Wholesaling/BirdDog Please Explain The Difference.
I am obviously
new to this business and trying to understand it all, I have located some disressed properties in the state of Michigan, and am trying to come up with creative investment ideas, all the different creative ways of purchasing to resell for a profit, I unfortunately do not have any funds to invest of my own, but from what I have read in some of the forums tell me there a ways around it. I am greatly intersted in getting educated on these subjects, please help guide me in the right directions.
Greatfully
Susan in MI
If you havent any monies then you want to start out Bird dogging. just find the right properties take some pictures and get with an investor. Most will want to purchase the properties at 70% or less of apprasied value. Wholesaling requires funding and might be better done once you have a little nest egg.
Good Luck,
Kyle
Thanks so much for the advise! Now, are there areas to look for and investor, I do have my eyes on about 7 dfferent properties that are deffinatly in disstress, some better than others, at this point I cant make any moves without funds, is there a particular approach I should take to finding an investor, Im trying to understand how all of his works. I am very motivated, and ready to get started
Thanks a million!
Susan
To answer your question:
A bird-dog finds properties for other investors and receives a small commission.
As a wholesaler you would use the concept of buying low and selling low.
Which means that you find discounted properties that don't cost you much and you sell them for more than what you paid but still giving a comfortable discount to another buyer. There are many different angles from which to go about wholesaling... you can browse through the forums for more info.
To become a bird-dog, let everyone know what area you would be working in. The investors that invest in your area will let you know what they are looking for.
It is said that one should start as a bird-dog because there is no initial risk involved. You basically just refer great deals to the investors with the money.
Til Next Time,
Ervan