Bird Dogging
Greetings:
I would like to Bird Dog and don't quite understand the total Bird Dogger involvement.
Please someone, give me some examples (with hypo numbers) of what makes for a good deal. Is lots of equity what I'm looking for? If I use my money to put the house under contract how can I protect myself and get out if I need to?
If a house is worth $180K, has $30K Equity and the Seller owes 4 back pymnts. of $1000K could this work out to be a good deal? I need help in identifyting a good deal and knowing when its not worth the time.
Thank you Forum.
Good Luck To Everyone Out There!!
Tybotica :-D
If you plan on birddogging the deal to someone else you need to find real deals, I would only pursue deals where the seller is motivated and their first mortgage plus all the fees and reinstatment amounts equal %75 or less than Full Market Value. Once you find the deal, birddog it
Well you see, tybotica, this is part of the problem. Its a complicated busisness with no universal rules of thumb. If I were just starting out as a bird dog I would try to find 5 or 6 real investor types in my area. I'd explain frankly to them where I am in the learning curve. I'd ask what kind of deals they buy. I'd listen very carefully to the www.answer.I'd try to find people who do very different things. Then I'd "hit the streets" looking at deals. When I found something that seemed close to what one of my investors wants I'd take it to him and see if he's interested. If they say "No" I'd ask why. I'd listen very carefully to the answer.
Now turning to your example. Your hypothetical house only has about 15% equity. Not enough to be interesting to most people. But its got some deliquent payments but not enough deliquent payments that the bank will have filed its foreclosure yet. This spells opportunity for those that negotiate short sales or buy mortgages at a discount. So its impossible to tell whether its a good deal or a waste of time. Unless you don't have an investor who does the short sale, then its a waste of time. So by having a variety of people to go to with deals you increase the odds of your getting to the money on this or any other deal.
Now, as to wasting time. I've wasted a lot of time in my life. Wasted it watching tv. Wasted it playing free cell. Wasted it trying to help people who said they wanted to change their life but didn't. Can't say that any of the time I spent chasing real estate deals was wasted, I learned something from each and every one. Especially early on in this business you spend a lot of time chasing deals that don't go anywhere. After you do this for a while (sometimes a long while) you get a sixth sense. I can tell if a deal has potential in 5 minutes. Don't know that I or anybody else can teach you how to do that, you just have to look at a few hundred or a few thousand deals that don't work.
When you were a baby learning to talk you didn't say, I don't want to mess about with this learning thing. I want to talk in full sentences now, without any of that babbling stuff. No, you babbled and you enjoyed babbling. Try to enjoy wasting time learning about the world.
Great Post CommercialKing. I appreciate the time you took to spell all that out. I have been reading this particular forum for hours over several days and that has to be one of the most informative posts I have come across.
Thanks
Weebus