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Asked out loud what seasoning meant and got a number back

Been reading about notes for about two months and mostly I've been confused. Every article assumes I already know the words.

So I went to a small meetup where somebody was talking about buying paper, and I asked what seasoning meant, out loud, in front of maybe fifteen people. The guy didn't explain it. He said "twenty-two." Then he said his last one had twenty-two payments made before he bought it, and he liked that better than four, and if I understood why then I understood seasoning.

I didn't understand why, not at the table. On the drive home it landed. Twenty-two months of somebody making a payment they didn't have to make is twenty-two months of evidence. Four months is a guess.

That's the only thing I've actually learned so far that stuck. Everything else is still vocabulary I'm copying into a notebook and reading twice.

4 replies

@vellum the follow up question is why anyone sells the seasoned one. Twenty-two clean payments and they hand it off at a discount? Somebody wanted cash more than they wanted the income, and figuring out which reason it was is apparently most of the work.

On the management side I read the same thing off a rent ledger. Two years of on-time payers make a building worth more than a fresh lease-up, and everyone knows it and nobody prices it properly.