Is it too late for the Minnesota Market?

Question

Realtors in my area are saying home prices are starting and have been rising in my state. I was informed I should get my realtor license and sell instead of trying to wholesale. Any flippers or wholesalers in the area that can play devils advocate?

edit: I have also been told most deals have been bought up by institutional investors.

Brian K. · Answer

I think there are a lot more buyers in the market than a year ago and prices have ticked up.  But if you really want to find those sellers that need to sell your gonna have to do some work to find them and they are out there.  Having your real estate license sure wouldn't hurt I plan on getting one down the road, but if you team up with the right realtor that works as well.

Brandon Turner · Answer

Hey Spencer Gordon - I can't help ya there, as I've done very little wholesaling. But I'd recommend posting this question in the wholesaling forum - where you'll get more eyes from knowledgable and wicked smawt wholesalers! :)

Spencer Gordon · Answer

since I have you guys here... Ive been gathering information to put an ad campaign together. Ill be honest, I have no buyers but from the ad campaign I expect to hear from both. I also feel, from what ive gathered, finding buyers is not the issue its finding motivated sellers. 
What I have not found are prices. I dont want to start something that I can not finish. For a "basic" type of campaign how much should I be looking at putting towards this start-up marketing? I see numbers thrown around for things like, number of letters, and bandit sign placement but these are obviously people that have been in the business and have the funds set for marketing. Im looking for some minimum-median ball parks.

Spencer Gordon · Answer

will do, will do.

Brandon Turner · Answer

Oh and Marc Bodinger - The rain isn't so bad here... we get like 2 or 3 nice days a year!  ;)

Brandon Turner · Answer

Hey Spencer Gordon - Yep, it's for everyone but you are limited to 5 keywords, 10 if you are a Pro Basic - $5 per month - or 20 if you are a PRO - $15 per month.   Also - PRO members get access to the SMS feature - which I am gonna obsess over :)

Definitely keep in touch and like Marc Bodinger said - just stay connected here and you'll move quickly!

Spencer Gordon · Answer

@Brandon Turner is that keyword alert available to everyone? I saw the banner before coming in and was about to check out the details. As for the cold, yuck. I do love the snow. so torn.

I was actually thinking the same thing, getting my license and doing wholesaling on the side. My ultimate goal is to Invest. maybe more on the land side or even Commercial. Those are long term goals for now.

Marc Bodinger im going to have to look more into that legislation. I was thinking it was more along the lines of loan forgiveness. I guess that doesnt mean completely but maybe just to get them current and in a new deal/rate loan.

Marc Bodinger · Answer

That's not very nice Brandon Turner haha! What's better the cold/snow or the rain in WA?

On a serious note Spencer Gordon I have been on BP for a few weeks now and talking to people in different sectors of real estate across the country has been very educational. Definitely stay engaged and hope to talk and joke with you guys more often!

Brandon Turner · Answer

Hey Spencer Gordon,

Why not do both? Be a Realtor and work the wholesaling on the side. That way - you get all the great tools that Realtors have - and you get the income while you are building your real estate business. Just a thought!

Also - I'm originally from Minnesota so hello! Enjoy the cold snow.. :)

I'm actually going to set up a Keyword Alert for "Minnesota" so every time someone talks about it, I can get notified and jump into the conversation (and tease people about the cold!)  Check out my new video on the  BP Blog (click here)  for more on what I'm talking about.

Marc Bodinger · Answer

It is meant to keep people in their homes but no one knows for sure how many of those will become short sales. With each state government operating under a different set of rules who knows what the process for you in MN.