Hello All,
I’m curious about becoming a property locator aka bird-dogging. When I first came here I thought about buying and flipping but since my knowledge is fairly small for that, I figured maybe something else would be better for me at the moment. Until I learn the ropes a little more.
First off, I’ve been thinking heavily on obtaining my RE license, maybe this is good, maybe not?
Anyway, I don’t want to be one of those fly by night people that can’t bring anything to the table. If I have to wait to receive compensation that’s fine. Not a problem for me. I believe in delayed gratification. Anyway, for the investors reading this. What type of qualities is it that you’re looking for? What type of info should I bring to the table when I approach an investor? Once I find an investor willing to accept my services, should I then go out and speak with sellers first (that’s not an issue, I enjoy talking with people)?
I know there’s probably alot of stuff up in the air for this post and I do apologize for that.
Realestate is a very huge passion for me and has been for many years. I welcome any advice that is given.
Thanks,
Tena
As an investor, all I care about is if you have found a good deal that can make me money. If there is plenty of profit in the deal, I’d be happy to pay you a fair (even generous) finders fee.
If I were you I would focus on finding that deal first. It seems like you understand how to possibly find deals by what you wrote in your post. Once you find the “deal,” you need to get it on paper in the form of an option contract or purchase agreement.
Once you have the deal “on paper,” you then look for investors. Calling the people who advertise in the newspaper under “I buy houses” is a good place to start. You can explain the deal to them, and if they are interested, you can meet with them. Be sure to have a non-circumvention, or non-competition agreement that prevents them from buying the property you are bringing to them from any other source except you for 5 years. Get them to sign the agreement before giving them the particulars about the deal.
If you want to bird-dog, that’s a great way to make some cash with no money risked out of pocket (except maybe some money for advertising). If you find a good deal and get it on paper, you should be able to find an investor who will pay a premium over what you were able to negotiate.
Bird-dogging is a great way to get experience on the “finding the deal” side of the equation. Once you’ve mastered this step, you’ll be able to do a deal and get the huge payoff from the investment itself!
Take Care,
Jeff