Posted by JohnBoy on November 06, 2000 at 11:56:24:
I’m not arguing one can’t do real estate investing in MN.
The issue is whether you need a license or not. Under MN Law it clearly looks like is says if you SELL five or more properties within a 12 month period, then you DO need a license or at least need to be represented by an agent or broker.
An option on a piece of real estate IS pertaining to real estate. It’s an option to buy real estate. Real estate is real estate. The issue though, is pertaining to the number of SALES permitted within a 12 month period. A contract for sale as in, Land Contract or Contract for Deed, IS a sale, it DOES pertain to real estate when it is in fact real estate you are selling.
Their are MANY ways to INVEST in real estate, only ONE of those ways pertain to SELLING IT! This has nothing to do with INVESTING in real estate, ONLY when you SELL real estate.
Talk to a QUALIFIED real estate attorney in your state about this matter if you don’t know for sure and I’m sure he’ll clear it up for you. Probably a lot cheaper in the long run than waiting to argue about in front of a Judge after the fact when the state is after you.