OfflineNO MONEY, NO CREDIT, NO EXPERIENCE, NO PROBLEM **
I am sure that this topic sounds familiar to some, as well as it should. It was posted here one before but I had to remove it for various reasons. Now I am posting this one - I am going to try to make it as comprehensive as possible and any questions you have you can ask here.
A Real Estate Bird-Dogger will canvas the ads and websites any any other venue to find deals on real estate for investors.
They will then be paid a "referral fee" for this information. Now it is completely up to the bird-dogger to negotiate their fee. Yet, some investors only pay a flat fee for referrals, but you know what I say, EVERYTHING IS NEGOTIABLE!
I bet by now you are asking yourself, :How Do I Get Paid?". Well lets take it step by step.
1. Advertise your services as a Bird-Dogger to every Investor you can find. Use craigslist, backpage, flyers, word-of-mouth and whatever elese you can find to get your service out there.
Now at this point you will start receiving phone calls and emails from REALTORS, telling you that Bird Dogging is illegal and that only a licensed Real Estate Agent can get paid in a real estate deal - NOT TRUE. You are not selling real estate you are providing a location service.
2. Once you have built a BUYERS list (this is what you have gotten from your ads for your service) you can then start looking for properties. When combining the list you should be asking what their price range is, where they want to buy, how soon can they close, etc... That would mean anything that YOU would need to make sure that YOU get paid faster and also these questions qualify the buyers.
You definitely DO NOT want to bird-dog for an investor that is NOT a REAL - rehabber. Why, you say....well because if you bird-dog for a guy and he turns around as ASSIGNS it to someone else and their financing falls through you were just left hanging, with no referral fee, and lost a really great deal. So when dealing with investors looking to use your service, make sure to tell them that you DO NOT do third party deals. Anything you find for THEM, MUST BE CLOSED BY THEM, and also in a timely manner.
REMEMBER.....
YOU ARE NOW A BUSINESS OWNER - SO RUN IT LIKE ONE!
3. Getting PAID!
a. If you agreed that you will receive your payment at close of escrow, then indicate so in he promisorry note. Make sure you stay in contact with buyer so you can track their progress.
b. Get PAID using a subscription list! I prefer this way and this is how I do it. I compile me list of buyers and then I compile a list of great deal (properties) I then charge a flat monthly fee for providing the list. I guarantee at least 10 deals on it and all at least 35% UNDER FMV. I then charge 250.00 permonth for this list and I send it out to whichever of my buyers want to subscribe. So if you have 5 buyers that want to subscribe, then you profit 1250.00 per month weher they close on the deal or not.
c. A COMBINATION OF BOTH. You can do both, provide individual deals as well as a subscription list.
d. GET PAID UP FRONT - sometimes you can get paid up fron, by accepting a smaller fee. A lot of investors would not mind giving you 200 - 500 dollars up front on a good solid deal, especially if they see where they will profit well from it. Keep in mind that they may be doing some rehab work that could take months or maybe its an FHA deal and there have to to repairs made - which again could take months.
4. Keep good account and referral records.
5. DO NOT GIVE OUT THE PROPERTY ADDRESS - until you have a nin disclosure agreement signed by buyer. This will prohibit them from acting on the property behingd your back and/or getting someone else to step in an buy it, so they will not have to pay YOU! Once you have the agreement signed, provide address and any other useable info to help the investor make up their mind.
Being a Bird-Dogger can and IS a profitable BUSINESS. Thats right, a business. If you run it half heartedly, you will never get paid, you will never succeed and you will never experience the full spectrum of becoming a real estate investor.
Think of this as the "walking" phase and you can only grow from there.
In the mean time you have done the following:
You make money and profit from your hard work. It can be anywhere from $100 to maybe up to $2,500 or more on each property your investor. buys from you.
You have the opportunity to work in real estate investing and learn from from others that have done it successfully.
You'll work with investors that do not have the time to find deals but have guaranteed money.
What does all this mean? It means that a few good referral deals under your belt, a successful and qualified buyers list, a network of investors with money to spend and the vast knowledge of real estate you have just gotten from OJT (On Job Training) - you are now ready to tackle investing YOURSELF.
Using some of the funds you saved from bird-dogging you now have enough to start putting down the down payments and earnest money you would need to lock up those properties and start assigning and/or buying them.
BIRD-DOGGING......
Man is real estate fun!
I hope this helps you and I am sure you will have lots more questions and as I always say, the best advice I can give you is to - JUST DO IT!
Get up off the couch, step away from the computer, drop the books and put down the phone. GET TO WORK!
Good Luck and Much Success.
Bird-Dogging Tip: Start a notebook with picture and any thing else you have on each property. Use tabs to seperate the structure types and what ever else you would like. Keep it with you at all times - its now your business at a glance.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Bravo Anita! Great information you bird-dogger you! I'm in the process of getting one more property adding into my porfolio. Waiting for the bank to approve a 100% financiing, but if not, 95 percent. Wish me luck! lol. Thanks for the informative information!
Lloyd
Ant, didnt you already post this SAME exact post before? Man, thats a lot of writing if it is, SULLY
YOUR HERO, SULLY
Congrats on the new addition and great work you are doing down there.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Yes Sully, as I stated in the beginning of this post - I posted a similare topic some months back but for various reasons had to take it down.
NOW - however I am posting this one with even more infor than the other and YES, I typed it ALL over again today...lol...and yes my fingers are tired but I had to do this one from the heart.
I just think that this info will be so useful to so many out there that are looking for a place to start.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Since I've only done 2 so far (one closed today!), I don't have much to add, but I wanted to just make an observation. I think if I continue to do bird-dogging (or hopefully successful assignments) I will only want to work with investors that I have trust in. The investor I've done these last 2 deals with has been so excellent, I could only hope to experience the same with any others in the future. BUT, I think I will screen my investors just like I do my renters so I don't run into problems. What are your thoughts on that? Am I being too picky?
(Just me thinking out loud, as usual. lol)
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
Rina that is exactly what you should do. Always qualify both.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Rina, wait, did you WHOLESALE those 2 deals or did you just Birddog? I'm confused i thought you Assigned those deals(wholesale), but your post above says that, "if you continue Birddogging?"
YOUR HERO, SULLY
Hey Ant, I negleted to read the begining of the post, since i thought it was the same exact post(my bad), i didnt know you had to take it down, well, i'm sure ALL the "newbies"(dosen't that word sound like it's straight outta STAR TREK, or something?, lol) Appreciate your thorough post, SULLY
YOUR HERO, SULLY
I think if you look back, you'll see that I've been saying after trying to assign the deals, the banks that owned these 2 REOs (and the title company) would not accept a purchase agreement written that way, so we had to change the deal to a bird-dog fee for the investor to purchase these 2 properties. The deals were too good to pass up and I had too much REI of my own going on at the time to purchase them myself, so of course we went the route we had to take. I am still determined to do an assignment, but this was one more experience of something I hadn't done, and the process made me and my realtor just that much more educated. I don't feel bad at all about it being "just" a bird-dog deal, because $1500 per house (on $27 and $45K purchases), plus other compensation, is pretty good for a day of looking at properties (which I love doing anyway.
) And the knowledge I'm gaining from the experience would have been worth PAYING for. Instead, I'M getting paid. 
And I'm learning a TON from someone who owns properties (residential and commercial) all over the country.
I am having to be patiently aggressive (lol) in the assigning area. I will definitely fill you in when I make a move and reach success. Which will be soon.
Sorry if it's been a little confusing. I really wanted to post the deals because they are examples of good deals happening (actually closing) right now, and I AM proud of "finding" them (I haven't CREATED yet like CBR). I also hope it's encouraging to anyone out there just starting out, to see how many ways there are to make money in REI.
So if you have any pointers, I'm all ears. I LOVE the learning process!
Thanks, Sully, for the question. I hope this clears it up.
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
Hi All
We do appreciate all you are doing to assist us in our REI business. I am presently in the process of selling a property I co-signed completely for my sister. At present, she is not paying the mortgage, and I have to foot the expenses, hence the reason all my energy is channeled into that. I refuse to have the property go into foreclosure and damage my credit rating. I am trying to have it sold by the end of this month or the middle of next month. I would prefer not to pay another mortgage on the property, hence my quick action. I have learned my lesson, be careful, no more cosigning. I have also learned that it is better working with strangers than with family. Do not get me wrong, it is because I care for my sister that I tried to help her. As soon as I did, she stopped speaking to me. Well tough luck, I do not need her, I will just have to do what I have to do. The property is now on the market in Baltimore, Maryland. Should anyone have some advice, I will welcome. I am an avid listener. Thanks to all, Love Ya.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
Thank you for your post. It's nice when others can learn from our frustration. lol
I feel ya on the co-signing thing. (and the "doing business with a relative" issue) I sure wish you well on the sale of the house. Keep us posted on how it's going.
your DG sis,
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
Roger that, I wasen't aware of the way those deals went down, you know that you could have purchased BOTH REO's by submitting your offer as 123 walnut st LLC OR you could have just done a "DOUBLE CLOSE", NOT telling you what to do, just saying it may have NETTED you a higher profit, SULLY
YOUR HERO, SULLY
On my list of "to-do"s, Sully. LOL
your sis,
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
never cease to amaze ME!
I am still learning from this site and the people on here EVERY DAY!
Thank you
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Sucks, the bank just called and informed me that my loan was denied. I was told because of my debt versus income was the main reason it was denied. I've purchased three properties and one re-financed in the last six months, and the bank has used all four properties aganist my income, even though three of them are being rented out. I make a reasonably good income down here in the south, but i want to purhase this house and turn my current house into another rental property.
Any advise for me! This next house, i've negotiated with the owner where we agreed on the price which would give me 20% equity, but now i don't want to loose this deal. I love the house and i want to do everything to get it. I've contacted another mortgage company in Utah and hopefully will provide some better news. I want to buy as many properties as i can, but when the bank turns me down, i feel a little down and disappointed. I also would like to make a note that i have a credit score between 710-740, but yet, i'm still being denied. Never had any bankrupcy, never had any lien aganist me or foreclosure, but i don't know what it would take to get this loan approve. Any suggestion will be greatly appreciately.
Lloyd
If I am just finding properties with great profit potential, do I still lock in the sale, or, just pass whatever information I have collected (due dilligence)to the "investor"?
Is there any type of paperwork for the bird dogging transaction?
Also, how should I base my 'fee', as a percentage or a flat fee. Either way, what would be a reasonable asking amount?
Thanks so much in advance!!!! You guys are the best!!!!!
Anita, Rina, Sully....Somebody? lol
You all are an assest to the DG family!
"ALWAYS THINKING OUTSIDE OF THE BOX"
Any advise for me! This next house, i've negotiated with the owner where we agreed on the price which would give me 20% equity, but now i don't want to loose this deal. I love the house and i want to do everything to get it. I've contacted another mortgage company in Utah and hopefully will provide some better news. I want to buy as many properties as i can, but when the bank turns me down, i feel a little down and disappointed. I also would like to make a note that i have a credit score between 710-740, but yet, i'm still being denied. Never had any bankrupcy, never had any lien aganist me or foreclosure, but i don't know what it would take to get this loan approve. Any suggestion will be greatly appreciately.
Lloyd
Hi Lloyd
Keep your head up. Sometimes using the same lender, they will put a cap on you. You are doing the right thing by looking at the other one in Utah. They should see that your properties are not just liabilities but cash flowing assets which ae paying for themselves. Get a jump start on them by doing a . oh what do you call it, asset/liability sheet I think. This will show exactly what you are putting out and what you are taking in and how much reserves you have to work with.
This should go a long way in showing intent as a serious investors, whih will make them take more notice. If necessary with the new how draw up a business/marketing plan and show your intent with not only the new property you are trying to get but with the others as well. Present it like a business would.
Also talk with you new seller and give them a brief overview of whats goig on and ask for the 45-60 escrow - go ahead and lock it up and use that time to get some solid NEW financing under your belt. Also inquire as to if they would consider owner financing.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Is there any type of paperwork for the bird dogging transaction?
Also, how should I base my 'fee', as a percentage or a flat fee. Either way, what would be a reasonable asking amount?
Thanks so much in advance!!!! You guys are the best!!!!!
Anita, Rina, Sully....Somebody? lol
You all are an assest to the DG family!
Hi Madison
You would use a promisorry note for the finders/bird-dogging fee. You and your investor should agree upon a price for your service that work for both of you. Please re-read the original post a few more times and I think you will gain a clearer understanding on the process.
As far as passing on the deal, yes you would but only AFTER you have negotiated your fees and have them in the promisorry note and they have signed a non-disclosure.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
If I read anymore, I think my eyes will fall out of my head!!
There is so much information to digest. Just when I think I've got it---A new question pops up! (my problem is, is that I over analyze everything!--sometimes it's a beneficial fault and other times, not so much.)
I only hope that soon, I will be the one answering questions, and not asking.
Thanks Anita, You're the Best!!!! Believe me, all of us "newbies" so appreciate all of the help, knowledge, and key information, that you and the rest of the DG fam passes on to us!!
Love you Guys!!!! <3
"ALWAYS THINKING OUTSIDE OF THE BOX"
and I am glad to help and just post if you have more questions
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Would investors be willing to close using my agent? If not, how do I make sure she also profits? If she's hoing to be actively pulling MLS listings for me, I'm sure she'll expect something in return.
Thanks,
reighnie
Hey Anita I see you have mentioned a non-disclosure statement a few times, what exactly is that and what specifics need to be covered.
Erika, REI
Brownstone Investment Group
405.748.0734
www.facebook.com/Erika.Coleman
www.twitter.com/brownstoneREIgr
Job 22:21 Submit to God, and you will have peace; then things will go well for you.
Job 22:28 You will succeed in whatever you choose to do, and light will shine on the road ahead of you.
Deut 28:8 The Lord will guarantee a blessing on everything yo do and will fill your storehouses with grain. The Lord you God will bless you in the land he is giving you.
Thanks,
reighnie
hi reighnie
they may be willing to use her if you make that part of your deal stipulation. Rather, a part of the assignment agreement. But I have a question for you, why are you using a realtor to pull listings for you when you can log on to the mls and do it yourself. Just a question....good luck
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
A non-disclosure agreement protects you and your information from being taken and used by others.
Confidentiality Agreement
It is understood and agreed to that the below identified discloser of confidential information may provide certain information that is and must be kept confidential. To ensure the protection of such information, and to preserve any confidentiality necessary under patent and/or trade secret laws, it is agreed that
1. The Confidential Information to be disclosed can be described as and includes:
Property description(s), technical and business information relating to proprietary adresses, contact information, real estate information, ideas, drawings and/or illustrations, costs, profit and margin information, finances and financial projections, customers, clients, marketing, and current or future business plans and any other information relating to property leads supplied, regardless of whether such information is designated as “Confidential Information” at the time of its disclosure.
2. The Recipient agrees not to disclose the confidential information obtained from the discloser to anyone unless required to do so by law.
3. This Agreement states the entire agreement between the parties concerning the disclosure of Confidential Information. Any addition or modification to this Agreement must be made in writing and signed by the parties.
4. If any of the provisions of this Agreement are found to be unenforceable, the remainder shall be enforced as fully as possible and the unenforceable provision(s) shall be deemed modified to the limited extent required to permit enforcement of the Agreement as a whole.
WHEREFORE, the parties acknowledge that they have read and understand this Agreement and voluntarily accept the duties and obligations set forth herein.
Recipient of Confidential Information:
Name (Print or Type):
Signature:
Date:
Discloser of Confidential Information:
Name (Print of Type):
Signature:
Date:
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Anita, is there a way to acquire mls listing for free. I have tried searching and they keep promising free, only for seven days and then $19.95 a month. I am a bit sceptical to join. I once took advantage of a free promotion for free government grant money and it was hell to cancel. I could not find the site to cancel and had to call several times before finally being able to cancel the program. Really need some help here. Like reighnie, I thought I had to go through a real estate agent. Thanks and God Bless.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
Many Agents have access to MLS listings on their web sites. You can set up your own searches on these sites.
Al
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw
Hi Anita Great post!! Lots of info here.
I have a question. You said "DO NOT GIVE OUT THE PROPERTY ADDRESS - until you have a nin disclosure agreement signed by buyer." What exactly is this agreement? Is it an agreement of sale or an agreement that specifically guarantees your referral fee?
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
http://realwholesaling.com FREE wholesaling tips and resources!
To your success,
Carol Stinson
This is my first time on the forum, and I have a feeling I will be visiting you guys a bunch more! I bought Dean's book back in January, read it, and have been listening to the teleseminars and watching the "Deal of the Month" videos, etc...in other words, overloading with information but not doing anything with it. I've recently relocated back to my home town in Northern Virginia and have lots of time but don't quite know where to start...sounds like bird-dogging may be it (btw my "burning" question was indeed answered on this forum- namely, how to prevent buyers or sellers from cutting you out once you match them up). As most folks, I'm skeptical of paying for things advertised on late-night infomercials- have any of you actually paid for the Success Academy materials or hired a personal coach from DG? Just curious what the results have been. Anyhow, thanks in advance to everyone who's been posting here- know that you have a captive audience!
If you look up the page about 3 post up, you will find a sample of a non-disclosure and exactly what it is used for. but here is its definition:
A non-disclosure agreement (NDA), also known as a confidentiality agreement, confidential disclosure agreement (CDA), proprietary information agreement (PIA), or secrecy agreement, is a legal contract between at least two parties that outlines confidential materials or knowledge the parties wish to share with one another for certain purposes, but wish to restrict access to. It is a contract through which the parties agree not to disclose information covered by the agreement. An NDA creates a confidential relationship between the parties to protect any type of confidential and proprietary information or a trade secret. As such, an NDA protects non-public business information.
NDAs are commonly signed when two companies or individuals are considering doing business and need to understand the processes used in each others business for the purpose of evaluating the potential business relationship. NDAs can be "mutual", meaning both parties are restricted in their use of the materials provided, or they can restrict the use of material by a single party.
It is also possible for an employee to sign an NDA or NDA-like agreement with an employer. In fact, some employment agreements will include a clause restricting employees use and dissemination of company-owned "confidential information." NDAs are used in the IT field, and are often given directly prior to taking a certification exam.
In rare cases, the contract may state that the existence of the NDA itself cannot be disclosed.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Thank you Al, I will investiquire tonight. God Bless.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.