All Forum Posts by: Isaiah Thelwell

also what is the process of buying through them like? i know they require deposits, is this different from the down payment required from my hard money lender?

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Hey Folks, I’m searching for my first deal

and i came across a New Western agent who had some deals in my market. I’m not exactly sure what differs from them and other Wholesalers, or if they are even the same. What should i know before dealing with them?

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Quote from @Timothy Howdeshell:

When you get a loan that is recorded as a mortgage, a lender will want that money to "season".

Basically you can't (or rather the lenders won't) do a cash-out refinance before the seasoning period (6 months typically; I've heard some are pushing 12 months now). These guidelines are set by Fanny/Freddy. Most mortgage originators sell their mortgages to Fanny/Freddy and so follow their guidelines.

The reason for this is to prevent people from getting a good deal, immediately refinancing, pulling all of their cash out, and having no "skin in the game". Also I think there is some financial penalty for the mortgage originator if their loan is refinanced before 6 months, but am not certain about that.

In a BRRRR you need to refinance to pull out your cash outlay and repeat the process.

Is this the case for anytime use the BRRR strategy? I must wait 6 months each and everytime?

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Boston, Massachusetts

Hello, i've been hearing different investors talk about a seasoning period when refinancing out of hard money during the BRRRR process. can anyone help me dive a little deeper on what this is/mean?

2 Votes

Boston, Massachusetts

Hey Folks,
I’ve come across an on market short sale deal that is overpriced but would be intriguing to start negotiations with, however i’ve never put an offer on a short sale property before. what are some of the pros and cons with attempting to negotiate and fix and flip a short sale property? TIA

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Boston, Massachusetts

Hey Folks, I’m an agent in South Shore MA looking for any Wholesalers who have any deals in the South Shore and Rhode Island area. Have some clients and potentially myself looking to take something off your hands! TIA

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Boston, Massachusetts

Curious to know the same!

1 Vote

Providence, Rhode Island

All Forum Posts by: Isaiah Thelwell

Isaiah Thelwell has started 5 posts and replied 8 times.

Post: Looking for Private Lenders for Flip in Quincy, MA

Post: Buying your first Flip/BRRR from New Western?

Post: Buying your first Flip/BRRR from New Western?

Post: Seasoning periods for Refinance?

Post: Seasoning periods for Refinance?

Post: Pros and Cons of buying Short Sales

Post: Looking for Wholesalers

Post: Which state to create LLC - RI or MA?