I am an investor in Texas. I was going to be the one contacting people going into foreclosure. I have now realized that it might be a better idea to have my brother do this part because he really is a great salesman, where I am more of the geeky information type person.
I saw a suggestion in an old post, that an investor could set up a partnership agreement with a “bird dog” and then buy them out of the partnership.
Has anyone tried this. Anyone have some more details as to how this would work?
Bird dogs are usually just paid a fee for each deal they find. You could form a LLP though. It’s similar to an LLC but allows for multiple members. I don’t really see a need to structure it that way though.
The problem is that in Texas bird dogging might be illegal. People disagree on the wording and interpretation of the law. I would rather play it safe. This is why the partnership sounded like something I would be comfortable with.
Birddogging is not illegal here. There’s a couple other threads where we covered this. It’s sort of a gray area as far as representing someone, but we all birddog out here every day. Problems come with investors offer “commissions” and cross the line of having a seller think they are being represented, which require a license.