My kind of Bird Dog

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?

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

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

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.

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

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

What he said! ;D

Does this apply to loans done in NJ?

Yes it does.