I am paying $1,000 to my bird dogs. I have one guy that wants to just send me addresses and price and then if i am interested he will investigate further. what should bird dogs be doing for you as the investor? should they just send address and price to you. should they send comps, motivation of seller, address, price, repair costs. what should i expect from them so i am not wasting my time doing all the work?
Tim,
I think thats really up to you IMO. You should tell them what type of information you are looking for. They should be the one qualifying the potential deal.
They should be providing you with all the information that you need for you to make a decision. I have mine do everything except making offers and handling the closing.
This means that I have them identify and track down sellers, find out their motivation, what they owe, when the borrowed it, what they bought it for and when, estimating profits, cashflows and repairs, plus estimating values. And did I mention that they also assist in locating buyers? :biggrin
When they are done working with me they know just about everything that I do about finding and evaluating deals. My goal is to have them develop into educated investors that will be able to work with and partner with me for bigger and better projects later on down the road; that way we all prosper.
I pay my Scouts no one wants to be called a dog 2-5k on each deal. Some find buyers some find sellers and some show houses. I don’t train my competition I believe in paying them more and they won’t go to the next investor because I pay more. You tell them what you expect and what they get paid.
I agree with hassansr
I contract my bird dogs with a non-compete so they don’t turn deals to other investors
however I’d like to do bigger better deals with educated investors later on.
Like hassansr I have my bird dogs do most of the work including talking to the homeowners.
I pay them 2k per closing and an additional 1k if the buyer they brought me buys from me.
Oh Boy … I like this idea “I have mine do everything except making offers and handling the closing.”
I was under the impression that I would have to have a home under contract THEN try to find an investor…
Guess I need some new books and guidance… :banghead
The money is made when you control the house not provide a lead. Build a buyers list and be the middle man not behind the middle man. I empower my scouts not keep them on a leash.