Bird Dogging
I'm looking at a 4-plex, however, I don't think I'll be able to come up with the financing. Its a decent deal, and a guy I work with owns units within the immediate vicinity, what are the steps I need to take by bird dogging this to my co-worker? I'm almost certain the guy I know will buy it, he is very aggressive in buying in the area, from what I understand.
Thanks!
Try writing him a letter letting him know all of the financial details about the property (maybe not the address). The amount owed on the mortgage, whether the owner will carry, price, etc. Then ask your friend if they would be willing to pay you a bird dog fee if they buy it. Get a written agrement between you stating when you would recieve your payment and the amount and what conditions may apply.
If they don't want your deal (you may want to ask why- as there may be a good reason you can learn from) or they are not willing to pay your fee, then take it somewhere else.
Have you considered flipping the property? I.e, put it under contract and while under contract but before closing you find another buyer?
HTH,
Robert