All Forum Posts by: Chris Salveson

We are looking for HIGHLY MOTIVATED entrepreneurial-minded individuals that can work in a fast-paced environment with one of the most successful Real Estate Investing Groups in the business.

This is an earn while you learn position.
Earn $1,000 - $10,000 per qualified sale paid twice weekly.
You will have the ability to not only learn about real estate investing but also market the investment courses. We are expanding our business and looking for a few Dynamic Individuals with the following qualities:

1. You must have an entrepreneurial spirit, and be coach-able.
2. You must be focused, driven and motivated to succeed.
3. You must have a team player attitude and want to help others make money.

We have systems in place for individuals with an entrepreneurial mindset, who are willing to roll up their sleeves, and put in the work. I'm looking for individuals that are willing to be trained by serious investors and learn how to make money.

Requirements:
No experience necessary.
Dedicate a minimum of ten hours a week.
Must be teachable.

Reply or send a message with your contact information including FULL NAME, EMAIL and CELL PHONE NUMBER and an associate will contact you promptly. 

"90% of all millionaires become so through owning real estate. More money has been made in real estate than in all industrial investments combined. The wise young man or wage earner of today invests his money in real estate." - Andrew Carnegie

Alright sounds good. Yes I definitely will, I'm just looking to see different clauses that people put in for different types of deals and see how specific wording affects the feel of the contract.

Hi everyone,

I'm curious if any wholesalers would be willing to share their purchase and sale agreements?  I've found a standard Minnesota purchase agreement, but I'd like to see some of the clauses and wording that others are using in their contracts.  Thanks in advance.

I'm curious on the laws for closing a deal in Minnesota. From what I've gathered, a sellers/buyers side only HUD is given to each person respectively, but a single HUD with all information and numbers is signed by both parties and is what actually gets recorded. Is this necessary or required by law, or can you close a deal with only sellers/buyers side only HUD's?

Thanks for the reply Daniel, it was very informative.  I have a little more information to help evaluate.  Rents in the area range from $1,200 to $2,000.  I know it's not the smallest range but there are no nearby rental properties; it's in a residential neighborhood.  There are no repairs needed on the house, it is in very good condition.  Maybe a new home buyer may want to paint the walls or something small like that, but I can't see an investor finding it worth their time or money to put anything into it.  The house was bought in 2006 for $145,000, the owners refinanced their mortgage in 2011.  So the amount due is from the mortgage in 2011.  The appraisal estimates I gave earlier are for the house as is, with no repairs, that's why I was thinking a price around $145,000 would appeal to many people.  I'm meeting with the owner's later this week and can get some more detailed information.  One investor has suggested I get the rights to redemption under contract, but I don't see how this is the best strategy?  Could you maybe explain why this is a good approach?

I've found a possible deal where I could stop the home owners from going through foreclosure, sell somebody a house at a price well below FMV, and make a little profit for myself. The property has just gone to foreclosure, but the sale isn't until Jan. 7. The amount due on the mortgage is $124,000. Including missed payments and interest the total amount due is at most $135,000 (haven't talked with the owners yet). The home value is estimated at a low value of $155,000 and a high value of $175,000. What I'm thinking is to get the house under contract for something around $140,000. That way the owners walk away debt free and with a little bit of cash. Then I would assign the contract to either an investor or someone looking for a cheap home, and charge a couple thousand dollar finder's fee. I'm curious what you all think of this deal and if there's any error in my logic? I'm also curious what you think the best way to sell would be, finding a buyer myself or sending it to an agent splitting the profits with them?

Many books I've read talk about adding or finding contract with the words "and/ or assigns" in them in order to make your wholesale deal work.  Is this really the best way to go about it?  I feel that this will immediately make the seller distrust you or question your intentions.  What I've heard from a seasoned investor is to simply put "This contract is assignable." somewhere in the contract.  In Real Estate everything is assignable, but specifically putting it into the contract covers you in case the deal goes sour.  I'm wondering what everyone's thoughts are on this?  I have no intention to trick any sellers or to be dishonest with them.  I will be completely upfront  and explain that I'm an investor and explain the possible assignment part of the contract if they are curious.  I just want to go about it in a way that doesn't cause suspicion or make the seller distrust me.  

Thanks for your time!

I will definitely do my research before attempting such a deal.  This is all speculation for now; simply trying to think of different approaches to wholesaling.  My initial thoughts were to find pre-foreclosure homes with enough equity for the deal to be beneficial  for all three parties.  This isn't necessarily new, but the foreclosure process in Minnesota seemed different then in most cases I've read about.  That't why I was curious how this type of deal would work in Minnesota.

Robert,

Thanks for the reply, it was very informative.  With that being the case, I could potentially pursue a wholesale deal for a house that is listed to go to auction, and still be able to assign the contract before the title changes hands, correct?

But suppose the list price is low enough for me to offer his asking price, why wouldn't he accept?  I'm giving exactly what they're asking for, and the chances that a different buyer is going to initially offer something above his asking price are slim.