I am currently contacting many investors in my area to establish myself as a bird dog. My question is how can I locate the types of investors that can mentor me according to the path I want to take in becoming a successful investor.
hey Eric,
The best thing you could do in any area you are in I believe is to call every single phone number you can find of people who buy properties. you can look in the newspaper, contact realtors and find out what pvt investors they deal with, and whatever other creative way to get names. Then when you have a list of names to call, start calling! Ask them questions about what kind of houses they are looking for, how often they buy, what areas, how fast they can close, what type of financing they use, etc. the more info you can get the better. after you get this info you want to create a database of all these ppl for easy reference. now, when you have this it will help you in looking for potential properties, b/c you know what your potential buyers are looking for. Usually most will be looking for the same types of properties, but some will be lookinfg for something nicer than most, some uglier than most. But having the database will allow you to know who to call first, AND who is the type of person that doesnt mind helping out the new kid on the block… this is time consuming, but ive never made a dollar easy. also, as somebody who is starting out, it will give you a chance to contact all these ppl in your area and do some networking, and its not unlikely that these buyers may be the ppl to SELL you a property in the future. What ive found in my area is that since we’re all in the same business, everybody knows or knows of each other–the six degrees of separation thing. This is exactly what I did, and depending on how well you are able to build a rapport with ppl in general(I come from a sales background, so I 'm used to talking to ppl), it wont take you too long to get your feet off the ground. Good luck!
7
Hello 7:
I am following your advice. I have identified over 80 potential investors in my area. I am currently calling them all one by one and developing a profile for each that is willing to work with me. On my 7 call I spoke with an investor that really made me glad to have put forth the effort. He is “helping the new kid on the block” and I look forward to all I will be able to learn with the help of him and others with the same general attitude and willingness to help.
Thanks for taking the time to reply.
Eric
I did the calling routine, but found that the best thing to do is attend REI club meeting and/or local classes where seasoned investors can be approached personally. I worked with not so good investors at first, not knowing better and even lost a good first deal because of greed.
I have found MANY folks willing to help me – one thing I love about this new career. Ask the ones you call about local clubs or training they may attend and GO yourself.
Good luck,
Chris
Hi,
I called all the we buy house ads in the sundays paper for the previous 12 months, I got 150 investors, most newbies like I, so I began weeding them down to a few real players/friends/buddies is now what I call them…this took me about 1 year to find them, but well worth it, now I really dont need to put it in writing, but i still usally do on assingments. We have the rule, burn or back out once I am done with you, that was establshed at the beginnign, and I brought them several several deals and they were the real guys who did not want to loose as precisous wholesaler.
you see, the moeny is easy to find, rehabbers are easy to find…what is hard to find is the deal, especially served up on a silver platter buy being under contract!
have fun,
Hello all. I am also new, and doing all the research I can to start the next year off with RI. My question is this, since it seems to be that bird dog is the way to begin or getting my feet wet, If I follow the advice of calling all the local investors and setting up a small profile on them, when I call them why would they be willing to work with me ? I guess what I mean is this. I am calling potential buyers and giving them leads on potential properties right? So don’t they have to now give me some kind of commission for finding them the leads if they actually buy ? And how do I know that they will actually give me anything if their deal goes through ? Also is there a certain set percentage that a bird dog typically earns ? Please excuse me if my questions are silly. I am just clarifying every thing so that I know I understand everything correctly…
No your questions are not silly but perfectely on target for one who is trying to become an investor. Again, I applaud your becoming a bdog for your first few deals, you will learn so darn much.
the reason an investor would tell you where to go hunt for houses and help you is that you make say 500 to 1500 as a birdog maybe alittle more and he make 40k profit! I would love to have you hear searching for deal for me! I strive to find new investors who think this way. Then of cousre once you wholesale you make say 3-20k per deal!
Just tell them to help you and you will bring them the deals! And together you both will make money, if you find one and you will who says no, dont waste a second more with him, you want big thinkers and doers, this is critical you have big thinkers.
they will pay you once the deal closes or they are the fool, I have never had one not pay me, but i happens. Thats okay, you are not into this biz for that one deal. do youself a favor adn build a big buyers list so you have a lot to choose from. I have a better ideal, hold on a sec and I will get an arctile I wrote on this very subject.!!
Webmaster hope this is okay to post if not lemmie know!
A strong buyers list was essential for quick cash as a newbie in flipping for me. I purchased Steve Cooks book “Wholesaling for Quick Cash” to start making money right away. I had read everyone’s posts on Creative Real Estate Online for months to figure out where and how to start investing. I realized that “flipping” or “wholesaling” properties was the way to attain my goals. Eventually the quest led me to Steve’s site.
My financial/business goals were simple, pay off existing debt, create seed capitol, start rehabbing and doing “Subject To’s”. This would afford me to create liquid cash now then I could hold properties for long term gain and retirement.
I read Wholesaling for Quick Cash about 5 times highlighting, marking it and putting in “sticky notes” at critical areas or topics I needed to rereview and digest. I would post my progress (at the time if felt it was “lack of progress”) and you guys and gals would cheer me on. Thank you so very much.
The more I read, listened, and learned I saw the importance of a large, well-developed buyers list. A “Buyers List” for those of who don’t know is a list of rehabbers, landlords, investors, flippers, newbies, and note buyers who I could birddog for, then when I was properly positioned/educated, flip properties too.
In a nutshell, my first deal that netted me $4000.00 was solely from this list alone. I called an investor while adding to my list one day and he had a single family house under contract 48k my cost. I called all my investors from the “Buyers List” and sold it for 52k in one day to a broker/investor. He put in 7k in rehab then sold it for about 88k.
What I am trying to say is that I did not even find this house it, and the buyer found me! The investor who I called on while expanding my buyers list had it under contract to flip! I called my buyers, 65 of them, all at once, and bingo sold. Cha Ching!
Thinking about it my second deal came from my buyers list as well. Again, I did not find this house either. While still expanding my buyers list a buyer/investor said he had one to under contract! I said great let me try to sell it. I sold it in two days again and got $3000.00 for the telephone calls and seeing it through. Can you believe it?!
I studied, read, studied, read and got many rejections for four months then it paid off. I did not know what I was doing yet all you guys guided me with your education and Steve’s book. Steve’s book outlines the intricacies of creating this list.
It is still vital to market/find houses by placing ads, posting bandit signs, ect ect. Nevertheless, networking with a buyers list proved a valuable start in investing for this newbie. A strong buyers list was one way to making fast cash in this business and if I can do it you can do it!
Have Fun.
Bill in Vegas.
Okay there it is, hope I dont get the boot for posten it, as I am new here, but anyway tha book can be purhcased on this here site! Hope that helps!
have fun,