bank after bank to find one that doesn't require seasoning. Most of them do (per Freddie and Fannie), but there are a few that don't. The thing is, they don't allow you to own more than 4 properties. I am planning to buy 4 with cash and refi with cash out. Do I go with the bank that will work with me and then move onto another bank when the 4 properties have been purchased? Any ideas?
I'm working on becoming a full service investor and I was told to ask you all what questions to ask the banks. Concerning the no season refinance so that I will know what banks to recommend to my buyers who can't buy because there waiting on the purchase to season. Thus opening them up to buy more properties from me as they become available.
Thanks
I would like some assistance with the same question. I haven't been able to find a no season refib company Ideas??
"Don't tell me I can't, Tell me how I can."
Thats funny!!! I did mean refi not refibs..
"Don't tell me I can't, Tell me how I can."