Posted by David Krulac on January 21, 2004 at 16:44:40:
I have a house for sale now on 1.5 wooded acres for $24,900 and two other houses for sale for $49,900!
Rehabbers are not buying properties now?? - Posted by Bill (tx)
Posted by Bill (tx) on January 20, 2004 at 23:19:19:
I just came from a RE Club meeting and the instructor said that most rehabbers are not buying properties now because of the seasoning issues. Not all, but MOST are not buying
from flippers/wholesalers.
Is this true is most areas?
thanks,
Bill
Re: Rehabbers are not buying properties now?? - Posted by Kristine-CA
Posted by Kristine-CA on January 21, 2004 at 09:32:53:
Not true where I am. I have way more cash buyers than I have deals. I sell to rehabber buyers with cash or hard money and I’ve received more calls from interested buyers (unsolicited) this month than ever before. I was attributing this to beginning of the year zeal. But maybe it’s because more and more baby boomers are trying to get their financial act together.
Sincerely, Kristine
Re: Rehabbers are not buying properties now?? - Posted by E.Eka
Posted by E.Eka on January 21, 2004 at 08:58:55:
Seasoning only becomes an issue when you’re dealing with typical banks/lending institutions. Most rehabbers have private money or hard money. Your speaker is either smoking crack, or is referring to the select few who use conventional money to fund rehab projects. I’m hoping it’s the latter.
Re: Rehabbers are not buying properties now?? - Posted by mikeW
Posted by mikeW on January 21, 2004 at 07:58:12:
If you assign your contract then the seasoning never becomes an issue, no? You were never on title.
Re: Rehabbers are not buying properties now?? - Posted by Sean
Posted by Sean on January 21, 2004 at 07:33:35:
Not true at all… at least in my experience. I’d do some research on the speaker making such claims. You bring me or anyone else I know that rehabs a good deal, and they aren’t already overloaded it’ll be sold.
Re: Rehabbers are not buying properties now?? - Posted by JeffGinFL
Posted by JeffGinFL on January 21, 2004 at 05:08:41:
Definately not the case in my area either. Anything worth while moves REAL fast (and lots of stuff that ain’t worth squat is going quickly too). Most rehabbers I know have cash lined up via their bank accounts or private lenders so there’s no seasoning concerns from those folks when it comes to buying from a wholesaler.
It sounds like your speaker was of the mindset that rehabbers secure financing via banks or other conventional means which most try NOT to do - to avoid restrictions like that one!
JeffGinFL
Re: Rehabbers are not buying properties now?? - Posted by Heather -Tx
Posted by Heather -Tx on January 21, 2004 at 01:00:21:
Bill,
Speaking as one who has rehabed a couple and had my first flip 2 weeks ago, This person may not be buying… but MANY Others are. Don;t let what one person thinks effect wheat you do/want to do. I flipped one to a landlord 2 weeks ago, and I have one I have rehabbed up for sell right now… in Houston.If you are in this area… give me a call… there are MANY more than one could even believe in one city , doing deals here
Heather Zaal
Re: Rehabbers are not buying properties now?? - Posted by Gerald-DC
Posted by Gerald-DC on January 21, 2004 at 24:56:31:
Today alone, four rehabbers called me to ask me if I had any properties I want to flip. I know two of the rehabbers to be serious CASH buyers.
There must be something in the water in Texas, because I can flipp all day long here in DC and MD. It just very “challenging” to find goods deals to flip.
Since the same seasoning issues that face Texas are also faced in NJ MD, DC and the rest of our great nation, I can only conclude that your speaker doesn’t know what the heck he is talking about or that your real estate market is in the toilet. (which may present a host of opportunities for savvy investors).
huh? - Posted by Redline
Posted by Redline on January 21, 2004 at 24:26:49:
If at all, seasoning requirements are like 3-6 months. Some deals can take atleast that long to turn around anyway between rehabbing, selling and closing. And not all lenders require seasoning.
Unless TX has some special thingy going on, I dunno. Junkers are flying in NJ.
RL