Bird Dog Questions
Thank you in advance for help you can give.
1) How to advertise for Bird Dogs?
2) How to interview for a Bird Dog and what criteria should you be focused on?
3) How to train Bird Dogs
4) What level of compensation should a bird Dog expect to receive and for what level of involvement?
5) Are there any legal issues to be aware of so the Bird Dog isn’t acting as a NON-Licensee?
Thanks,
Nate
Johcashlocks book about birddogging has the sample form information included. Probably just by advertising that you buy homes for cash will get some to call you.[ Edited by personalvoice on Date 11/20/2005 ]
Personalvoice, I appreciate your advice.
Nate
what state are you looking for bird dogs in? i have took classes on investing but my family is haveing some hard times. If you are looking into buying around the Amarillo area please contact me back.
Having just completed a real estate salesperson license class and passed the exam, I can asure you that in Michigan it would be illegal to accept compensation if you are unlicensed, even just to refer someone. I have no idea in other states.
When you pay someone to give you information on real estate for sale, that is called a referral and is regulated. As far as I know, referring you to the nearest bathroom is not a regulated activity, even if for a fee- although I could be wrong in this day and age!
I noticed in another post that there is a $1000 fine for "bird dogging" in Texas- in Michigan a first offense of practicing without a license would be a maximum of $500 and 90 days.
I wish this was not the case- I would love to be able to help my friend sell his property without having to go through a broker, and make a little more than I would by listing it. But laws are made to protect established (lobbying) interests in the name of protecting the public; not to promote free enterprise.[ Edited by ypochris on Date 03/23/2006 ]
Does anyone know the laws regarding bird dog fees in Illinois? Can you pay for leads?
The local Real Estate Boards impose regulation relevant to the distribution or aid in distribution of a homestead with the intent to protect the consumer (and in some rare cases monopolize the marketplace).
Whether or not this legislation is put into place in a criminal or a civil context, it does appear fairly evident that the enforcement of this legislation would be limited to that of:
a) When a consumer is being blind-sided (ie: you are acting on his or her behalf without proper licensing and steering him/her wrong)
b) You are continuously taking a "fee" for selling real estate.
If you are working with an investor, and you are paid by the investor, who has experience in real estate transactions, and you are not party to that transaction (ie: a consultant) you should, (this is not to be construed as legal advice) be ok, for the following reasons:
1) You are taking a fee for selling information, not real estate (nobody can prevent you from charging $5.00 to tell him or her were the nearest gas station is, or where the nearest "deal" is)
2) Even if legislation was in place to protect the consumer, you have conducted no harm to the consumer....so in a semi-perfect world, you can indeed pay for a lead on a house!
I think it is important to know, most investors are opposed to the local Real Estate Boards attempting to corner the market on Buying/Selling properties, I am certainly of the opinion that the local Boards would like to see no investors/creative RE at all so that they can continue to take a small chunk out of every property sold and have the properties sold according to their "rules & regulations".
There is also such a thing as a simple Partnership Agreement, thereby making you and the investor principals in the transaction. The Bird Dog is bought out of the Partnership by the investor, thereby violating no State Statute.
John $Cash$ Locke
[addsig]
Read up on the economic theory - law of efficient markets and superior information. Good posts.
I felt the same way you did when I first started into real estate. I can only assume that you also are a salaried employee who did not work on commissions, did no sales, and did not own their own business. In real estate you are working on comissions and you own your own business. It is your job as a business to get the best deal that you can on your products. It is not your job to educate and it is not your job to assume that everyone operates as you do. You do not know why people sell their house, what is their real motivation, what is going on in their lives, etc. It is presumpteous for you to think that you can teach them how to solve their problems.
Awhile back I felt sorry for a women who had 4 kids, no husband and was in foreclosure. I told her that I could help her get top dollar for her house - because I was such a smart real estate person. I helped her fix it up, put signs around the neighborhood, ran an ad in the paper, etc. Three days later she signed a contract with another investor for an amount that was less than I would have paid. Since it was already done I tried to be supportive. Then the investor dumped on her the week of closing. I gave her the name of my realtor and told her to negotiate the realtors fee. Well, she listed with my realtor, he talked her into full commission, he put it on the market super low and a friend of the realtors got in the first contract. And of course the realtor got both sides of the commission. The moral of the story is that I could not teach this woman how to think like me. She is not me. And if you do not buy this house for a low price, then they will probably just sell it to the next investor for the low price. The woman would have made more money and had less anxiety if I had just bought the house instead of trying to run her life.
I am impressed how honorable you are. Keep up the good work.
Bryan
Crosado,
Have you checked with your lender to see if they would allow your father or uncle as a co-borrower?
With Puerto Rico being a U.S. Commonwealth and the residents being U.S. citizens, you should be able to easily find a lender that will do this.
Quote
lus getting the loan myself will hit my credit bad and possibly unable to qualify for another loan/investment propertyCarlos,
Even if you have co-borrowers, your credit report will still show a mortgage at the full loan amount anyway.
Have you researched the winter climatology in Vermont and the ski season trends in particular? I have friends and relatives in NH who are telling me that they had much less snow this past year than normal.
I realize that NH is not VT, but consider that the effects of global warming may impact upon your planned use of this property. In the near future, you may find that the ski season gets shorter each year from lack of appreciable snowfall. Do you have an alternate plan if the ski season fails to generate the income you need to maintain the property?
Go visit the Banco Popular de Puerto Rico. They have branches throughout the US and will not have any problem with the PR income.
?
Quote:
On 2006-02-22 22:50, DWH wrote:
?
nope it gors up to 6.5% in Oct of this year
Spend $2k-$3k remodeling a bathroom to make it look phenominal(nice tile, etc), maybe that will help put yours above the rest of the units.
Chase
Quote:
On 2006-02-24 15:43, DWH wrote:
Quote:
On 2006-02-22 22:50, DWH wrote:
?
nope it gors up to 6.5% in Oct of this year
Quote:
On 2006-02-26 14:25, Ruman wrote:
Spend $2k-$3k remodeling a bathroom to make it look phenominal(nice tile, etc), maybe that will help put yours above the rest of the units.
Chase
Quote:
On 2006-02-24 15:43, DWH wrote:
Quote:
On 2006-02-22 22:50, DWH wrote:
?
nope it gors up to 6.5% in Oct of this year
thanks for the advice but they are all brand new less then 3 years old
How does it appraise? Maybe you have enough "equity" that you could offer a zero-down sale using Nehemiah or Hart or one of the other gift-your-buyer-some-equity-as-the-down-payment programs. When you can offer better terms for a cash sale, yours will sell faster.
OK just got done with the CMA pretty awful news.. Condos are listed for 3-7k less then what people paid for them.. There are about 8 for sale right now listed with an agen 3 more fsbo.
One sold recently not sure what the purchase price was for but it listed for $147,500 sold for $142,100 and had $4,260 (conn)
so real price was $137,840
Im screwed, looks like we will be living here for a while
Anybody? Please.