Posted by Patrick on March 11, 2001 at 19:58:25:
Not in Missouri, hope not either
quick property flip problems - Posted by Donnie
Posted by Donnie on March 11, 2001 at 19:46:20:
I have been investing since 1997. I have spent the last two years buying to rehab and resell properties no longer that two months after owning them. Since the beginning of 2000, banks in the Ohio area will not loan buyers money to buy my homes unless I have owned them for at least one year (title seasoning). I am trying to find out if this is happening all over the country, or just in my area.
Plenty of Recent Discussion on Seasoning - Posted by Frank Chin
Posted by Frank Chin on March 12, 2001 at 07:51:52:
Go to the archives and use keyword “Seasoning”
I think the consensus is many banks require the One Year but you can still do it with many others.
Good luck.
Re: quick property flip problems - Posted by DanT
Posted by DanT on March 12, 2001 at 07:45:16:
I just spoke with a mortage broker in central Ohio about this and he said, “no problem at all”. Maybe a broker would be better for you than a bank. DanT
Here’s an option… - Posted by Rick Roberts - KC
Posted by Rick Roberts - KC on March 12, 2001 at 03:30:03:
Donnie,
One option to consider is offering your properties via owner financing and then selling the first-position mortgage/note at the closing table. Some note buyers are not bothered by so called quick-flips and/or sharp run-ups in values over a short period of time. E-mail me privately if you would like to discuss further.
Rick
Re: quick property flip problems - Posted by JD
Posted by JD on March 11, 2001 at 21:34:11:
what LTVs are you financing?
Re: quick property flip problems - Posted by Horace
Posted by Horace on March 11, 2001 at 20:09:14:
I work with an Ohio mortgage broker who gets my flip loans closed without any problem !
Re: quick property flip problems - Posted by HORACE
Posted by HORACE on March 11, 2001 at 20:06:54:
I work with a mortgage company in OHio and they have no problem getting flip loan closed