Bird Dog Fee
I know this questions has probably been asked a ga-zillion times on this forum, but I would like to know for you bird-dogs out there, how much you normally charge as a fee and do you collect it upfront or wait until the investor completes his exit strategy?
Times are tough right now. There are houses that have been on the market for months, without even an offer, and I mean nice houses that are below market. Right now you need someone who can pay cash for properties. The market does not favor the investor.
particularly in Calif...you have been hit with bad timing...no one knows where the bottom is there and many investors are gun shy in SoCal right now with good reason...the blood is still running in the streets and ...the old saying is " a confused mind always says NO "....right now that is the sentiment of investors & buyers in your neck of the woods...just have to wait it out or do something else in the meantime...looks like it may be 2 or 3 more years before prices come down to match wage affordability there...that is why everyone is holding off...you are not doing anything wrong that i can see ...just bad timing...regards, CWal
Andy,
The seminars & gurus fail to mention how to adjust your business plan to the market cycles & realistically make it work in your local market. They like to paint a beautiful picture with unrealistic expectations & strategies. I only know a few people who are implementing the short sale strategy correctly. Most are spinning their wheels by using their own time to push paper.
Obviously your business plan has revealed some weakness. My advice is not to follow the herd. The herd will be out of business & the smart investors will benefit.
There are still transactions happening in California. I have seen this before & intend to make the most out of the opportunity.
Best of Luck
ESJ
I agree.
Do you have someone that you can do a post-mortem with to analyze the strengths and weakness of you operating plan?
thanks for all your replies.
No i dont have someone to do a post mortem.
Hey Andy
Have things gotten any better for you in Temecula??
Hey Andy, Ive read your statement, I think you are playing the wrong real estate angle for this market. This short sale, assignement, flips, etc stuff will not work right now because of the banking situation.
I would recommend that you look into the rental/property management side. It still a difficult area and u may need a license or something. But unlike real estate sales...some money is still flowing in the rental market.
Bone up on basic property management and basic home repair...then figure out a way to line up potential renters in a tight market and id bet you make some cash during the commission basis, gas is cheap, so you may even luck up and find an owner who wants out...cheap.
Good luck