bird dog

[dtallia]

I am a investor from the Northern NJ area, I currently have 3 bird dogs that I use.  Pending on the deal, I usually pay between 1,000 - 5,000.  My area of speciality is Northern NJ.  More dogs, the better.  Thats how I see it....


 - David T.

[chilln2music]

Hi David...I can understand the more the better. All you do is sit back and get the leads. I don't plan on "bird dogging" for more than 6 months but I can't make money without money so this is a good option to at least recognize and find good deals and investors because....

I really want to get into double closeing and wholesaling, at least through my last year of college. Do you have any tips for me as a beginner just getting into real estate? Also, is it possible if the cards are played out correctly, to walk away from a double close without putting any of my own money down on a deal? I'm just starting to read some real estate books but I really enjoy these forums as a place to learn...

[wrx2m3]

David,
Getting into birddogging myself I had a question for you. AS a birddogger do I go around and look for distressed properties and then forward those to my investors? Or does the birddog go out and find "motivated sellers" that have FSBO? What exactly does the birddogger look for?

[dtallia]

My requirement would be to have the bird dog go around and look for "Distressed Properties" only. Remember, Distressed Properties=Motivated Sellers.  Motivated Sellers does not always mean distress properties.  I don't work with realtors in this situation.  Simply because My Purchase Agreement contains the assignment clause just incase if I want to flip.  Realtor contracts "DO NOT HAVE THIS CLAUSE."  Yes, I look at FSBO's and FRBO's.(For Rent By Owners)   I don't look for leads from Bird Dogs.  I coach the bird dog to tie the property under my requirements and flip it over to me.  As long as the deal is good.  ALSO, I have the Bird Dogs to go out and look for unhappy landlords who wants to sell their units as well.  

For every bird dog, I use partnership agreements that I fax to them.  They sign and fax back to me.  By doing this, they know they will get paid.  The partnership agreement is structured so either I or the bird won't lose out.  Its protection on both sides.  Since I require the bird dog to do more, I pay them more $$$.  Its between $1,000 - $10,000 per deal executed guaranteed....  


 - David T.

David,
Getting into birddogging myself I had a question for you. AS a birddogger do I go around and look for distressed properties and then forward those to my investors? Or does the birddog go out and find "motivated sellers" that have FSBO? What exactly does the birddogger look for?

[chilln2music]

DBS, I have  a question for you. I just received Barry Grimes course and read volume 1 and skimmed 2. I was curious, how long ago did you actually finish the ebook and apply the ideas? I know in this thread you said its really only came together the past 3 months...I know I have a lot of work ahead of me I'd just like to know what to expect in terms of how long it took to consistantly getting multiple paid leads a month...thanks for the input so far!

[DBS]

Give yourself at least 2 months to digest the information and start a system.  Don't take on too much at one time or your head will be spinning.  Being organized is important.  I received my first check about 2 1/2 months after getting started.  In the beginning, you will be doing a lot of work and not seeing any money.  But as you begin to understand what the investor needs, you will become valuable.  The next thing is to advertise your services on some of these websites.  I usually meet face to face first to see if we are a good match and then I sign an agreement with the client and put together a profile of his needs.  Then I go to work finding properties that match their criteria and sending them ASAP.  In today's market, the deals don't hang around too long, so you've gotta move quickly.  Good luck.  Don't get frustrated, overwhelmed or discouraged.  It will all come together.  I thoroughly working with my investors.  Its a great feeling when you've brought them a profitable deal.  Good luck.

[rosario]

Hello DBS,

I am a newbie to the RI game.  I read in one of your posts that you are a real estate agent/investor.  I am currently working on getting my real estate license and would also like to invest in real estate.  I would like to start off being a bird dog.

Does having your license conflict with being a bird dog?  How does this work for you?

I noticed you do lead generation.  Can you tell me some more about this?

Any help would be greatly appreciated.

[DBS]

I have contracts with 2 investment groups (about 50 total investors).  I identify investment leads for them, put together the contract, negotiate the deal and facilitate the closing for a fee - usually 5-10% of the purchase price based upon how much of  my service they use.  If they want to do their own contract and facilitate the closing, the fee is 5%.  My contract with my real estate broker does not preclude me from doing this.  You will need to check with your broker to see how much of your fee he will want to claim.  It all depends on the contract you have with your broker.  

[karlakr]

OK, DBS or anyone,

So what would be the main difference between bird dogging a deal..........

AND..........

doing an option on a property and finding a buyer to pay more than you're paying?

Advantages one over the other?
Difference in how much you can make?
Does bird dogging just entail less of the actual purchase?

I understand the definition of each and how they differs, I guess the end reslut just seems very similar to me.
What am I missing?

Karla in Amarillo

[chilln2music]

main difference, wholesalers do a LOT more than just find "potential" deals. They have to facilitate everything from determining profits by analyzing repairs, fmv, market trend, etc. all the way to negotiating a price and getting it on paper, finding a buyer, making sure the deal closes etc...there's just a whole lot more involved.

Bird dogs simply find potential deals and send them to a list of investors. They don't need to see if it is truly a great deal, thats the investors job...

Wholesaling can potentially provide thousands more a month than a bird dog...

Good Luck!

[ricksconnected]

thousands ?

[chilln2music]

Can't attest to this statement myself YET but yea thousands more a month wholesaling, I've talked to investors myself and gathered a lot of information from the internet. I suggest checking it out...unless of course you're in the Orlando area, I don't want any more competition!

[dburg507]

My requirement would be to have the bird dog go around and look for "Distressed Properties" only. Remember, Distressed Properties=Motivated Sellers.  Motivated Sellers does not always mean distress properties.  I don't work with realtors in this situation.  Simply because My Purchase Agreement contains the assignment clause just incase if I want to flip.  Realtor contracts "DO NOT HAVE THIS CLAUSE."  Yes, I look at FSBO's and FRBO's.(For Rent By Owners)   I don't look for leads from Bird Dogs.  I coach the bird dog to tie the property under my requirements and flip it over to me.  As long as the deal is good.  ALSO, I have the Bird Dogs to go out and look for unhappy landlords who wants to sell their units as well.  

For every bird dog, I use partnership agreements that I fax to them.  They sign and fax back to me.  By doing this, they know they will get paid.  The partnership agreement is structured so either I or the bird won't lose out.  Its protection on both sides.  Since I require the bird dog to do more, I pay them more $$$.  Its between $1,000 - $10,000 per deal executed guaranteed....  


 - David T.

Hi David,

 What does your partnership agreement look like?

[ljp]

To DBS,

As a Real Estate Agent, are the houses you find for investors, listed in the MLS?

For Example:  If I found a house in your area, called you because you were the listing agent, ..... do you then contact the Investor? And if I buy the house from you, you get the commission from the Real Estate Broker Office and the Investor?

Sounds to good to be true ;-)

[DBS]

To answer your question, most of the properties I find for investors are NOT in MLS.  They are distressed properties that I have found and contacted the owner who usually wants to sell.  I give the lead to my clients, and if they are interested, I submit the offer for them.  Some of my leads are also from other investors who want to sell their inventory.  I pass the lead to my investor client and submit the contract offer.  In this scenario, I get paid by the  Buyer for both the lead and the contract preparation and negotiation.

 IF by some chance, I find something cheap and interesting in MLS, I refer it to my investor client.  If interested, I submit the offer to the listing agent on behalf of the Buyer (Buyer's Agent). In this scenario, I am paid by the SELLER.  The Buyer does not pay.