All Forum Posts by: Claudine Stering

Hi Jason, 

I'm actually looking in the Bradenton / Sarasota area. Credit score is around 730+. Looking to turn this into a rental and move on to a next property. A realator said the cash has to be in a bank before applying for any type of loan and that is can't just be 'cash'. I'm just starting this journey and don't quite understand why the money has to 'age' in a bank and it must be your regular savings..  I'm a first time buyer so I understand there are several loans as we know... I'm just not understanding why this must be deposited. Tax implications? Proof of income outside of pay/credit/debt? 

I guess I'm not sure how to ask the question correctly - Basically, her advise was/is "You must put the $25K in the bank and wait 90+ days before even thinking about purchasing"

Doing just the basic calculations - I do not wish to exceed $300-320K and would love to do a house hack. 

I'm just stuck on the "you must put it the bank for 90 days' thing. She did not provide the reasoning. 

Hoping I didn't make a head spin, mine is, scratching it. 

Thanks for the response

Hello all, 

Just starting out and I've read so many books and still haven't found the right path/advice. I have 25K cash and have been told several 'must do' with. 1) Immediately put in your saving account 2) Put it in a high yield savings account 3) Must age/season for 3-4 months... 

Where do I go to get the correct and best sound advise? 

Thanks much! 

Looking forward to do the 90 Day Challenge! 

Regards, 

Claudine