Don't Kill Me But....What Is Bird Dogging???
As you can see I'm very new to this REI , but I'm very interested. I've tried to pick up exactly what bird dogging is just by reading all the posts about it but if someone could just tell me straight forward exactly what it is and how to get started I'tll limit my guesswork. Besides I like to be sure exactly what something is. Since I am so new at this I figured it would be a good way to start. Could someone please fill me in a little. Thank you...
To be a bird dog is simply someone who gets leads for investors that might turn into deals. For example, you might work with an investor who likes to rehab townhomes in a specific area. You would be his/her 'eyes and ears' on the street and when you see something that could be a good deal, you let them know about it. Typically, you would make some kind of referral fee, usually $500 (in my experience) but it all depends on who you are working with.
Hope this clears things up a bit!
A bird dog is someone who finds good deals for other people who have the money to invest. The bird dog gets paid for finding the properties.
You are likely to find more information on the bird dog/ begginer forum.
http://www.thecreativeinvestor.com/FAQ1.html#27
Ok...thanks.... Now...what would you suggest. Should I start by looking for real estate investors around me or by posting on this web site, as it says on the FAQ page of this web site. Also, (very important) where can I find an informative page on everything that a "good deal" consists of....so that I know what to look out for? And one more thing, what are the odds of finding a deal that an investor would be interested in?? I have so many questions! HELP!!!
Being extremely new, I'd suggest that you take some time and go thru some of the old forum posts and articles and familiarize yourself a little with REI. You can also visit your local library and pull some books, and join in the local meetings of your area's Real estate investing assoction.
As far as birddogging goes, you need an investor before you look for deals, otherwise how will you know what to look for. Think of it just like a real birddog. The dog can't fetch the bird if the hunter doesn't shoot it, first.
An investor telling you what type of properties he is looking for and what he is willing to pay is like the hunter pulling the trigger. Now, he'll send the birddogs out to grab up the birds (properties).
Roger
So how do you suggest I go about finding an investor??? Should I find an investor online....or should I look for Real Estate Investors around me. Like I said, the FAQ on this site said to post leads on this site and get paid if they are used by investors. Is that a good idea though?? I really need to know where to start. I obviously don't know very much and I need to be hand fed for a little while until I can get going a little more independently. I hope I'm not being annoying but I want to learn as much as I can.
Dear Tribal.
Here is the type of posting that you should put in place to attract investors to you so that they can pay you money when you bring to their attention a piece of property that they can do something with. That means, Buy, Sell, Lend money. fix it up. or sometimes like here in LaLa land fix it down Give your name and where you wish to work and ask." Anybody need a Bird Dog in ------------. " They will post you.
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Example what you do.
You see a nice little Cape Cod with the dormer windows smiling down on you, and some clown flush with his first paycheck not drug related, paints it red and installs graphics copied from a Tomato Can. I mean gilt a tree!! Has a big white standard poodle who sits in the front lawn with a tutu skirt on and an actual simper on its face. Plays heavy metal with all the windows and doors wide open. He also is out on the front lawn with a no 3 wood practicing his drives down the street. Shouting fore and not too careful about the pronunciation.
House is in foreclosure the neighbors are taking up a collection to hire a hit man.
You call your investor and he steps forward to solve all the problems. Your take if he does it, is 10% of the profit.
I want you to go out and get some cards they are very cheap. You need business cards. Get them on line but do not let them give you the super cheap deal with the printers name on the back and the magic words "Free at www.vistaprint.com. They do make a bad impression.
And oh yes, do not put your title on the card as: Bird Dog. no no no what if this were a cat house? you would loose.
You are a Real Estate Analyst. That is your title. Do not answer to Bird Dog, unless, it is an Investor with a check in his hand. In which case you grab the check and hand him your card.
Ok, post away. You are now a member of the TCI. make money, we love rich people on this site.
Cheers Lucius
Thanks for that! I'm gonna have to print that all out.
Tribal,
Have you done any research on the market in your area yet? You might want to know a bit about it so when you do start contacting investors, you can at least be able to understand what they are talking about. You have been given some very sound advice here to help guide you into the realm of CREI. One thing a lot of new people dont seem to understand is that you have to put some time into learning what is going on before you just jump in and start making big money investing. The process takes time. How much? Well, everyone is different, but only you will know when you are ready. The key is to make sure you have a good grasp on what you want to do and how to do it and then you go for it. You have to start in your own back yard first and then move into deeper waters. Get on here and read and read and read some more and ask questions after you read. Most of the questions newbies have are in these forums and within the archives of this site. Good luck
Thank you...and yes, I have been asking plenty of questions... and so far everyone has been so helpful. I'm also continuing to read and read as much I can to educate myself as much as possible however I learn a lot more just from the specific answers to all answers to all my questions. So thank you all.
I thought birddogs were pointers more than fetchers.
Ahh, but a good birddog must be capable of pointing and fetching thru good training of a capable investor and a good learner. Hence the difference in payment for pointing and fetching. The better the information provided to the investor, the better the payment for the birddog or as Lufos says, Real Estate Analyst! Hope this helps!
I have a quick questions for you guys, by the way tribal..........THANKS!!! You asked almost all of the questions I had! One thing I am still unsure of is how do you get involved in "Assigning" the purchase agreements? Where do you find investors for those?
Is 'Bird dogging' even legal, since it basically puts one in the place of being a real estate agent, which what they do is the same thing......find properties for people to buy?
I live in OK by the way, and I'm sure each states laws are different. BUT...I fail to see how a bird dog and real estate agent are any different.
No license needed to locate properties and assign them to another investor or buyer.