Being new to the creative investing world - can someone please define a bird dog. I do real estate referrals in new jersey and I wanted to see if I can expand into this arena or if maybe im doing it already without actually understanding the technical term.
Thanks
Seth
www.sdcproperties.com
Howdy Seth:
Birddogs just point to deals and charge a referal fee kind of like a birddog points to a flock of birds. The more a borddog does the more fee they usally collect. It can vary greatly from relationship to relationship but you get the general idea. I believe you are already doing it as you said.
Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737
512-301-9171 home
512-587-6177 mobile
what do birddogs usually charge for a referral fee?
It depends on your market and how much information you provide. The more property info you provide the higher the fee you can charge. In general, no one will balk at $500 to $1,000 depending on the property. You may also want to consider charging a percent of the purchase price. 1% with a min and max is reasonable.
Good luck!
Barry