i know a friend of the family that happens to be a real estate investor, mainly buys parcels of land and puts mobile homes from auctions on them, she also buys rehabs or large parcels of land and devides them up. she said she’s getting overwelmed handling the first stages of what she does (contacting the property owners, getting asking price and etc)
she’s told me that if i refer a property she ends up buying, she’ll give me $1,000 for each property. is this worth the work? how difficult is this and would you recommend any books on this, i’m fairly new, i do plan to get my re license soon so i work for her on the side, helping list, buy and etc.
my mom’s also doing this for her, she drives around town, writes down addresses of vacant properties or abandoned homes, looks them up on property appraiser’s website , then writes the property owner a letter with questions about the property. is this the correct way to handle it? any pointers would be great, also tell me if that’s a decent $ for referring the property
*** edit ***
i guess after looking into the term “bird dog” this isn’t really the same thing… but anyway, do you think this is a good idea?
Let’s see… If you make $25 per hour and it takes you 40 hours, then that is about right. Oh, maybe it does not take 40 hours, Lets see, 5 hours driving around finding houses, 2 hours doing research on the web, 3 hours mailing out post cards, 5 hours talking to the owner, and 5 hours talking to another seller that did not pan out. That’s 20 hours, so you would be making $50 per hour. How much do you make in your day job?
Wilson
PS. My response was a bit cheeky, but I did it to make the point that unless you are a well paid professional, this is an excellent pay scale, especially when you get good at it and it only takes 5 hours total.
John lock has an excellent bird dog book and it is pretty cheap for the info.
The procedure is correct, although add negoiating a price and setting an appointment for the investor look at the property is also in the job description.