The possibility of wholesaling in Minnesota.

[Christopher Kinnaman]

first off, I would like to take a moment to introduce myself to the commuter 8th. My name is Chris. I'm 37 years old and I live in Minnesota. I would like to get involved in the real estate game but honestly I don't come from a rich family and I really don't have much money to my own name but that should not stop me from what it is that I want to do. I want to get involved in real estate as I mentioned and build up a business that I can then pass along to my children and set them up. I have been doing different types of research and I see that the big thing for people to get involved in real estate without money down or money out of pocket so to speak is to do wholesaling.

I would like to reach out to people in Minnesota that have either done this or are currently doing this and find out if they have any insight on which direction I should take to get started. Having said that, one of the things I've seen is that some people believe that wholesaling could be kind of a gray area or some what type of illegal activity so I was wondering if anybody can weigh in on that as well. There has to be some type of legal way that you can present yourself as a wholesaler with clarity so that no party is kept in the dark and nobody is trying to second-guess what it is that you want to accomplish. can this be done with different types of documentation or maybe the closing company that you use or anything like that? I want to do it and I want to make it so that people trust what it is that I'm trying to do. If I was to take time and build up my own investment so I can invest my own money then maybe I could do that in 15 or 20 years down the road but I want to get going like yesterday.

I'm not one to just sit around and wait for something to happen. I want to make money and I want to make money now. I don't want to wait for 15 or 20 years down the road. That's exactly how long it would take me if not longer. I want to start with the wholesaling like I said use that to build up some capital and then take that capital and invest in property. Can anybody point me in the right direction?

[Dean De Pew]

I agree with Michael Kramer..... It’s a stupid law. The real estate community won’t have that much positive from this because there will be a bunch of licensed agents doing wholesaling and not contributing to the local board. They will meet just the minimum licensing requirements and continue with business as usual. The state on the other hand will get their pound of flesh, like they do for everything else in Illinois. I hope the rest of the states learn from the failed policies of Illinois. Taxes for the sake of... well just because they want to and can’t find another way to do it.

     Lincoln said it best... “you cannot tax people into prosperity”! Best of luck to you in Minnesota.