Seasoning

I'm a bit confused by your request. Many people are looking for a small(er) bank that has *no* seasoning.

The reasons for the small bank could be:
1) They set their own terms (potentially fewer hoops to jump thru)
2) They could be regional (not affected by pricing on both the East and West coast markets during the bubble "burst", for example)
3) You can talk to a decision maker (rather than having to wait for a board of directors in another location to decide if you get a loan)

A reason for the no seasoning:
You buy a house for cash (or Hard Money, or whatever) at a great deal and then you can refi the house and pull out most if not all (or more) of your original stash of money.

I know FHA loans have seasoning requirements. I wholesale and dont want to do a back to back closing and find out that the bank has a seasoning requirement that doesnt allow me to do this.

I'm interested in a list or any contacts of Banks that people have that do NOT require any seasoning. If they will do business out of State, or if anyone has any contacts of these banks in MN.

Renae

The contract will state if there are any seasoning requirements in most cases.
OR, just ask the Realtor or title company in advance. Worry about getting a REAL DEAL under contract first.
You say you are planning on wholesaling right? The first thing you must learn to do is to find and evaluate what a wholesale deal actually is.
1.What is the actual ARV? What the house will quick sell for in the current market. Not the highest retail value. Sold, selling and under contract comps.
2.What is the actual and accurate rehab/remodel costs needed to bring the ARV you have estimated?
3.Net profit to your buyer. Most investors like to see a minimum of 15% ROI. You need to be able to show them how they will attain this when you present your deal to them.

Also, as a wholesaler, finding a deal with enough margin to make your money and your buyer make his on an REO or any property listed on the MLS is rare these days. You need to market to motivated homeowners directly. Don't skip the MLS, you can find something there every now and then. We offer on 2 REOs a day. So do it, but don't depend on it. As you will read here and in Deans books, most KILLER deals come from unlisted motivated sellers. I LOVE doing deals with no realtors involved!!! With that said, we ALWAYS use a realtor when we retail our properties.

Good Luck!
Michael Mangham
MD Home Acquisitions LLC

Thank you Michael,

I started about 6 yrs ago contract flipping and loved it. Got out of it due to personal issues and have started back up. Researching and learning all the new laws etc since the fall out. Alot has changed because of it and lenders and title companys have really tightened up their belts. I always say thats why its called creative real estate investing. LOL