I am in the Chicagoland area and I have a few questions.
What is bird dogging exactly? I have an idea but I want to be clear.
Is it difficult to get started bird dogging?
Is the Chicago area a good area to conduct this type of business in?
I would really like to start making some extra cash for myself and me and a buddy of mine would like to eventually become investors but I think this is a good start to work toward that goal. Any information or advice would be really appreciated.
Hey cuddos to you and your buddy wanting to explore the beautiful world of investing! Bird dogging is not acutally a bad way to start and get your feet wet.
What a bird dog is an individual who goes out finds distressed properties and brings them back to the investor and if any of those leads work out for the investor, meaning he must be able to close on the property in order for you to get paid. Bird dogs usually are paid 500-1000 bucks on every deal the investor closes on.
Find out who the key players are in your area! Trying attending your local REIA meetings. There you should find qualified buyers. Find out what their buying criteria is, such as beds, baths, square footage etc…
Second: educate yourself. Know the areas. Rather than focusing on finding properties. I suggest you drive areas, research areas, etc. Know them like the back of your head. That way you can speak knowledgeably about properties to potential cash buyers.
Does anyone have a sample agreement one could use to birddog a property? I am just looking to point the investor to the property and let them negotiate the purchase, so I wouldn’t be involved in the contract at all but still want to be paid something.
I live in the Houston Texas area and tried bird dogging for a while. I also work with a buddy of mine who lives in Connecticut and he did bird dogging at the same time. We both put in a lot of effort and lined up a list of investors to work with. After this work and sending leads we both came up empty.
We did learn some things along the way however. I know people say you can just drive around and find property but that is not really true. In this day and age the internet is a great resource for finding leads. Its much more reliable for finding leads. I wouldn’t waste time driving around. If you see something that catches your eye when your on your normal route well then write it down.
Make a system for putting together your leads as this will make things quicker. If you don’t have a system for putting them together and sending them out it will take a long time and make it hard to justify the money you actually make.
I would say get into it to learn a bit and put in real consistent effort but don’t expect it to change your life. Good Luck I hope you and your buddy get everything your hoping for. :biggrin
One of the services people need is placement of bandit signs. I advise my clients to look for people where they can give them a gas card and signs for weekly placement. The signs are coded so they know what sign attracts the caller. Then if the call results in deal the bird dog gets a fee which can vary by deal, price point or in some cases a flat fee.
If you do this, then while you are out placing signs you are also looking for properties that could be good leads for a real estate investor. Bottom line we need bird dogs and if done right it should be a good start for making money. I have 4 clients in the Chicago market who would love to connect with people who want to be bird dogs for them.