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"
Hello Anita,
It is good to meet you. You are so right, the information is extremely useful; as there are always "newcomers" That's me!!! Just a little over a week. I'm excited. An awful lot of information, and for someone new ... it't just GREAT, and the other posts as well. Thanks to everybody, I read the comments.
Susana
This is in response to reighnie's question.
When birdogging you are simply finding a property for an investor. I do some research but nothing extensive when I am only going to receive a finders fee.
I have a few investors that ask me to birdog for them. believe it or not I have people birdoging for me while I birdog for my investors. I offer them $100.00 if they find me a property. My investors pay me between $500.00 - $ 1,000.00 finders fee so I do not mind giving someone $100.00 out of it. since I spend most of my time on craigslist (I search craigslist every 4 hours for new properties), FSBO among other site in search of investment properties I do not have the time to drive around and birdog. I now spend most of my time on the phone during the day making calls trying to make deals and assign properties. So I have birdogs looking for me
If you are going to do extensive research like a walk through, comps etc... you might as well assign the property and get paid for your time.
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
Everytime I hand out one of my business cards I am making the recipient a bird-dogger. On my card it states: "Refer a house and make $500.00"
$500.00 wow! I feel cheap. I have recruited my pizza man, mail man and trash man this way. It works!
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
When birdogging you are simply finding a property for an investor. I do some research but nothing extensive when I am only going to receive a finders fee.
I have a few investors that ask me to birdog for them. believe it or not I have people birdoging for me while I birdog for my investors. I offer them $100.00 if they find me a property. My investors pay me between $500.00 - $ 1,000.00 finders fee so I do not mind giving someone $100.00 out of it. since I spend most of my time on craigslist (I search craigslist every 4 hours for new properties), FSBO among other site in search of investment properties I do not have the time to drive around and birdog. I now spend most of my time on the phone during the day making calls trying to make deals and assign properties. So I have birdogs looking for me
If you are going to do extensive research like a walk through, comps etc... you might as well assign the property and get paid for your time.
Wow! So, you just find good deals and pass them on. Wednesday, I looked through MLS and found 6 great deals. I looked for out of place square footage for the most part and way below market price per square foot. It was quick and easy, and that was just one area of my suburbian city.
Thanks for your reply.
reighnie
How do you know if the investor/buyer purchases the property? Do you have to call the investor and question him/her or give them the 3rd degree? lol.
Also, because I am a very skeptical person, what if and does it happen that the investor has the so called referred property purchased under a different llc, or ghost/secret partner?
"ALWAYS THINKING OUTSIDE OF THE BOX"
You can use a non-circumvent contract. This contract basically states that the investor or whomever signs will not go around you. You can then track the property. In the case they do go around you then you have the rights to enforce the contract.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Carol,
Wow! Thanks for reminding me. I need to recruit the pizza guy, my mail man and my trash man. Maybe even several pizza guys and mail men (and women).
As a matter of fact when I finish writing this I am going to some pizzarias and handing out my cards - right NOW!!
I am letting too much grass grow under my feet. Damn! And it's costing me.
And you're not cheap. You are really moving girl! I definitely applaud you for all you've done. Absolutely fantastic!
___________________________________
Michael B
Anita,
Hi, I'm Trisha. I have been visiting this web site for the last few weeks and just got Deans book in mail.
Earlier in this forum you mentioned a subscription list.
{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.}
When you compile your list of great deal properties are you getting them from AFF, or classified's or driving around or all 3?
Just trying to put it all together.
Thank you for all your hard work on typing this forum it was really helpful for me. And thanks in advance for your support on this question.
God Bless,
Trisha
Where can I get a copy of this contract? Or if I have to make one up myself how might I word it?
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
Where can I get a copy of this contract? Or if I have to make one up myself how might I word it?
Hi, Carol.
Nstreet put one in under the thread: Home » Forums » Real Estate Investing » Buying Foreclosures, REOs and More
Non-Circumvent Agreement
http://www.deangraziosi.com/node/9352
And check post #24 up above by Anita. I think that is the same thing. I believe she also put one in somewhere else, too. (Boy, it's hard to find stuff now, even WITH the search box. lol )
Hope that helps.
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, I'm Trisha. I have been visiting this web site for the last few weeks and just got Deans book in mail.
Earlier in this forum you mentioned a subscription list.
{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.}
When you compile your list of great deal properties are you getting them from AFF, or classified's or driving around or all 3?
Just trying to put it all together.
Thank you for all your hard work on typing this forum it was really helpful for me. And thanks in advance for your support on this question.
God Bless,
Trisha
hi trisha
i get my list from everywhere. you just need to make sure you keep it current
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Another update Anita! I don't want to get out of the bird-dogging subject, and i would love to do some bird-dogging as well, but here in my neck of the woods, i find a lot of my properties through word or mouth and FSBO. I promised Anita that i would provide her with an update on one of my properties. As of today, Nov 4th, i closed another deal on another house. The house is beautiful located in one of the best area in town. This house will become my new home, as the one that i'm currently resides at will be rented out. I have a renter in placed and it's just a matter of signing a rental agreement and for me to move out. Horay!
Property Appraised at $140,000
Purchased Price $115,000
Down Payment 5% plus closing cost.
i love coming into the site to read and learn from the frustrations of rina, elena, anita,sully and everyone else because you all do post very important and helpful info all the time thanks for all of it.
dee
as birddoggers we research the properties just like we do as investors.(title search, any & all liens,etc.)can someone confirm this if i am right or clarify if i am not. thanks in advance
dee
I talked with an invetor about working for him as a birddogger. He agreed to use me as one, and I gave him nine reo properties. Before I gave him the props I asked him should I be on a contract. He said no it's pretty straight forward. I called him the other day just to see how things were going and he said he hasn't made any deals yet. How can I trust him I'll get paid? Did I do something wrong by giving him the properties without being on a contract?
You definitely hould have had him sign a non disclosure contract first. There's no way for you to get restitution if he just bypasses you. If he's honest, he'll pay you. But, you have no guaranty. You'll just have to wait and see.
reighnie
I talked to an investor Wednesday who specializes in pre-forclosures and short sales. On pre-forclosures, he restructures peoples loans and somehow makes money. I started to ask about short sale details to be clear and I obviously sounded new. He asked what I did and I told him I was just starting out. Suddenly, he had a "forgotten" meeting. I'm not sure that I want to work with him. He seemed nice enough, jus not interested in talking to a newbie. Anyway, as far as short sales are concerned, are investors looking for current short sales, or are they looking to catch them before they get that far and turn them into short sales? If it's the former, I know of at least 5 off the top of my head. They're not selling out here because the lenders holding the seconds are getting greedy. They're just screwing themselves because the REOs are hitting the market now with great deals. I know this because my wife and I have been house hunting. We spent about two months back and forth over a short sale, just to have the second lender finally pull out because they think they'll get more at auction. It's not going to happen because it's on older house with a ton of added on rooms, etc... It's not what people are looking for these days, though. It worked for us because of our unique circumstances, and because I see cathedral ceilings as a huge waste of space. We looked at another short sale and it also had a second. After our first experience, we were leary. So our agent checked it out first. They were asking $229,000, but it turns out that the second lender wouldn't let it go for less than $245,000. Why don't they just put what they want? Meanwhile, REOs start popping up and we're in underwriting on a home worth about $300,000 in today's market for $260,000.
Anyway, back to short sales. Are investors actually looking for existing short sales? Are they crazy?
reighnie
Often a common way people who restructure loans make money is:
They purchase the mortgage from the bank. Similar to a short sale but without the property directly involved. Now the investor has the note they work with the payor to create a loan they can pay. Once they have the payor paying again they the investor will hold the note for about one year then sell the note to another investor.
This works well because the investor can buy the note from the bank for cents on the dollar then resell for 100% or more in profit.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Hello All,
I have recently became partners with another wholesaler in my area. Let's just say my life has not been the same since.
He currently has over 300 bird dogs sending him properties daily. He has an inventory of hundreds of property leads per week. I was introduced to him by one of his bird dogs who saw one of my adds on craigslist and contacted me.
That being said I wanted to share this bird dog machine with you. Visit this site to see how this man has creatively built a bird dog machine that cranks out at least 20 bird dogs a day. http://mdunlap.teamworkprogram.com/welcome
Hope it gives you some ideas!!
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
I do some real estate notes, I find them, and send it to a buyer and get paid
is this the same as getting a fee for finding property for a buyer. I'm new to this site, and as a new member, do I get a free website for this program, I saw it in dean's list when I was reading it. I have 4 rental properties now, but I bought
them before i got dean's book, and I bought 3 with no money down, I would like to make money by finding properties for a investor and don't have to worry on getting my money each month from my renters. I hope to here from you.
paul
Selling notes can or does have the same concepts as finding properties for investors called bird dogging or assignment of contract (selling your control of a purchase contract).
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
I have recently became partners with another wholesaler in my area. Let's just say my life has not been the same since.
He currently has over 300 bird dogs sending him properties daily. He has an inventory of hundreds of property leads per week. I was introduced to him by one of his bird dogs who saw one of my adds on craigslist and contacted me.
That being said I wanted to share this bird dog machine with you. Visit this site to see how this man has creatively built a bird dog machine that cranks out at least 20 bird dogs a day. http://mdunlap.teamworkprogram.com/welcome
Hope it gives you some ideas!!
Carol,
thanks for sharing yet another great post.
You are like a locomotive on the REI track. You are just full speed ahead, with nothing standing in your way! Keep posting in your journal. It is so cool to watch as you continue to push forward in your REI endeavors. btw, I visited your business website today. It's awesome how you have intertwined all the aspects of your REI and remodeling business to reach just about anyone that could be helped by either, pulling in leads from every angle. I love it!
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 Guys I have been away from the site for a few weeks so Iam just popping into see how all those bird-dogers are doing.
Post your progress and lets see what you have been up to.
MERRY CHRISTMAS!
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
This may be a stupid question, but where do you find the property to sale? How and where do I find these property to sale to investors?
There are a lot of articles available to you on this subject. Dean devotes a lot of his information on this. The overview answer is anywhere. They can be properties for sale by owner, through realtors, vacant and so on. They key is finding those where the seller is motivated.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
I have found that the best way to find properties is to get the word out that your looking. Let people know that your looking for properties that are abandoned, people need to sell, etc... and then offer them some money if they find you one and one of your investors buy it. Believe me people are hurting financially right now in today's economy and they will be very motivated to look if they will get paid.
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
Thank you so much for the information I think that this is the way id like to get started I plan on starting my journal in the new year and hopefully can come to you all for advice Thank you
birddogging is illegal in texas, so what i need toknow is if there is any way to get around that by having a contract betweenyou and the one paying you stating that you are being paid as an independent consultant for property location and not being paid for properties?
after all, the only one who knows i am being paid is the person paying me and they wont report me because the act of paying me is illegal also.
dee
Could you plase list the statute that outlaws bird dogging in TX??
Thanks