Seasoning? - http://www.dealmakerscafe.com Forums


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blue-eyed-devil

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"Seasoning?" , Tue 5 Jun 07:44 post reply

I'm not a flipper, and see some posts that mention seasoning. Would someone mind explaining seasoning?

blue


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Ben
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"Re(1):Seasoning?" , Tue 5 Jun 11:03 post reply

Seasoning is just a time requirement by some lenders. Example: You buy a home from Bob, Then you want to sell to Sue. If Sue is not using her own money and is using a lender, the lender may require that the home have been held by you for atleast 6 months. (six months seasoning)

This is commonplace now due to some scams investors have done. If you are just going to get a contract on a property and then flip it to another investor, just make sure your contract is assignable.

I usually assign properties to other investors for a small fee, such as $2,000. The person buying my contract just closes like normal with my seller as though I was not even involved. I picked up some quick cash and move on.

Ben
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