All Forum Posts by: Forrest Kalk

Investment Info:

Single-family residence wholesale investment.

Purchase price: $50,000
Sale price: $75,000

This home was in extremely rough shape and needed a full remodel. We prefer light to medium flips, so we reached out to another partner investor. They were searching for rental properties in the area anyway, and ultimately BRRRR'd the home. At the end of their rehab, they had a solid rental property that well surpassed the 1% rule. Another great win-win!

Investment Info:

Single-family residence wholesale investment.

Purchase price: $305,000
Sale price: $320,000

My investor partner and I bought this property from an out of state owner who was looking to liquidate the property. We intended on buying the home as a fix-and-flip, but instead decided to pass this on to another partner so that we could buy a different property to flip. Ended up as a win-win-win for all parties involved!

@Jean LaCosse congrats on getting your license!!

It’s a good idea to get as many leads coming in as possible as a new agent. I myself did the same thing when I started last year. I recently helped a friend buy a home about 1 hour outside my local or “ideal” market. I likely will refer anyone outside 1 hour to an agent in their city. Once you have several clients and get busy, I don’t see driving to Duluth being sustainable.

What I would do is market to your friends and family as much as possible, and also build a good relationship with a local agent in your hometown. Then when you start getting calls, you can refer your clients to the local agent who you’ve grown to know and trust. Set up a referral agreement with them so when your clients buy or sell their home, you receive 25% of the commission.

Focus on marketing to everyone, but make sure your time is worth the reward (or potential reward).

I hope that helps, and good luck!!

Thank you @Dmitriy Fomichenko! 

Investment Info:

Single-family residence wholesale investment.

Purchase price: $152,000
Sale price: $205,000

This wholesale property will need a full gut and rehab. The out of state owner selected our offer over 3 others, which was the result of great communication, planning, and execution. During the inspection, a third party investor was assigned the contract at the final sale price - avoiding a double-close.

@Wane Zaza Absolutely, I'd be happy to help. I'll send you a personal message now. 

Hi Abe, welcome to MN if you just moved here recently! Our team specializes in helping people buy and sell small multifamily homes in the Minneapolis- St. Paul area. I'd love to chat more about what you're looking for, and see if I can be of assistance. 

@James Hamling Thank you for sharing! This is really great. I had similar thoughts about foreclosures, but have been getting several questions about it.. 

I enjoyed reading about the ''micro-dip'' in 08/09 and the overall trend of the market. I have several buyer clients that want to wait for things to ''cool down'' before they buy. I've tried explaining that it won't matter that they bought in a ''hot'' market. When they look at their home value in 5, 10, or 20 years they'll have wished they bought sooner. 

Thanks again for your input James, and everyone else in this thread!

Hello BP!! 

I'm a newer agent, and a lot of my clients are curious to see what the market will look like throughout the year. I give them my insight, but would like to know how other people are answering any of these questions:

Will the market have a correction this year? Do you expect a large increase of foreclosures? 

Do you expect home values to continue to rise? Should I sell now while things are hot, or wait?

I understand that we can't predict what the market will do, but wanted to get some insight on what everyone thinks.

Thank you for your input and feedback!