Birddogs Vs Investor Agents
Dear Fellow TCI Citizens;
This forum has been nothing short of good to and for me.
I started investing in real estate about 2 1/2 years ago as a manager for an Investment Partnership. When I left the partnership and went on my own, it took me about 10 months before I bought my first property. So, Newbies, do not be discouraged. Homework counts.
I looked at the "Birddogging" method of breaking into the Biz and came to a few conclusions that you may or may not agree with.
I see a lot of confusion about BD Fees; what to charge. This is what I'm doing:
I charge the Investor one (1) mortgage payment for homes under $100K and$1,000 max. I am paid at closing through escrow.
I provide the Investor with the Lender's pay-off and loan reinstatement costs through the end of that particular month or the month I intend for the transaction to close..
I also provide the Investor with Comps, tax information, a rough estimate of repairs and info regarding what my client needs out of the deal in order to be happy.
I personally introduce my client and the investor so everyone is warm and fuzzy and on the same track. If anyone gets off track, it's my job to fix it.
This is kind of over-simplified - BUT
My point remains, with that kind of diligence, can you really refer to me as a BIrddog? Arf!
I think not. First of all, I have developed a report (sp?) of trust and friendliness with my homeowner client which I will not betray.
Secondly, I have provided my Investor client with the bulk of "his" ( or her) due diligence" information, sometimes with an appraisal and survey.
I think a lot of Birddogs are out chasing their proverbial tails and a lot of Investors are missing deals because they hold the so-called birddog in low regard. Somehow, (maybe I'll start an Investrors Agent Group here in Dallas) the relationship between the BD and the Investor needs to be professionalized.
I think this Forum should help develope a network of professional "Investor Agents" and get rid of that horribly demeaning "birddog" mentality and verbage.
BowWow for Now,
Curt 
Curt,
I dont want to bust your bubble, but tonight is the first meeting of the REI Cash Club of Connecticut in Cromwell, CT.
You will see these clubs developing in cities all across the United States very shortly.
The empahsis is on training albiet an invetor or bird dog then bringing them together through networking with one another.
Through teleconferencing and power point presentations at each monthly meeting the bird dog and investor will learn to work together for everyone's mutual benfit.
This has been on my back burner for quite awhile, but is now coming together, with the advent of this sites new Groups section each club will be tied in together.
John $Cash$ Locke
I'm excited about the groups thing and I anticipate being an advertiser by the end of this week - so, no- by bubble isn't busted at all. I think you guys are going in the right direction.
C-
cpifer,
I believe it will be a great feature and will serve many people very well.
My best to you in TX.
John $Cash$ Locke