Okay, I’m going to ignore some of the last comments made on this particular forum because it seems no one’s questions will be answered. They are being ignored.
Why is this?
Isn’t this board for newbies to have questions answered without having statements…
I hope some of our questions get replied to.
Okay, I’m going to ignore some of the last comments made on this particular forum because it seems no one’s questions will be answered. They are being ignored.
GEEZ, Salem what do you want, a straight brain transplant to your head from ours?
Wonderful idea, btw. You’re going to ignore some of the last comments (some VERY good replies by Cash, if I do say so) BECAUSE you if you’re being ignored. Let me know how that works out!
Isn’t this board for newbies to have questions answered without having statements…
No it isn’t. I think Cash said it plainly enough. If this post’s question was answered without “statements” then it would be a yes or no answer. Hard to learn that way.
I hope some of our questions get replied to.
If you’ll reread some of the above posts, I think that you’ll find that most have been answered VERY thoroughly. In fact, here’s a reply to the original post: "In answer to the original question: It would be VERY difficult to make a living as a REI birddog unless you live in a large market area with alot of active investors that you can network with. Also, if you were good enough as a birddog to actually make a living doing it, then you would probably have (or should have) moved on to wholesaling/investing yourself.
The primary reason a person becomes a birddog is so that they can learn the business from a successful investor." Pulled from my first post, btw.
Now, to your questions:
And my questions are:
#1. How should one approach investors? From behind, much easier to sneak up on them that way! Or you could try advertising in the newspaper, or visiting where they tend to hang out (a REIA for example) and give them your card and say something like, “Hi, I’m Salemgurl and if you’re interested, I’d like to do some birddogging for you.”
#2. What standard contract form can and should we “bird dogs” use and is it
available through http://www.microsoft.com (they have 100’s of
basic contracts that can be edited) Didn’t know that microsoft had 100’s of contracts on their site (and don’t know why they would). See, if I’d just ignored you, I wouldn’t have learned something today. What you’re looking for in a ‘basic’ contract is an independent contractor contact.
#3. Many cities have “Registry of Deeds” websites (ex: www.citydeeds.com) Yes, they do.
#4. Investors want to know and what to bring to the investor…
a. the “location”…I don’t give out the address just the general area That works, but the investor will need to know the actual address if they plan on buying
b. if the building is vacant or lived in and for sale by owner or realtor The investor needs to know WHO to contact to make a deal
c. cost of rehab (i use the Robyn Thompson method www.robynthompson.com) Not a birddog’s job. You shouldn’t even be in the place to get an estimate of repair before the investor
d. ARV - After Repair Value A general idea, yes, but again it’s the investors job to determine IF there is a deal. A birddog ‘points’ out potential deals.
e. Comps (to figure out the AVERAGE price the property will sell for ARV) Nope. Investors job
#5. Many people have asked what to charge and it has basically been given in a few
responses from 10%, 10% for information/10% after sell and $500 - $1000. Price a birddog gets varies from market to market and also from the experience of the birddog and the potential of the deal. Here for example, the basic fee is $250, but I pay more to my birddogs that provide me with consistent quality leads. I also pay the good ones for leads whether I close or not because I want to make sure that I am the investor that gets their leads.
#6. Pricing depends on the individuals involved but what else? See above
Raj
Raj,
Agreed, that post made me think of the kid in the back seat saying “are we there yet?”, rather than saying “how are we going to get there and how long will it take?”
Are we there yet? NO!
How are we going to get there and how long will it take? This would take making some comments so the person asking would have the answers and understand why.
Guess who is not going to help someone who only wants to know “are we there yet?”
Good job Raj, more patience than I,
John $Cash$ Locke
Raj and John,
Thank you for responding to the questions posted but if you look back there was too much chit chatting. 
I’m not trying to start crap, It would be nice to have some informative answers though, I do agree, Yes and No answers are just wayyyyy too vague.
But the “TOPIC” message still hasn’t been answered fully (the second part of the question) from successful bird dogs…the topic went from …
I truly wanted to hear a “SUCCESS STORY FROM AN ACTUAL BIRD DOG”
This one post was good but also confusing (the later half)
Roger J stated:
"…As a birddog, your only job is to find “potential” deals for an investor. It’s the investors job to close them.
Simply saying, “there’s an abandoned house on xyz street, the owner’s name is xxx and here’s their number” is what a birddog does.
Or “I got a lead that xxx is interested in selling their property and needs to move it fast.” That’s what a birddog does.
They do NOT call sellers.
They do NOT negotiate terms.
They do NOT do anything more than point out the leads for the investor.
They also do NOT have any liability issues because they are only supplying information.
No negotiating, and no contracts to sell/assign.
They also have no money invested in deals and no risk if they don’t close.
As far as getting a contract when birddogging, you can if you want, but why bother?
If you’re only going to be netting around $250-500 per deal, it’s hardly worth a contract. "
okay that said (and I really am a sweet person) 8)
I’ve personally answered several ads from “We buy homes” ads…and the investors want to know (perhaps this is just in massachusetts):
a. cost of the home (before repairs) aka if the home is on the market what is the price
b. how much work needs to be done to it (they generally ask for a figure)
c. and the After Repair Value
d. who to contact (home owner or realtor)…I had one who wanted me to send the homeowner a letter and have them contact me (this investor found a foreclosed property in my state)…
John stated:
Other questions:
So, are these the correct steps to take?:
*before hand I can contact investors and ask them “what type of deal is right for you”?
Raj, you noted:
a. the investor will need to know the actual address if they plan on buying
b. The investor needs to know WHO to contact to make a deal
c. cost of rehab is Not a birddog’s job. You shouldn’t even be in the place to get an estimate of repair before the investor
d. ARV - After Repair Value A general idea, yes, but again it’s the investors job to determine IF there is a deal. A birddog ‘points’ out potential deals.
e. Comps are not the bird dogs job but the Investors job
My research work leads (I found these on Microsoft Templates)
Contracts
http://office.microsoft.com/en-us/results.aspx?Scope=TC&Query=contracts
Independent contractor employment agreement
http://office.microsoft.com/en-us/templates/TC062563061033.aspx
salemgurl,
Okay, it seems that we ‘chit-chat’ too much for you and answer too little. What you want is details! details! details!
So, let me ask you a question, have you purchased a book/course on birddogging yet? There are a few out there now (some call it ‘jobbing’) on birddogging, and as you stated, John has one as well.
If you’re wanting ‘just the facts’ then I personally know that John’s book covers 99% of what you’re asking here and seem dissatisfied with the answers.
If you’re looking to be a success in this business, I hope that you’re willing to spend a little $$$ to learn it.
And I believe that original question has been answered and quite well, I might add. I gave a very detailed answer. It seemed to satisfy parei78 has he hasn’t responded back. But if you want it simple and clean then, NO, I don’t believe that you can ‘make a living’ as a birddog, and I don’t think that you should try.
The focus of a birddog is to learn the business with little risk. As I’ve already stated, IF you can be successful as a birddog, then you should have moved on. For example, I started out birddogging (and in fact, still do it for the deals that I don’t/can’t do), and have now moved on to currently owning 3 real estate related businesses. I’d like to think that that is at least a little successful.
You’ll have to be more specific on what was confusing in my post in order to clarify.
As to contracts or not, I never worried about them BECAUSE a) what I was getting paid wasn’t worth the bother b) The major reason that I was birddogging was to learn the process of REI and c) I’m just a country hick and still believe in the handshake and a person’s word. More specifically, I believe that by NOT having a contract, I could better determine WHO I wanted to be in business, and WHO I did not.
As to what a birddog does: I believe that I’ve been pretty clear as to what I THINK a birddog’s job is and isn’t. If you’ve given a good quality lead to an investor, then you HAVE done most of the legwork, as finding the deal is the hardest part.
Example: I call John up and say, ‘John, I just got a call from Salemgurl. She needs to sell her house fast. She owes $80k, She thinks that the FMV is $100K. The property was built in 2000 and she says it doesn’t need any work. She said that all she wants is payoff for it and she’ll be happy. Would you like for me to set up an appointment for you to meet with her?’
As to your “we buy houses” guys. They’re either lazy or new with my bet being on new. They’ve read some book that told them to stick up a sign and ask these questions.
Raj
Roger/Raj,
AWESOME!!!
‘just the facts…’ (that’s what we want…factual answers)But if you want it simple and clean then,
NO, I don’t believe that you can ‘make a living’ as a birddog, and I don’t think that you should try.
The focus of a birddog is to learn the business with little risk.
IF you can be successful as a birddog, then you should … try the next step which would either be wholesales or investing
As to contracts or not, I never worried about them BECAUSE
a) what I was getting paid wasn’t worth the bother
b) The major reason that I was birddogging was to learn the process of REI and
c) I’m just a country hick and still believe in the handshake and a person’s word.
More specifically, I believe that by NOT having a contract, I could better determine WHO I wanted to be in business, and WHO I did not.
As to what a birddog does: If you’ve given a good quality lead to an investor, then you HAVE done most of the legwork, as finding the deal is the hardest part.
This is the simplicity to the main question and also gives us more information from a sucessful birddog! and I thank you for this firm and honest simplification of bird dogging success!!! and without much chit chat!!
Now, I feel much more comfortable purchasing a book knowing that this can be done.
To everybody that answered thanks. To Cash Locke, I know you from another board and I know the time you spend helping people when you don’t really have to. Thanks for your help. it is changing my viewpoint on this one guy.
Could anyone give a very general process of what it takes to get a seller under contract the way whoesalers do ?. Why would a seller sign a contract to just you and give you exclusive rights to buy his house? Why is that in his best interests assuming it would be for him to sign a contract to you?
I assume it’s in the art of negoitating a deal and you tell him you have investors lined up and will get him the best rice or something to that effect.
I truly wanted to hear a[/color] “SUCCESS STORY FROM AN ACTUAL BIRD DOG”
Well I have been doing this sence I finished my internship in college last May, well thats when I opened a company to strickly find properties…I have one company that I invest all of my leads to, and they treat me very well. It took me a while to get it just right, I never read a single book about bird dogging, but I did, and still do have a mentor. People over look mentoring, and all most see in this game is the MONEY, its more than that to me. In the past 7months, working part time, my company made about 84K, some of which wasnt collected until 06, because of tax reasons. I can honestly say I live in the nice middle class home I live in because of bird dogging. As a company there is a goal of 10 properties a month. Thats the quotta, and the funny thing is, is that almost all of that 84K is PROFIT (after following some of the CPAs stratagies). The company is expanding and I teach newbies tricks, and they are well compensated, I want to totally dominate my market… Dont know if that counts for a success story, but Im happy, I have actaully been able to invest some of my funds on deals now, I think that is really cool.
Yes, you can make a living doing this however I recomend that you use it as a stepping stone rather than a long term investing strategy.
Bird Dogging or Scouting is a great way to get started as a real estate investor.
It is really nice to see when success stories are posted!
Yes, this is a stepping stone…in order for us to gain experience and then go onto
Investing OR the wholesales
ONLY A STEPPING STONE…yes we’ve got that!
Any other success stories???
and the steps you took to become successful?
We are all looking for mentors and this info is awesome!
thank you!
How To “Realistically” Get Started As A Real Estate Investor
When it comes to real estate investing, most beginners find themselves with plenty of desire, a little bit of knowledge (from books, seminars, online message boards or something like that) and in most cases they have little or no money to get started with. Does this sound like you? If so you are not alone. Not by a long shot.
If you’ve spent any time online researching this topic you will have undoubtedly found a countless number of articles, books, CD sets and boot camps out there that all promote some super duper “investing secret or technique” that will teach you everything you need to know to be successful… even if you have no money or experience in the business. Call me a “kill joy”, but in my experience, these types of things are not very realistic.
I’m NOT saying that these super secret secrets can’t produce success. I’m saying for most normal and sincerely interested people (like my 65 year old single Mother), the sophisticated & sometimes pushy techniques that are often touted by the “gurus” are simply not a viable option for them.
The good news is that there are realistic and practical ways to get started as a real estate investor regardless of your experience level or the amount of cash you have on hand. In my humble opinion the best option is a process called “Scouting”. Scouting is probably one of the most realistic and practical ways to get started available for beginning investors.
What Is Real Estate Investment Scouting
In the medical profession every doctor must complete an internship or residency before they are permitted to become a licensed practicing physician. In some cases that internship can take many years to complete. Now, if you think about real estate investment as a business and not as a “hobby” or a little “side project” a smart question to ask is…”Does an internship for the real estate investment business make as much sense as it does in other fields?” I think the answer is yes, but take some time and think about it for yourself.
I believe that success in this business or any other business requires that you must first learn the basics and develop a firm knowledge of the rules of the game. There are plenty of methods you could use to learn the basics but I believe that the best way to acquire these much-needed essentials is out there in the real world, getting your hands dirty by actually studying the market and evaluating investment results first hand. And more importantly, doing so without risking your own money.
T
his can be accomplished by becoming a “Real Estate Investment Scout”. Scouting or “Bird Dogging” as some like to call it, is an activity that anyone can do regardless of their age, experience, income or credit history and without having to spend large sums of money. Scouting opportunities for other investors; is a safe way to gather the knowledge that will ensure your success. As well as limit the risk of exposing your own personal money while you’re still trying to get your bearings in this business.
A real estate investment “Scout” is much like a consultant or research analyst, you find potential investment opportunities, do the research and analysis of the deal and then sell the information to other more senior investors for a fee. The fee structure can take many forms. In some cases it can be a flat fee and in other cases it can be a percentage of the purchase price. There are plenty f benefits to scouting which include:
It’s completely risk free. Since you are not purchasing the property you have no need for financing or credit. Therefore you have no financial risk.
Requires no prior experience. You will undoubtedly find some stink bomb deals in the beginning that you’re going to think are the greatest thing since central air conditioning. Don’t worry about that. It’s part of the learning process. The professional investors will tell you why the opportunities are no good. (Hint: This is how you learn.)
As you learn, you will be able to transfer deals to other investors for cash. If you save the money you earn from scouting, you will eventually be able to finance your own deals.
As you go about your merry way as a scout, you will develop relationships with investors, brokers and other real estate professionals. This will help you in the long run when you become a full fledged investor yourself.
Whether your goal is to eventually renovate properties for profit or purchase rental properties for cash flow, getting started as a scout is in this guys’ opinion, the smartest, most realistic and lowest risk get started approach out there.
To your success!
Rik Foote
as an outsider looking in, Raj and John, have spent lots of time giving out free info to us all & I thank you both very much.
there is an entire REI class on this board & other boards if you take the time to read & click the links. People are willing to share experiences & info & don’t charge you a cent… so why complain about how they answer or if you think they ‘chit-chat’…? that is really rude IMHO
No one will hand everything over to you. You will need to do some work yourself. There are affordable e-books all over the net. The links are to the left of this page. You could buy one & help support the free service this board provides.
To all those who’ve given info and opinions…whew!
Thank you!
End of Discussion
Hi and thank you for all of the experienced advice.
I am just beginning to research bird dogging as a possible part-time job for me. I am a sales rep and travel every day. I could easily find an hour to research and view properties. What is the best local resource I could go to? What is the best book I could buy?
Again, I appreciate the help.