Birddog Fees
Hi all I am a newbie Northern CA investor
and I would like to birddog for other investors as well. My question at hand is:
What would be appropriate compensation range for this type service.
Thanks in advance,
Wendy
Sometimes it depends on what the deal looks like. BirdDogging is generally pointing an investor in the right direction and you get paid less. Wholesaling is actually putting the property under contract only to sell the option of purchasing the property to someone else at a later time. But you would make a better fee for doing this since you found the property yourself.
HTH
Wendy,
Glad to meet you.
You will pretty much be told what you are going to charge by the person you are birdogging for in the beginning.
There are not going to be bashful about what they are willing to pay you.
As you go along and and do a few deals then you can dictate the terms and percentages if you become proficient at finding good deals for them.
A big warm welcome to you.
John $Cash$ Locke
Thanks for your responses. I do believe that birddogging and or wholesaling is a good way for me to start and get a few deals under my belt so to speak, and to get some practical experience. And, I'll just ask the investor I'm working with what their compensation is until I am versed enough to set my own fees. Thanks again.
Happy Deals!
Wendy..
WENDY:
Are you looking to Buy and Hold for NOTHING DOWN NO CREDIT CHECK AND NO NEW BNK LOAN ---THEN FLIP for some Quick CASH--- PLUS 50% Ownership?
Heres' how you (or anyone else here on TCI) can do it:
Contact all FSBO's in your area and say the following---
"Hi, I'm calling about you ad.
Can you tell me a little about the house?
Great! Well, actually, what I'm looking for is someone selling on their own who can kee the current loan in place for a couple years, and who can afford to leave their equity in tact until I refinance and pay them off.
I would be covering a hundred percent of all of the costs: for the maintenance, insurance, property tax and so on. Then I'd just sell or refinance and pay off you loan, and pay you all your equity at that time.
(If there are no negative responses at this point...continue with...)
In the meantime, I'd pay to have the property held in a land trust in your name and just lease from the trust, so that you wouldn't have to transfer any title interest or take any chances with me."
When you get one, Kassy, call me and I'll be your consultant on a three-way call. I can either cover your up front costs for a 50:50 equity share in the property
...or just handle the documentation, legal review, and trusteeship for you for 1% of the property's value (that's what we do).
Derrick Ali
PS. Pays better than BIRD DOGING-Ya Think?
[addsig]
$500 and up is what I was offered for bird-dogging deals when I first started. As I did more on the deals, then the $$$ would increase. Good way to start.
Best of luck
John
Ok..idid it..ive found a property for sale a very 'sad' one but its a start!woops..the seller is asking 6,000 and its in the hands of a realtor..what next?..i know i can get onto a buyer really easy for this.
"EXCITED but still lost in Arkansas"
Derek,
What are typical up front costs? Do you cover this in your ebook?
Thanks!
Plander_99:
Typical upfront costs to Investors who set up PACTrust or NEHTrust is ZIPPO, ZERO, ZILCH, NADA!!!
When you purchase(I should say Acquire ownership) of a Home in a PACT/NEHT you simply pass the set up costs(around .5% to 1.5%) to the Teneant-Buyer who contracts to buy from you in say 2, 3 or 5 Years.
You get to pocket the upfront cash they pay after set up costs and reserves(2-3 months payments) are set aside from the 10-15% down terms they need to 'Buy-In' to your interest in the Land Trust Home.
I know some of this may sound like ancient Chinese Arithmetics but NARS has a documentation process to work the details for you so you can spend your time CLOSING MORE DEALS.
PS. My eBook does cover it.
Thanks for asking! And I hope this helps!
Derrick Ali
[addsig]
Derek,
You are a wealth of information. So, when you volunteered the following:
"When you get one, Kassy, call me and I'll be your consultant on a three-way call. I can either cover your up front costs for a 50:50 equity share in the property
...or just handle the documentation, legal review, and trusteeship for you for 1% of the property's value (that's what we do). "
There really aren't any up front costs to get you the 50:50 equity share? Seems like easy money.
Thanks.
Planders_99
Planderrs_99--Seems Like EZ Money! You bet it does especially for the novice intestor who needs me to come in for Back Up Support/Air Command/ or the Calvary to CLOSE their Deal!
Or they could simply do it all on their own!
The key is when theyy Hire me it's a fee upfront and no guarantees.
When you partner with me theirs the difference:
I Always Play to Win when there something in it for me(jjust like any other human being).
No shame to my game I get the job done and also am Hansomely compensated for doing so.
Mind you I Don't come attached at the hip with any future Land Trust Deals my partners do...and as any of them will say to anyone---"The benefits of the Acquisition + Experience (less 50%) is worth more than 100% lost opportunity!
Ya Get Me Buddy?
Hope this helps shed a little light on the word EZ VALUE vs. EZ Money!
What price is my availability to YOU if I can get you 50% of $1 Million Bucks M'Man?
$500K ya think?
Much Success,
DERRICK ALI
[addsig]
Thanks for the quick reply Derrick. You're coming in loud and clear.
DerrickAli,
Sounds good but you forgot to mention that the 2nd million is all for them. by that time the will have the ability to do the deals by themself.
-Tony-
Yeah and They'll still be look upon as POOR by acutuarial standards:
"It takes $2.7 Million in liquidity B4 one is certifiable as FINANCIALLY FREE in the U.S."---Yr 2000 survey
Say Bro. can you spare an extra Mill.7?
Hahahahaha!
lol
[addsig]
sure I've got it printed up where do I send it
-Tony-
I have a question which goes back to what Derrick wrote in the beginning:
If a seller agrees to let me step in and cover all the costs and pay them while their loan stays in place, how exactly do I claim ownership of the property?