Wholesaling In Minnesota Best Practices

Wholesaling In Minnesota Best Practices

Matthew HaskinsPro Member
Rehabber · Andover, MN · Member since 2015 · 26 posts · 5 votes

Hey BP,

I am hoping to start a discussion on wholesaling in Minnesota and the best contract practices to follow.

I have been looking for rehab deals mostly, but doing some marketing I always come across deals outside of my area that might be good deals to wholesale. However, I am very concerned about wholesaling the proper way.

I've listened to people at seminars, seen wholesale leads bombarding my email, read a guides, and watched webinars, but I can't seem to find a practice that truly seems comfortable and legal.

I understand the general process, put a property under contract, and sell the contract. OR actually double close.

I'd prefer to avoid double closing as it just costs to much and I believe it would not allow for a win, win, win situation between seller, wholesaler, and cash buyer.

I have also heard people talk about Opinion Agreements as a more legal alternative to the traditional purchase agreement approach.

Basically who in here is wholesaling in Minnesota, How are you doing it, and would you like to meet for beer, coffee, pizza, or a burger to give me a bit more insight on the process? Or even better, let's work a wholesale deal together from one of my leads!!!!!!

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Insurance Agent · Appleton, WI · Member since 2012 · 42 posts · 11 votes
9y

Matthew,

I am in the same place as you.  I just started wholesaling; I have done 10 flips and even built a house, but I would like the walk thru of just one to feel more comfortable and after that I am pretty sure I am ready to go.  That being said, if you find someone to walk you thru a deal, keep me in mind.

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  • Insurance Agent · Appleton, WI · Member since 2012 · 42 posts · 11 votes
    9y

    Matthew,

    I am in the same place as you.  I just started wholesaling; I have done 10 flips and even built a house, but I would like the walk thru of just one to feel more comfortable and after that I am pretty sure I am ready to go.  That being said, if you find someone to walk you thru a deal, keep me in mind.

  • Matthew HaskinsPro Member
    OP
    Rehabber · Andover, MN · Member since 2015 · 26 posts · 5 votes
    9y

    @Todd Blank glad to know I'm not alone in my confusion. Hopefully we get some insight from expert Minnesota Wholesalers here soon. I actually have an opportunity right now in Rochester Minnesota, but am apprehensive to dive into it.

  • Insurance Agent · Appleton, WI · Member since 2012 · 42 posts · 11 votes
    9y

    Matthew,

    I have not done one, but I am not afraid to try.  I have enough information to make it work.  There are ways to protect yourself from getting burned so if it looks like a great deal lets work it together.  Contact me if you like to discuss.  I can not leave my contact info here but you can check out my info at Blank Insurance Agency Shoreview,MN

  • Wholesaler / Investor · Hastings, MN · Member since 2015 · 58 posts · 32 votes
    9y

    Thanks for starting this discussion!  I only have one actual deal done but have learned so much from multiple interactions with sellers and of course the MNREIA seminars, working with my mentor, other seminars, and a lot of reading and research.

    I am always willing to share what I know and have learned.

    Thanks

  • Matthew HaskinsPro Member
    OP
    Rehabber · Andover, MN · Member since 2015 · 26 posts · 5 votes
    9y

    Sean,

    Thanks for joining in the conversation. So you have wholesaled a property in Minnesota? I'd love to hear more about how you went through that process. 

    Have to say I am also pretty jealous of the idea that you have a mentor! I have resources I can call for questions in the area, but its no where near a mentor relationship.

  • Rental Property Investor · Minneapolis, MN · Member since 2017 · 19 posts · 17 votes
    9y

    I'm curious to hear more about this as well. I am currently marketing for my own BRRRR deals, but would like to know the process in the event it makes more sense to wholesale some of them. My first stop will be certainly my (real estate focused) lawyer, HOWEVER - if any of you get together to discuss this (or anything else for that matter)- I'm happy to buy the second round ;O)

  • Investor · Big Lake, MN · Member since 2014 · 160 posts · 26 votes
    9y
    I'm interested in knowing this too. We're looking for properties to personally buy, but chances are there will be deals where we need to wholesale.
  • Wholesaler / Investor · Hastings, MN · Member since 2015 · 58 posts · 32 votes
    9y

    One of the first things I would recommend is joining MNREIA, Mike Jacka holds a nice class called Wholesaling 101.  There is also a seminar coming up in March that is super affordable.

    The mentors are out there, just a matter of networking until you find the right one.  And you have to make it worth their time and effort as well.  The deal I just did I took a reduced fee because she helped guide and walk through so many of the things. 

  • Wholesaler / Investor · Hastings, MN · Member since 2015 · 58 posts · 32 votes
    9y

    http://www.mnreia.com/

  • Member since 2018 · 2 posts · 0 votes
    8y

    Hi Matthew, I am new to wholesaling I'm not this big real estate wholesaler but I am starting out. I don't know if anyone would take a single mother of three serious but I am so ready to start this journey in real estate. Honestly, I would say just go for it!!  It never hurts to try out a deal and see how it goes. I'm very big on putting my fear aside especially if there's a deal in front of me that  looks good. Wholesaling is not illegal anywhere as long as you get a contract signed. We all know that it gives us equitable rights to the property then were able to make a deal with an actual investor/cash buyer. It's all sort of simple there's nothing illegal about it we're just giving over a great deal and making a profit. I am from Minnesota and lived in Florida I'm relocating back to Minnesota to start wholesaling myself. I would be very happy if I were in your position right now! It seems to me like you would be a great mentor not the other way around. 

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