Real Estate Investing Forums

Real Estate Investing => Bird Dogs, Wholesaling => Topic started by: King-Kennedy on October 07, 2014, 02:04:35 pm

Title: Newbie Bird Dog
Post by: King-Kennedy on October 07, 2014, 02:04:35 pm
I am looking to become a Bird Dog in the state of Alabama. What is the 1st thing i need to do. Also, what if I have already founds some deals. Who do i need to contact. Thanks. :help
Title: Re: Newbie Bird Dog
Post by: javipa on October 07, 2014, 04:58:59 pm
I am looking to become a Bird Dog in the state of Alabama. What is the 1st thing i need to do. Also, what if I have already founds some deals. Who do i need to contact. Thanks. :help

The quick and dirty method is to post your deal(s) on craigslist.  After that it's about collecting names of people who call on your ad, and developing a buyer's list. 

Profile each buyer, as best you can, for what they want, what they've called on, where/what they've already purchased, where their money is coming from (source of investment cash), how quickly they can close, and anything else that comes to mind. 

It takes a while to build a critical mass of proven buyers.  However, this really isn't the first thing to worry about.  It's finding an 'actual' deal.  There's fewer of those, than buyers, as a rule, and it takes a boatload of marketing to uncover deals consistently.

Meantime, any prospective buyer will tell you what he thinks of your deal pretty fast.  Use that information to inform yourself of what your market considers a 'deal' or not.  Use feedback from more than one buyer to get an idea if the property is priced well enough or not. 

There's always a 'dreamer-crank' out there that will tell you your property isn't worth more than about a dollar and a half, and not worth the asking price.  Chalk them off your list.  They'll never buy from you.

Finally, we think it's better to advertise the biggest selling benefit (price discount %, etc.), and then only include a phone number with a highly-detailed outgoing message describing the property, along with the address.  In that message ask buyers to list sources of funds and how fast they can close, along with their phone number and name. 

Meantime, we put a sign at the house itself, with our direct number on it.  This way we only talk to buyers that are ready for business. 

These prospects have driven by the house, know the price, the terms, and are still interested ...and we sifted out the buyers calling from Northern Ethelonia, who want to know if we'll lease/option to their 3rd cousin, who's more than willing to pay full asking price, if we're "frexibre on oul telms."

Sure.

Hope that helps.
Title: Re: Newbie Bird Dog
Post by: lauraalamery on October 22, 2014, 11:01:28 am
I would suggest you co-wholesale instead of just being a birddog - same strategy, but you make much more money per deal.  :smile
As a birddog, you probably make $250 to $1,000 per deal. In a co-wholesaling situation, you would split 50/50 for the proceeds.
Title: Re: Newbie Bird Dog
Post by: daniel08 on November 29, 2014, 10:36:17 am
You need to first find investors to bird dog for and find out what type of properties they are looking for.