I have yet to do bird dogging yet but I’m thinking its not very easy to do. How many properties are really for sale that are bargains? And if there is properties that are real bargains, what are the odds that it won’t be snatched up right away? There is so many people out there with fat pockets and everybody and their mother is involved in real estate these days.
The reason why i looked into bird dogging is because of my horrible credit. Once i make some money from it I will pay off my debt. I’m only $4-5k in debt.
But i just can’t see these “baragins” being out there. Feedback is much appreciated.
With that attitude, you’re defeated before you ever begin. Change it. Find a good mentor to set parameters for you and go to work. Keep your chin up, there’s plenty out there.
Good luck,
Dave
if you think there are no deals out there then all your doing is making it easier on the ppl who will like to snatch things up this business process is easy to understand but accomplishment is another thing it takes a lot of time and effort to get started…put the work in and you will find deals but they are not going to just pop out at you trust me im starting out to and its taken awhile to even get to where im consistently find deals…
First off, you should want to establish your credit, but what you need to do is hire someone to clean up your credit for you. You have better things to worry about like finding deals, and closing. If you are relying on credit to become an investor then your credit will never be good enough. The best way to build credit is to build credibility. If you have proof that you are closing a few deals a year, then financing should be the least of your worries. Even if you can find a deal, then create a partnership with whoever you birddog for and have them sign off on a property that you bring to them, saying that you would like 20% of all profits. Let them know that deals are hard to find that is why they are requiring your service. There are rarely any obvious deals, most deals you have to create. Using credit as your way in is not an excuse for not being creative.
CharlottePlayer,
I have no idea from where you got the 20% of profits; it’s completely unrealistic, IMO. I pay my birddogs, secured by equity in the property, either 15% of net profits or they may forfeit 5% for a flat $1,000 and still retain 10% net. To the best of my knowledge, I’m the only investor that does it this way. I also believe I’m one of the more generous around…But I don’t have to worry about RE licensing since they’re a principal in the transaction and (big plus here) it allows me to have a partner on the ground with a vested interest in our transaction. In addition to the upfront option given, the birddog is building long term wealth. Will they eventually go on their own? Sure…with my blessing. Consequently, they think of me first when they can’t do a deal, our relationship is already established. I’d love to hear other investor thoughts on this…
Regards,
Dave
If you click on a user’s name, it will take you to that user’s profile page. If the user has filled out the information, it will tell you their location. David has and his location reflects “Los Lunas. New Mexico”.
