All Forum Posts by: Tom C

Will,

Found it.. It looks to be on the same topic following the procedures..

http://www.biggerpockets.com/forums/16/topics/23999-seasoning-issue?highlight=

Dave,

I was joking.. I have not.

Will,

I am not able to find the thread either.. I will keep looking. There may a difference in the process.

OK Will,

In a previous thread, you were explaining that by transfering a property to a LLC, then selling that LLC to the buyer would get around the seasoning issue. I replied that it would not, because the buyers lender would still want to see the title on the property. You replied basically, that I was confused and you had a way around this.

Now you are saying in this thread that selling the LLC wouldn't make the seasoning issue go away.

Which is it?

Well sort of.. :)

The only thing this cut has done so far to mort rates is make them go up. I have 2 quotes within the past week and both were at 8% with 3K in closing cost on a 35K cash out refi. Horrible!!!

Hey Tim,

Been bow hunting heavily for the past 3 weeks. Have seen a few does, nothing worth shooting though. Rut should be coming in within the next week or so. The time change really screws up my after work hunting, so now I will be stuck to weekends only.

Unlike Mike and Open here, I haven't had to network yet. I watch HUD and the MLS very closely, waiting for the house to turn into the deal that I want. If I had instant access to funds every time I spotted some thing that I wanted most likely I would run out of MLS properties and have to start networking too.

You didn't address the biggest issue and thats what type of financing your father will have to pull to buy the home. As Jon stated. 203K is for OO and the condition of the home will force him to go with a conventional mort, meaning most likely 20% down.

Financing and timing this rehab is going to be your biggest issue. Getting your father involved is another story, but a personal choice.

Ali,

I got a call yesterday on a rental check from a company in my state. They are called http://www.coccfinancial.com/. They work with people who are sub prime. Not sure if you can go directly to them or if you have to work through the dealer. I am sure their rate is horrible.