Frustrated Birddog
I have 2 investors that I primarily work with. The past 1 1/2 months I have located some outstanding deals. The problem I'm having is by the time I can get them off there duff to look at properties the, there under contract. I have 2 properties I located yesterday period one has a 150000 profit margin, called both of them one can't look at them until tomorrow and the other is taking there sweet time. Does anyone know of any Motivated investors in Atlanta area that might be looking for a birddog or any suggestions on how I can keep from missing out on these opportunities. 
Tell them exactly what happened, let them know how much money they lost and how much you lost by messing with these clowns.
Let them know that you will not waste another moment with them if they ever pull that crap again. If you call them and they are looking at a HUGE profit and they dont make skid marks over there there will not be a 2nd call.
I would tell them that they have 2 hours to follow up on a hot lead (with you, don't give them the address)or you will shop it. It also wouldnt hurt to tell them, that your putting the word out on the internet that your looking for REAL investors that are ready to move when you find them a good deal, remember money is easy to find, great deals are a little harder to come by.
My point is, Make your point, but don't burn your bridge, if he cops an attitude with your attitude, he's a pretender, any serious businessman would understand you being just a little bit pissed about missed deals due to slow play on their end.
Give em hell,
G[ Edited by GWmson on Date 07/31/2003 ]
You're doing exactly the right thing. You have a service that you want to provide to motivated investors. Finding them and then finding them deals are the primary 2 concers. It looks like you've got the second one covered.
Another thought that I've had is a per-lead fee. If you are providing more than a name address and phone number, you should be charging for it. If you're looking up deed info, interviewing the seller, checking the equity, doing comps - get paid for it! If you're providing this info to just 1 or 2 investors that is.
My rationale - pay me for my legwork, give me a bonus if I make you money.
Uber
Can you do the deals yourself?without
the unintereseted partys.
I wish I could, but unfortunately no I can't. Each of these are bank owned. I don't have the down payment that will be required to purchase. If you have any suggestions, please advise.
JH
maybe the problem is that there isnt as much profit in these as you are thinking?
REO properties are not usually great money makers (at least where I live). Here, when banks get the property, they try and improve it, list it with an agent and sell at market. It may be different in your area (I would be surprised), but if you are getting great deals as you say, I dont know of many investors that are lazy when there is lots of $$$ on the table.
You might strike up a conversation and ask the question directly..phrase it as you will, but it ought to include "I have researched the leads I provided you, and there was XXX of equity there for you, all you needed to do was act, why didnt you?" Also..if you cant find more investors via online, get your newspaper on a Sunday, find those investor ads that every freaking paper in the US has..and call them, offering leads. You will find more responsive people if your leads are as lucrative as you say.
One other point..someone on this website recently recommended to charge per lead up front. In my very humble opinion that is a recipe for disaster. If an investor were to pay up front for a lead, say once..and it was weak, you would NEVER be able to work with that person for pay again. So if you do decide to try that approach, best of luck, I know I wouldnt call you back.
oncloud9,
Look at the top of the page you will see a lenders tab. Click it.
Then click on your state. Look for the Hard Money Lenders who do business in your state.
If you have deals that good you can get the Cash.
Hi JH,
Drop these "fat cat" investors and find some that are hungry.
If you come across any properties that are NOT bank owned - please contact me.
James
Send me any and all leads in the Atlanta area. I have guys who will look at them no more than 3 hours after your call. Always keep the thought that if one won't, someone else will. Touch bases with me. **Please see my profile**
Prosperous investing,
TD
I'm going to try to buy this property. The only concern I have is the LTV. Comps are $357-375, Selling as is $195 K, approximately $50 K in rehab. I don't have the funds to pay rehab or downpmt myself. How do you get funding of 60-75% of LTV without digging in your pockets? Could this be done thru the appraisal?
JH
[addsig]
You can almost always get the money, but have you thought of getting a few lines of credit so that you can pay for some of the repairs of the properties? This may be very beneficial for you.
Good luck
Derek
I'm not real clear on the financing aspect.
I have read a few books that says find lenders who lend based on ARV and not LTV, do they exist???
Quote:
On 2003-07-31 19:03, wallstreetcappers wrote:
maybe the problem is that there isnt as much profit in these as you are thinking?
REO properties are not usually great money makers (at least where I live). Here, when banks get the property, they try and improve it, list it with an agent and sell at market. It may be different in your area (I would be surprised), but if you are getting great deals as you say, I dont know of many investors that are lazy when there is lots of $$$ on the table.
You might strike up a conversation and ask the question directly..phrase it as you will, but it ought to include "I have researched the leads I provided you, and there was XXX of equity there for you, all you needed to do was act, why didnt you?" Also..if you cant find more investors via online, get your newspaper on a Sunday, find those investor ads that every freaking paper in the US has..and call them, offering leads. You will find more responsive people if your leads are as lucrative as you say.
One other point..someone on this website recently recommended to charge per lead up front. In my very humble opinion that is a recipe for disaster. If an investor were to pay up front for a lead, say once..and it was weak, you would NEVER be able to work with that person for pay again. So if you do decide to try that approach, best of luck, I know I wouldnt call you back.
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So, you're saying that if someone charged you $25 per lead and one turned out to be "weak", that you wouldn't work with that person again? How much would you charge for leads? I live in the state of Massachusetts, and am shopping for investors that wouldn't mind mentoring me a little (I'm VERY new to this) and paying me for legwork. I will go beyond what most bird-dogs would do (at least the beginning ones), as I feel that just taking down a name, address and phone number isn't enough. Anybody can do that. Email me at **Please See My Profile** if you would like to discuss working with me.
thewhalens,
My point is that a bird dog has barriers of entry just like investors do. I personally would not pay someone with no understanding of what I am getting.
There are costs that bird dogs have to incurr, that keeps the throngs from hypothetically entering in and getting free $$$. Investors arent very smart if they are going to pay ANYTHING for the unknown. It just doesnt make sense.
Bird dogs make their money when the transaction is finished for the investor, and for me, not before.
The real issue is finding people who will respond from the investor side, and act quickly and fairly. I think there are ways of finding such people, as outlined in my last message. Get on the phone and call 10 of those ads, or go to a RE meeting and hold a banner saying you have leads!
Charging for leads up front in my little view is not the way to get paid.
I still dont know if those leads were as hot as the person said, if they were, then they need to get new investors to work with.
I hope you do well up there in Ma, that is beautiful country.
oncloud9,
I sent you a private message regarding yur matter.