BIRD-DOG NETWORK
Hello everyone,
I am the one that was begining the Bird-Dog email Group. I thought it was going to be a great idea, but Joel has provided a place for us to communicate and share experiences, ideas, tips, and successes. (Thanks Joel)
This is better because it removes the risk of spam and viruses, which I hate.
I figured everyday two or three days we could have a specific topic that we discussed amongst ourselves. Now if you have questions about something other than what is currently being discussed amonst this network, I have opened another form dedicated to questions so you can post them there.
Please, don't ask random question here the BIRD-DOG NETWORK.
If you have ideas for subjects to be discussed, send me a personal message and I will start them amongst the network.
Agreed?? Let's begin.
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SUBJECT: GETTING STARTED
QUESTION: TO THOSE THAT HAVE BEGUN A BIRD-DOGGING SERVICE, WHAT WHERE THE FIRST THINGS YOU DID TO GET STARTED AND WHAT WOULD YOU RECOMMEND TO SOMEONE JUST STARTING OUT?
[addsig]
I guess I will start it out.
First things I did:
1. Familurized myself with getting the NOD's at the courthouse.
2. Created a list of FSBO's and Renters.
3. Order $Cash$ Bird-Dog book
4. Created a Business Plan
5. Created a flow-chart of the system I will follow.
6. Secured my advertising funding (I didn't have anything to start with)
7. Attended a REI meeting, got a clientel
8. Created a website and marketing materials.
What would I suggest to beginners?
All of the above, however, begin with findign properties first. It is kind of a build it and they will come thing. I thought finding investors was going to be difficult, but that is really the easy part. Go get the houses.
As far as the flow-chart, I know y'all remember those from falling asleep in school, it is a very good tool for establising you system.
All businesses are about systems, once in place follow the system and tweak as you go, but establish one to begin with.
Just my thoughts....
Someone else share theirs....
To the furious persuit of happiness and wealth.
[addsig]
Have closed any deals yet? how many investor are you lined up with?
I read the e-book
I went to the court house twice and got really frustrated
I bought my domain name
I bought all the newspaper to get a feel of who is buying and selling in the area
I am really gettting excited - once my site is up I think I will have more confidence. I am a nerd - I prefer to let my website do the talking - at least some of it.
Furious -
Since you say getting the properties has been the hard part. Let's focus a little on what we have done or could do about aquiring properties for our investors.
An investor at the last meeting that is killing them, likes a company called "blue dot" for flyer distribution. However, I have not found a website on them. He says the door to door flyers work great for a farm, just like the book says.
He also says he puts the bandit signs on any property he owns, maybe we could add that into the agreement with our investors on properties we find them that close. They let us post a bandit sign for x amount of weeks on the property?
Is the phone bood a loser? Let's here input on that...anyone?
Let's keep it rolling and see what works and what doesn't. If we don't post results, we can't measure our progress.
[addsig]
Glad to see some people getting involved, let's keep it up people.
Drifter,
I have not had any deals close yet. I began the business like friday the 17th. My marketing campaign for seller will begin late next week. What is the hold up?
Funding, I have $2,000 coming, but won't be here til like monday. In the meantime, I have been getting my house in order; marking out farm territory, designing marketing campaign, marketing budget, website, networking, ect.
Currently, I have 5 offical clients. These are the ones that have returned my "Investment Criteria Form". About 15 people have inquired about my service, but only the 5 have become clients.
Gtrzdrums,
the flyer service sounds like a good idea, but where can we find them? If you locate someone or some business please let us know. I will try to find something like that in this area. Keep us posted.
As far as the Bandit sign in the agreement, I will be amending mine tonight. That is an excellent idea.
Let's get some more people to join in folks, remember we are posting for the good of everyone. The more you post, the more others will post, the more we all will learn.
To the furious pursuit of happiness and wealth!!!!
[addsig]
Freddie,
How do you actually acquire an investor? Okay, they fill out the criteria form, then what? Do you do up an independant contractor agreement? If not, how do you establish that relationship between bird dogger and investor?
[addsig]
Hey DBow,
Getting the investors is not very difficult. Place an Ad in the paper, network with people, or attend a REI meeting and let people know what you do. They will come flocking. It is true, I have seen it first hand!!!!
It is very exciting.
After they fill out the Independent Contractor form, I will then fax over a independent contractor form that spells out our relationship and payement procedures.
The Investment Criteria is emailed or filled out on my site, then the IC is faxed.
Hey Everyone,
If there are any bird-dogs in North Carolina or Lincoln, Nebraska areas, PM or email me. I have received investment criteria forms from my website from these people.
I have some others, but cannot think of them at this time. Keep in touch, and good luck.
Furious
Yo Freddie,
How about shooting that nc client and investment criteria this way. I live about 1.5 hours from her. This could be nice if she's willing to travel that distance for properties.
you should have my email..if not:
realestateprofit@yahoo.com
I'll return the favor some day. (Or we can work something out)
Thanks!
Vic
[ Edited by realestateprofit on Date 01/31/2003 ]
Freddie, forgot to mention that if you prefer to send via fax, here's the number:
919-583-8510
Thanks!
Vic
Hey Vic,
I sure hope that lead turns into something special. It sure looks like it may. She sounds like a serious buyer who know what they want.
All the best,
Freddie
Freddie,
I'm going to call her early this week and see if we can set something up.
Thanks for the referal!
Vic
Don't mention it, Vic.
You are the man.
So furious,
You're telling me this is a better way to start in the biz than wholesaling like Scott R talks about, or flipping?
I'm buying the ebook tonight; hopefully things will become clearer after reading that.
What range of % do you get from these investors?
Well Tanner,
I would never say it is better for everyone, we all have different circumstances we are dealing with. Also, I am not very schooled in what Scott R. is talking about in wholesaling or flipping.
From what I do understand about wholesaling or flipping it is a wonderful way to begin an investment career.
Personally, I don't have the financial capital, credit rating, or knowledge to begin in traditional fashions, so Bird-Dogging is perfect for getting my network established and learning from investors who have been investing for years. Also, there is virtually no rist associated with Bird-Dogging, financial or otherwise. It just makes sense to begin here.
Here is what you gain from your bird-dog carreer. Introduction to various REI techniques, building your network in this industry, an understanding of how to locate properties, mentors (your clients share information with you), and money while you are learning.
Remember, there is nothing stopping you from flipping or wholesaling deals you come into contact yourself. In fact, by learning how to locate them, you are doing yourself a great service in the future. Of all the deals you come across as a bird-dog, you can cherry pick the ones you like for your investment career.
So, don't just ignore what Scott R. is talking about, incorporate it into John $Cash$ Locke's bird-dogging techniques.
Good luck and you will not regret the purchase of the bird-dog book.
I hope this helps,
To each his own....
[addsig]
Thats does help. Thanks a lot.
realestateprofit,
What kind of IC do you have for contracting your investors?? Is this something I could get a copy of or view??
I think you should ask this question to John Locke. I'm not sure how he would take it if I were to copy this information and send it to you. I realize it's only a contract..but i'm sure he spent some time in developing it. If he gives you an ok...then sure..ill send you one.
Thanks.
Vic
REI4LIFE,
I am really duty bound to the investors that have made an investment in my E-Book to keep all information contained therein as classified for their eyes only.
It is not that I do not help all those who ask, however when it comes to keeping certain information exclusive that others have paid for, I have to draw the line.
I hope you understand how important this is to me, and my fellow Bird Doggers.
John $Cash$ Locke
Just finished the John's ebook. I hope it helps me learn the ropes. I will follow all of those tips, but I hope I can come to this site with any questions.
1st ? What do I say to investors?
2. Do they know the term bird-dogging?
I was planning on attending a REI Club meeting to meet with some. I dn't know what to say, or what it will be like. I feel I very personable, but no expereinced some times catches my tongue.
Any suggestions?
Sometimes the best way to learn to swim is to jump in the water.
Investors may know the term bird-dog, but reemphisis on what it is would not hurt. Just say something like, "Hello, my name is Tanner and I recently started a bird-dog service. I find properties that match my clients investment criteria."
That is a good intro. What I did at my first investor meet, which was a couple of weeks ago was this.
I had my business cards, but in addition I created small flyers that explained my services and what I did for investors. These received a very nice response from the crowd. In my case, it was necessary because my business cards didn't say exactly what I did.
Prior to passing out the cards, I stood up in front of the crowd and announced my name, services, and information which was written on the overhead projector.
The rest of the evening, investors were finding me to inquirer about my services. I am still receiving calls from that evening.
Hope this helps, email me any time if you need some help. I also am following John Locke's program, it is great.
[addsig]
Tanner,
Of course you can come to this site to ask questions, this is one of the main reasons this site is here. Ask a question get some answers from some of the top 'pro's' in the investing industry.
If an investor does not know what a REI Bird Dog is then, sit down with him and explain it to him, you know how.
What you say is very simple, all you do is tell them what you do. The ones that are smart will welcome you with open arms and tell you what they need.
You have the knowledge as a professional in your chosen method of investing "Bird Dogging' so you are able to uphold your part of the conversation with any investor.
You do not have to give them your method of finding houses only let them know you are able to do it.
Give yourself a little boost of self-confidense, and remember the $Cashman$ is sitting right beside you all the way. If you do not have the answer I will guarantee you I do.
John $Cash$ Locke
Thank you gentlemen, I cannot wait until my 1st meeting. I appreciate your assistance John $Cash$, as well as Mr. Furious.
I will keep this Forum updated with my progress:
1. Bus cards, Post cards, etc
2. Starting Web Site
3. REI Meeting is Next Month
4. First property find
5. results
I'm confident, have the desire - there's nothing left but to act!
Fired up !
Tanner
Hey all,
Forgive my ignorance, but thats what this forum is about learning right?
Anyway, I will search more post for info but let me ask point blank if I may. What is a Bird Dogger?
Some of the things I was reading sound exciting!!!
Mark
MarkB
There will be a chat session Wed 2/5/03 at 9:00 PM EST, please join in, I am sure you will have an answer to your question.
John $Cash$ Locke
What do you guys feel about investing in new developments?
For example, my friend closed on a home in Dec, and it won't be finished until Nov. Now he just told me it went from 354K(sale) to 384K already. I saw it on the web site too. I mean he will make over 70K before he even moves in. Are there any regulations about new developments? Could I find investors for that, and then when home is finished we sell for huge profit?
Tanner,
What your friend did is nothing new I was doing this in the early 1960's when it was easy to do. I would give the builder a small deposit then assign my rights to someone else for a fee prior to final completion of the house.
The builders got wise to this so now you must qualify for the property prior to entering in a contract with them. So to effectively do this you would have to have someone qualify for the house, take out a loan, receive title to the house, then re-sell it.
Problem is what happens if he property does not increase in value, the builder decides to lower prices if the houses are not selling to gid rid of them, I have seen this happen.
From now till November is a long time in creative real estate investing, this is kind of like stock market investing in today's market.
John $Cash$ Locke
Well it works!
I have 7 Investors signed up and love the idea.
This is a fantastic idea $CASH$ and I am glad (furiousinc) took the reigns and helped get this forum started.
I am working the Sub-to and have done 3 properties so far and it works!
The objective though is to do it. Don't just sit there and worry about making a mistake because you will, but they are limited because you have followed the (guide lines) set up for you. You have to keep your head up and keep working the program.
Bird Dogging is perfect because you get paid while you learn, (Alot!!) and have very little to loose.
Investors love nothing more than someone finding properties and laying it on thier plate for them to just sit down at an appointment and have a client just sign.
Remember like $CASH$ said the more you feed them the more you charge!!
I have investors that just want everything ready, so when they arrive the client is just ready to give them there house. (I charge maximum for this)
Plan of attack:
-Bandit signs
-Post cards - USPS
-Ads running 24/7
-Web site (furiousinc I need your help)
-flyers (100's of them)
All these will keep your phone ringing and keep your investors happy to.
Keep your self available and make sure you get back to everyone, no matter how big or small it all comes in full circle.
Remember... You word is your bond. Do what you say your going to do, no matter what. it's your life but it effects everyone...
furiousinc, can you help me with my website?
Peace out - keep up the good work.
Congrats Askasalesrep,
I am thrilled to hear that you are off and running. As far as the website, I will pm you my information and if I can be of any assistance, I will help in whatever capacity you need.
Talk to you soon.
Congrats again!!!!!
Let's hear more success stories. Success breeds success.
[addsig]
New to site and didn't know what bird-dogging was all about. Still unfamiliar but this forum is leading the way. Is this the same process that all the signs in the yards and on poles are for. (WE BUY HOMES) I own three properties and am in to flipping this third one. Have cash to invest. Am I in the right spot? Only have dealt with HUD homes for now. Looking for anything. What BOOK and where are REI meetings? Thanks!
New to site and didn't know what bird-dogging was all about. Still unfamiliar but this forum is leading the way. Is this the same process that all the signs in the yards and on poles are for. (WE BUY HOMES) I own three properties and am in to flipping this third one. Have cash to invest. Am I in the right spot? Only have dealt with HUD homes for now. Looking for anything. What BOOK and where are REI meetings? Thanks!
I think it is great that Cash is helping people get started by being a bird-dog.
I dont know if there is a list that has been made public somwhere, but I would be interested in speaking with a member who is involved in sub-to's being a birddog. I am an investor and would be willing to exchange information with anyone in the PHX area.
Feel free to PM me and let me know.
Thanks!
WSC
*********************************
WHAT: BIRD-DOG CHAT SESSION (Informal)
TIME: 10PM TO 11PM (EASTERN TIME)
WHEN: FEB. 23RD
WHERE: HERE ON TCI!!!!!!
WHY: TO DISCUSS OUR EXPERIENCES, TRIUMPHS, LESSONS, AND IDEAS FOR THE ADVANCEMENT OF OUR FUTURES.
*********************************
We look forward to seeing you there.
To furiousinc, realestateprofit(vic), and Locke(Cash)
Furious, I just wanted to let you know that I live in eastern nc. I reside in Kinston, but I am also very familiar with the Greenville area. I would love the opportunity to work with you. REP(Vic), great to hear of someone close by. There isn't a local REI club that I know of, so maybe we could meet sometime. Locke(Cash), I just wanted to say that I always look forward to reading your post. You are very knowledgable.
catdaddy,
Glad to meet you.
Thank you for your kind words, yes there are some great people in the TCI community, you mentioned just a few, but they are always willing to share also.
Welcome on board this board, great investing to you in the future.
John $Cash$ Locke
PS: Freddie 'Fetch' very good job in putting tonights chat together.
I totally missed the chat session tonight. For some reason I was thinking eastern time was 1 hour later than mine, but I had it backwards. So I look forward to chatting next time.
Hey, Catdaddy, I would love to assist you in anyway I can.
$Cash$,
Thanks.
[addsig]
Catdaddy,
Sorry I didn't respond earlier...I just read the post. Glad to see some local REI'ers. You're right, I would like to meet up one day. I will be attending the March TREIA meeting...have you attended this club yet?
Best of luck and let me know if I can help.
Vic
I too, missed the REI conference. When is the next and are there any birdogs in the Indianapolis area that may want to give advice. Please e-mail me at leoin@aol.com
Any South FL bird Dogs out there? I am looking to find one I can work with in my area! I figured if anyone knows, ya'll would!
Thanks!
Martha
Hi fellow bird-dogs! I've read through all of the posts on the new network. Great job Freddie! Now I have questions.
I will be networking at the March monthly meeting and plan to pass out my business card and flyers. I have also inquired about standing in front of the group to advertise my services.
First question: After investors approach me to get more information about my services, would that be a good time to pass out the Investment Criteria Form? At what point do you share the Independent Contractor contract with them?
Last question, would you be willing to share your Investment Criteria Form and any other information you share with your clients? I have John's book, so I have the contract, but would like to take a look at the criteria form. No use reinventing the wheel!
Thanks,
Andrea
When I talk to investors we discuss what the fee will be so there is no surprizes. Then when I have a property that they are interested in we do the contract and then I send them the full info. Its better to find out if they are really interested in doing business or just wasting your time.
Andrew
Another note: make sure you know what your investor is looking for. dont do like I have done and offer props that they dont really want. You will just waste your time and theirs. If you find a property that doesnt fit your investors criteria, then look for a investor that wants that type of property. I thought that finding investors would be the hard part. Not so. If you have a good deal the investors will come.
Andrew
Hi PA Birddog!
I did not know anyone had responded to my post, so I apologize for not getting back to you with a THANK YOU!
Andrea
I have read the post in this section and it looks like something I might be interested in. So here are my questions.
1) Do any of you use realators to dish you leads? If so, what do you pay them?
2) Do most of you target certain areas, or certain categories of sellers (divorce, forclosure, death, ect.)?
3) How did you all go about learning to properly estimate cost of repairs?
4) What is the amount of cash to get up and running and be able to tie up props? 5) What # of houses (ballpark) do you farm?
6) What are the names of all of the contracts (for seller, you and investor) that are needed for you to do your part of the deal? Brief explanation, please.
7) Ethics to be aware of
Any general ratios of time and money invested vs returns (case sensitive)?
Thank you all ahead of time for any info you can lend. I have just recently found this site, its great.
Joe - Dallas, TX
Quote:
On 2003-03-07 01:29, hartmanjr wrote:
I have read the post in this section and it looks like something I might be interested in. So here are my questions.
1) Do any of you use realators to dish you leads? If so, what do you pay them?
2) Do most of you target certain areas, or certain categories of sellers (divorce, forclosure, death, ect.)?
3) How did you all go about learning to properly estimate cost of repairs?
4) What is the amount of cash to get up and running and be able to tie up props? 5) What # of houses (ballpark) do you farm?
6) What are the names of all of the contracts (for seller, you and investor) that are needed for you to do your part of the deal? Brief explanation, please.
7) Ethics to be aware of
<IMG SRC="images/forum/smilies/icon_cool.gif"> Any general ratios of time and money invested vs returns (case sensitive)?
Thank you all ahead of time for any info you can lend. I have just recently found this site, its great.
Joe - Dallas, TX
This is quite a list of questions. You know Joe, you would go far in life if you started paying attention to detail. I can see that is not an issue with you.
Ok, enough of my lame attempts at humor; on to the questions at hand.
1) Do any of you use realators to dish you leads? If so, what do you pay them?
I just recently began soliciting realtors for leads, so I cannot say that it works, but there are people that say it works. Every monday we fax realtors, lawyers, and others with our flyers. (View the article by John Michael on your schedule, the title escapes me at this moment.)
As far as paying them, I am in the beginning stages of applying a referral system, but most of these realtors are going to send their properties, therefore, getting commission.
My flyer says in effect, "before you lose your listings and commissions, tell us about your seller now that you are motivated to listen to creative offers." This is not the verbage, but the intent of the letter.
2) Do most of you target certain areas, or certain categories of sellers (divorce, forclosure, death, ect.)?
My Mid-Term goal is the Chicagoland area. That is a lot of territory, therefore, we decided to break it down into regions. From there, we have a plan of attack that is more managable.
I believe most people are concentrating on farming an area.
3) How did you all go about learning to properly estimate cost of repairs?
There is only one way to do it if you don't already know. Get out your pen and paper, go to your local hardware stores, and act as if you are shopping to renovate a property. Continue this pattern once a week or so at various stores in your area. This is begin to give you a ballpark understanding of pricess. What is left out of this task is labor. Labor, like almost everything else, cost the most. Get buddy, buddy with some contractors to begin to gain an understanding cost repair cost.
Also, there are these national cost indexes that you can learn and follow that will give an estimate based on an ratings for the country. It is not as difficult as it sounds, but there is nothing like going to the hardware store pricing materials. In my house, we make a family outting of it. It is fun.
4) What is the amount of cash to get up and running and be able to tie up props?
You need the Bird-Dog book by $Cash$, business cards, and a go getters attitude.
5) What # of houses (ballpark) do you farm?
This is a tough question. I really don't know how to answer that. I know, I know. You are thinking just give me a ballpark number, but honestly, I haven't the slightest idea. My apologies
6) What are the names of all of the contracts (for seller, you and investor) that are needed for you to do your part of the deal? Brief explanation, please.
The only contract that you need is in the Bird-Dog ebook here on TCI.
Brief senario:
You, Joe Bird-Dog, is contacted by Ivan the Investor about your bird-dogging service. You and Ivan enter into an agreement on your business relationship and payment schedule. This information is captured in an Independent Contractors Agreement (Avalible in the bird-dog book). You both sign the contract outlining your relationship.
Suzy Seller calls you and says she has a house she needs to get rid of. Her and Harry the Husband are getting a divorce, it is friendly, and they both just want out.
You Joe the Bird-Dog take down Suzy and Harry's information about their house. This info can include whatevery you deem is needed to inform the investor. year build, square footage, bedrooms, bath, basement, mortgage information, and seller motivation.
You know turn this deal over to your investor, who follows up with a call to Suzy and Harry about their position. Suzy, Harry and Ivan agree on a price and the house is sold. Sellers are happy, Ivan is happy, and you are happy because everyone got what they wanted. Sellers got rid of the house. Ivan made a nice investment. You get paid a referral fee for locating the deal.
A quick follow up, seller motivation is the most important piece of material to include. Almost every investor is going to tell you, I just need to know why they want to sell and how badly. As they say, you are looking for sellers, not houses.
7) Ethics to be aware of
Just be honest with people, that is what you expect, right?
I hope this is of some help to you. Take care and welcome to TCI!!!!!
To your success,
[addsig]
I have John's course and although I've scanned it several times - I haven't read it word for word.
Regarding the contract and payment with the investor:
1) How do we (the bird dog) find out if Sally Seller and Ivan Investor strike a deal?
2) When do we get paid? (John said something about when they close, but I have rehab investors who don't pay until they sell the rehab - and this can take months)
Thanks!
HW,
When Sally Seller and Ivan Investor stike a deal, there is a public record made of the transaction. This is how you find out, however, I recommend only working with investors you can trust. Take time during you week to build rapport with the investors that will make them want to pay you so this is not an issue for you.
As far as getting paid, I have having investors mail a check or money order to me. I don't want to get into the cycle of chasing money. This is just my opinion, but you are free to work differently.
For the rehabbers, I would have them pay me once they stike the deal, not resell the property. You don't have time to sit around and wait for payment. You are contracted to find property, once it is aquired you receive payment. Talk with your investors, don't be shy, this your business. They must adhere to your rules or don't deal with you. Don't think like you need them, you do, but don't make yourself a victim of their circumstances.
I hope this helps.
Take care,
[addsig]
Are you located in California/Bay Area?
Are you located in California/Bay Area?