My kind of Bird Dog

Bird Dogs, Wholesaling
1

Bird Dog
The definition of a Bird Dog according to REI Club Glossary is: someone who identifies a potential good real estate investment opportunity and passes that deal on to another investor for a fee. I under stand how this makes sense when the “potential good real estate investment opportunity” is referring to a physical property. But what about the loan needed to purchase that property? Or the development loan needed to put in roads and sewage systems?

I need a special kind of Bird Dog. I need someone who brings me loans rather than properties. Obviously, the larger the loan the better. Our company finds funding for commercial real estate ventures world wide. We pay 15% referral fees and start at 20% commission under contract.

My question is: What are some different ways I can go about finding this kind of Bird Dog? I really don’t want Betty Lou and her cousin/husband Billy Bob out there tracking down multi billion dollar loans in the name of my company… so the Wal-mart cork board is out. Any suggestions?
???

2

Do you negotiate short sales if someone brings you information on a preforclosure?

3

I used to, but now I only give advice. The only deals I negotiate are for people in my area.

4

Anyone with a cell phone and a car can bird-dog properties, but you can’t just drive around and find people who need loans.

Sounds to me like you’re a loan broker who simply wants to find salespeople willing to work on commission. I think that’s a full-time job, not something that can be done realistically on a part-time basis.

5

how can you pay bird dog fees and plan on getting around RESPA rules without actually hiring someone to work for you? Unless your planned birddog fee is less than$50? Im just wondering

Eric Medemar

6

Eric, just FYI, RESPA does not apply to commercial loans…kickbacks, commissions, spiffs, etc are common in the commercial world.

7

^^^^^^^^^
What he said! ;D

8

Does this apply to loans done in NJ?

9

Yes it does.