All Forum Posts by: Nathan Reichmann

I found that continuingedexpress.com was the cheapest way to get a MN real estate license. It is all online and done at your own pace with a timer to make sure you complete the required time "in" class. It worked well for me, because I'm a fast reader and I remember most of what I read. I would recommend it if you are self-directed and very motivated to get your license.

I'm not a lawyer by any means, but from what I understand; accepting an arbitration clause locks you into using arbitration rather than the usual court system to settle legal disputes. There is no appeal process for arbitration that I know of, but arbitration is less expensive and entirely private (aka no bad press). Arbitration is also generally faster than the courts. Many businesses opt for arbitration for the cost, speed, and privacy of it. On the other hand, court cases use precedent, are public, and can be appealed. 

It comes down to personal opinion.

Talk with the seller about it. Some sellers won't sign the contract if you don't accept the arbitration clause. Ask the seller why they put the clause in there and if they would sign the contract without it.

Definitely also consult a lawyer. Many lawyers will talk with you about minor things like this without charging you for it.

Welcome to BP!

I have found several local REI clubs in the Minneapolis area that often provide helpful advice to new investors. Clubs also are great opportunities to network with other investors, property managers, lenders, and contractors, while also learning about the larger RE market as a whole.

I've seen several MLS wholesale deals get set-up, and sometimes wholesalers get into bidding wars on a property, so they have to buy it over list. However, at the same time they have it under contract on an inspection period, so the deal doesn't go off the MLS. An investor doing due diligence will see that it was purchased over list, but that does not mean that the investor can call up the seller and offer list even if the wholesaler dumps the deal. RE operates in a living market and the MLS only lists a suggested price at one point in time, not the current market value.

I know that there are a lot of "wholesalers" who don't know what they are doing, or are trying to make a killing on each deal. But that doesn't mean that every MLS deal that a wholesaler offers over list is a bad deal or that the wholesaler is an idiot.

If a wholesaler sends you a deal that looks strange or over priced, challenge them on the price and value. REI is all in the numbers. Just because it is on the MLS doesn't mean that the wholesaler didn't do any work to get the property. Maybe they have a vision for the property that you just haven't seen yet.

Thanks all for the welcome!

@Gerald Harris I work with a team of wholesalers up here and we do about 15 properties/month. By the end of the year we're hoping to be doing around 30 properties/month.  We have found the offline advertizing gets the best results for the effort up here.

@Brandon Turner thanks for the tip. Any expert tips on creating especially useful keyword alerts to keep the alerts really relevant, but not too broad?

I'm Nathan Reichmann. I've been working with a wholesale brokerage in the Twin Cities metro area for about 6 months now. I'm hoping to network through BP,  share strategies, and learn with the community. In the long-term (5-10 years) I'm looking to build a cash flow generating rental portfolio.