Florida Wholesale Laws
(I tried searching for this answer, but unfortunately it looks like the search has been disabled unless you upgrade for $50/year - so i apologize if you've seen this question more than once)
I read that "flippers" will have a hard time getting someone approved for a traditional loan if the property is not held for more than 6-12 months.
Does anyone have any information/details on this? Are there ways around it?
My situation is that I have the ability to buy property under 130k without the need of financing.
I want to rehab/wholesale or retail properties but I don't want to run into a situation where I'll be stuck with a house for 6 - 12 months before I can sell it.
In some cases it might take a couple of months for me to get the property ready for retail, etc but definitely not 6 - 12 months.
Any help suggestions or links would be appreciated!
What you are referring to is called "title seasoning." Some lenders want to see that the previous owner owned the property for 6-12 consecutive months before they will give the buyer a new loan. This seasoning issue is does not directly effect you but it may cause problems for your buyers.
There are two things you can do:
1. Work with lenders that don't care about title seasoning (most of them)
2. Lenders that care about title seasoning can probably be conviced of the property's increased value if you can give before & after pictures of all repair work as well as receipts.
If you refer your buyers to a good mortgage broker that understands the situation, you won't have a problem. I haven't had an issue yet at all actually so I think that title seasoning is more location centered.
I hope this answers your question. As far as being able to get a higher membership on here--rather than paying for the subscription just buy something and you get the subscription for free!
GOOD LUCK
Myfrogger, thanks. That definitely helps! If anyone else has any comments, please post.