Definition Of Bird Dog
Will someone kindly define "bird dog" for me please? I see this word all over the place and have never heard a clear definition. I assume it is someone breaking into the business who does the legwork and mentors for an expert and gets tossed a bone for finding deals. Did I just answer my own question?
A birddog is someone who locates a good deal for an investor for a finder's fee. Bird dog fees range anywhere from $500- 2% of the sale price. A birddog must seek out deals that will create a pretty good profit for the investor. The higher the profit margin, the more you charge the investor. Be wary of investors who are out to just doop you out of possible deals. I ran across one in particular in NY. He purchased the property but never let me know about the transaction. I found out that he purchased the property because I kept a good record of my under contract properties and searched the public records. Your best bet is to find a good bird dog contract. Make sure you have anyone your dealing with sign this contract. Atleast you will have something in writing in case they do try to skip out on you. Most investors don't but you always have those bad apples. Good Luck!