Wholesaling in Minnesota

[Kyle Vogt]

I'm looking to see if I can connect with anyone wholesaling in Minnesota. I spoke with a lawyer today about it, I'm not sure how much experience he has with real estate or wholesaling but he told me from what he found in his research that it is his professional opinion that I need to become I licensed broker to be able to wholesale in Minnesota. Can anyone tell me if this is true or not?

[Tim Campbell]

@Kyle Vogt if you are truly wholesaling, you are not buying and selling property.  You are simply assigning the right to buy a property via contract.  You lockup a deal and assign it to a buyer which doesn't qualify as a purchase or a sale since the property never is transferred to you.  The assignment doesn't get recorded with the county and depending on your title company, the assignment fee isn't on the closing statement.  As a wholesaler who does a lot of wholesale deals, I sometimes do a double-close where I purchase the property and then sale it at the same closing which counts as a transaction since title transfers to me.  The only time I do that is when I don't want my profit disclosed to the end buyer for various reasons...but rarely do I do double-closings.