Bird - Dog 101?

I’m new to the site and just learned about the wholesaleing/bird dog way of making money. Although, one of my professors in college handed out business cards stating he would pay $1,000 for any house he closed on. I always learn a step too late.

I believe I have what it takes to find amazing deals around OH. I’ve located at least 15 in the past year of attending auctions/knocking on doors, etc. My only problem is the lack of capital to get into some of these properties.

Could someone explain to me how bird dogging works? If i find a deal and give it to a prospective buyer, what’s to say I don’t get the side step and miss out on pay day? Do you have some sort of contract to use or do you just rely on good faith?

Help from the pros???

Real estate investing is a business and every business needs a plan. As a bird dog, you need to have a plan. What you want to do is build relationships with people who buy houses. You meet these people through local REI groups or buy calling “we buy houses” ads or signs in your area. Every real estate investor I know pays a referal fee if you send them a deal. I’ve never had anything written, because I figure if they ever “forget” me, that’s the last deal I’ll bring them. Any good investor wouldn’t risk cutting off a lead source for a few hundred dollars.

Thanks for the advice…it all comes down to the trust factor I suppose. I’ll try it out and hopefully bring a little extra in.