All Forum Posts by: Nathan Platter

Hey Cortez,

We use the  MINNESOTA STANDARD RESIDENTIAL PURCHASE AGREEMENT. Should work in all MN cities like Minneapolis, St. Paul,...

If you're going to wholesale like a professional, only pursue deals that are worth Cash Buyers' time (target for 60% ARV if you're not confident about estimating repairs)

Some wholesalers aim to lock up as many houses as possible and then walk away when their 2 cash buyers won't buy [bad] deals. Homeowners pay the price (packing everything up, preparing to move,...) and are then stuck with their own house when they were depending on you following your word to actually buy their house.

Wholesaling is legal (state dependent) but include "Being Ethical" in the business plan.

We are wholesaling this deal on behalf of the owner.

View More Pictures Here

Property is currently vacant.

Off-market side by side duplex in great St. Paul location!

LARGE units. One unit is a 3 bedroom/2 bathroom and other is a 4 bedroom/2 bathroom. Perfect rental or flip opportunity.

Good location for a rental! According to Rentometer, average rent for a 4 bedroom in the area is $1,963/month and $1,734/month for a 3 bedroom. Easy access to downtown, restaurants, shops, and parks.

Hey @King Johnson ,

You can post deals on the Marketplace section of  .

Do an online search for "We Buy Houses Neptune, NJ", "Sell House Fast Cash Neptune, NJ" and contact the first 4 pages for each of those results. Those are wholesalers trying to buy (your) inventory.

Hey @Charles Giovanniello ,

You have an obligation to provide for yourself and your household. Sounds like the roof and other surprise costs like electric, insulation,... make it harder to profitably own and operate this house.

Don't have the seller fix the items, they don't have obligation to get the best contractors to repair the items.

Renegotiate the deal so that you feel like you win when they agree, and the seller will agree when they feel like selling is a good deal for them as well.

Hey @Chao Cheng Gao ,

Properties being for sale on Zillow is a good thing, that means there is activity happening in that area and folks are selling properties. You'll have to look at individual properties to determine what will be worth your time, but market activity is much better than market stagnation.

Hey @Richard Sharpe ,

I believe it's 10 properties under your personal name before it gets difficult attaining additional FANNIE/FREDDIE loans.

Hey @Clara Nellans ,

Congrats on your success thus far! Lucky or not, the fact you're in the REI game is the biggest fear that you've overcome.

DM'ing you for more information about desired deals.

People Involved

The friend (Alfonso) is a born-and-raised Canadian citizen and resides there 100% of the year. I'm an American (Minneapolis, Minnesota MN)

The Intended Deal

Alfonso and I want to JV (Joint venture) a houseflip together. He's got the money, I've got the time/experience/location.

I'll take out the loan (Private or Hard money PML HML) and Alfonso will provide the downpayment.

Alfonso wants to use RRSP (aka Registered Retirement Savings Plan) money. From what I gather, it's the Canadian version of the US 401K/IRA.

The Question

• Can Alfonso use these funds to invest in US Real Estate deals?
• Are there international complications I/we should address?
• Are there other factors we need to consider?

Hey @Scott Brown ,

Here's the 2017 MN Statues rules on it...

https://www.revisor.mn.gov/statutes/cite/504B/pdf

504B.271 TENANT'S PERSONAL PROPERTY REMAINING IN PREMISES

It's too lengthy and detailed to post here, but copy the above line, go to that website (revisor) and scroll down to page 28 (of 52) and all your questions should be answered.

Hey @Fong Lee ,

1. Personal Financials

It sounds like you have an income problem, not a debt problem. A sufficient income will cover debts, expenses, and costs you occur. Raise your income. The quickest method is getting into sales and transitioning into a role where your compensation is in relation to your results. If 100% of your income is base (hourly or salary), it will be incredibly difficult to double your income.

2. First Property Purchase

Loan Officers like @Tim Swierczek can help you assess the pros and cons of FHA vs Conventional loans. As a stnadard starting point, target to buy and live in a 2-4plex. Having renters will help cover the cost of owning the building and you start accumulating equity.