All Forum Posts by: Dan Amstutz

When I am ready I will go and renew my license for a couple reasons. First off saving money on the commissions is always a plus but when I am the agent I am in control of my side of the deal. I have access to everything on the MLS which has 2 benefits. MLS provides all current listed properties for sale AND it provides access to historical data. The historical data is of considerable interest to me because I can see what property selling history, time on the market and tons of other useful bits of information. An experienced investor might not need to know all this stuff but I find that immersing myself in a subject is the best way to learn.

Another big benefit of having a license is being able to set up showing and to go see any property available in the market. No waiting for another agent to find time for me and I don’t have to feel bad about wasting their time if I “just want to check out a property”, especially when I have no intention of buying it.

Finally and most importantly I like to know what is going on. Being a Realtor forced me to KNOW my contracts. All real estate transactions involve them and the more you know the better decisions you will make. Period. Negotiating with other agents myself gave me more control of the transaction and when situations arise, as they always do, I was able to provide a delicate or firm hand as necessary.

Being a real estate agent may not make anyone a better investor but it provides more insight and control into the acquisition side of investing. 

Hey Sam, welcome to the forums.

I too am in college, as an adult undergraduate student, and I got my real estate license while going to school. I got it in the summer of 2013 right before school started actually. It was through an online service and really was not very hard. It took about a month. I then committed to being a Realtor full time while I went to school which was a struggle but I learned a lot, mostly through making mistakes.

I found it to be an incredible experience because now I know the ins and outs of writing contracts, negotiating and determining the market value of properties. I would not claim to be an expert but being a Realtor gave me lots of experience into to how real estate transactions work since I had absolutely no experience before.

That being said, I am no longer a Realtor as of 2015. I found the day to day grind of trying to make a living and go to school to be too much. The small success that I had was not worth to me the time that I was putting into it. I will most likely renew my license after I graduate but only for investing purposes.

I am from Maple Grove, MN. If you want to chat some more about it feel free to PM.

Hope this helps!

I will be attending as well. Looks like a good place to meet up.

I just moved back home to Minnesota and was actually just looking into the local REIA when I got a "Minnesota" keyword alert from BP. This sounds like a good time so I will definitely be there.

Welcome Matt.

I too am a Minnesota native that is looking to start investing in the Metro area. I and my family will be moving back there from Georgia in the beginning of August.

Although I can not help with a recommendation for a short-sale specialist I would however like to talk further with you about your rehab experience in this area. Maybe we can bounce some ideas off of each other. I will be working the NW metro area so please don't view me as competition.

I see that you said you have access to the MLS. Do you have your real estate license? Also do you know of or are you involved in any Real Estate Investing Associations in the area?
Looking forward to talking with you.

Dan
(I too am a big podcast fan)

Hello BP flippers and rehabbers,

I am trying to work out some details for my grand entrance into becoming a flipper.

Here is my tenative strategy:

Buy a distressed REO. -In Twin cities Minnesota, 4bd 2ba.

Use a FHA 203(k) loan. -This is a 3.5% down payment with up to 35k additional for home repairs, appliances, small remodeling, etc...
- I will be occupying the home as a primary residence.

Conduct rehab with contractors. -Cosmetic flip mainly to include bathroom/kitchen remodel.

Have house reappraised by bank. -I would assume it would be about the same ARV as other comparable properties in the area. Correct?

Refinance to pull "improved" equity out of property. -I know my payments will increase so I plan on saving a portion to pay back the difference in increased mortgage/PITI payments.

Use equity as down payment on next flip. - Buy another REO to flip in the area.

I would appreciate any professional advice. Thanks in advance.