Greetings,
I am currently waiting on Profit From RE Right Now, but I have been noticing the topic "Bird-Dogging" appearing on the site a lot and I was just curious about it...
What is "Bird-Dogging" and how does it work?
What are neccessary steps and guidelines to this strategy?
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In simple terms a bird-dog is finder. One who finds properties based on what an investor/buyer is looking for. A bird dog would provide the investor/buyer an address and/or some photos of properties that meets his/her criteria.
Then the bird dog receives a fee if the investor/buyer closes on the property.
There are many books out there on the subject. I personally have not tried this but have been researching its potential. You can do this without any money of your own. Just contact investors/buyers in your area. good luck!
PS: I just did a google search for "real estate bird dogging" 656,000 results.
Hope this helps
Thanx, but I'm a little confused... So this different from re-assigning deals right? There are no contracts involved on finders half? Is this correct?
yes, that is correct...
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***Something to Believe In***
"If you want something, GO GET IT...PERIOD" Will Smith
***"I CAN'T IS NOT A EXCUSE...IT JUST MEANS YOU WON'T"***
"Obstacles are those frightful things you see when you take your eyes off your goal" Henry Ford
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This is exactly what you are looking for,
http://www.deangraziosi.com/node/11192
Angela
Thanx DG friends and Ang thanx for that thread because I looked up BD and started to get scared because it was stating that it is illegal...
In some states it is. But there are creative ways around it!
That is very true...The more creative you can get, or be, the more things you will realize is possible...I know Dean talks about being creative in his books, but being creative will get you much further than not...I am learning that real quick...
~TAKE ACTION AND THINGS WILL HAPPEN~
***Something to Believe In***
"If you want something, GO GET IT...PERIOD" Will Smith
***"I CAN'T IS NOT A EXCUSE...IT JUST MEANS YOU WON'T"***
"Obstacles are those frightful things you see when you take your eyes off your goal" Henry Ford
~"Success doesn't come to you...You go to it" Marva Collins~
Thanx for the advice guys. It's highly appreciated
May good things come to all of you
The term "bird dog" refers to an idividual who identifies lucrative real estate investment opportunities and directs investors to the deals for a fee.
Bird-dogging is a great way for an individual to generate income via the real estate industry without actually investing money. Instead, bird-dogging requires time and an eye for a good deal. In short, bird doggers are lead generators.
There are several methods to bird-dogging. Some individuals simply compile a list of addresses for their investors. Others, however, really do some legwork and supply their investors with addresses,images,repair estimates and market value data for each location. Obviously the more information the investor receives,the more likely a transaction will take place.
Bird-dogging can be used as a way to make income in the real estate market for individuals who don't have the credit or money to buy and sell. Additionally,it is a good way to learn the ropes of investing before diving into the game.
The terms wholesaling and bird-dogging are often used simutaniously. They are, however not the same. Wholesaling is similar to bird-dogging, but requires more effort. Instead ofpointing the investor to a real estate deal, the wholesaler tracks downand purchases the property with the intention of reselling to another investor. The key here is to leave enough potential value in the home so the rehabber can fix and flip the property for a profit.
Typically,A wholesaler has adequate deposit money in hand and the knowledge needed to gain a written contract on the property. From, here the wholesaler shops the real estate to other investors.
The art of wholesaling does require a certain amount of know-how. Talented wholesalers can profit in the industry.Others use wholesaling as a stepping stoneinto the investment market. Either way, When done correctly, there is money to be made in wholsaling.
In short I would not give adresses to anyone until you have a signed contract.
I hope this helps you understand a little better.
Richie.