Is Birddogging For The Scared Or Fearless?
Now bear with me on this but is not B/D a newbies way to go out a find properties, but once found, then they give them over to others who do the deals and make the money? If you found the deal why not go thru with it, is that the fear we all have to overcome to succeed in this business, and then I think that by getting off the couch(sort to speak) you already overcame the biggest obstacle to us, getting started . Am I wrrong on this or is B/d a big business and I'm un-informed, please tell me the truth, I can handle it.
And we meet again. I started out birddogging. Never flipped a deal though decided just what you said. Why give a good deal over to someone else when I could just do it myself. I found quite quickly that you do need some sort of capital to start rehabbing deals and such. Then instead of going back to birddogging I purchased John Lockes course and talked the mans ear off on numerous occassions. Now I am looking at getting a hold on my first properties and I say that in plural sense because I have back to back appointments this week. Do what is right for you and your comfort level but before you do anything and I mean anything read up on the topic at hand. I have used the analogy before and I will use it again...
You don't apply for a bartending job if you don't know how to mix a drink. You study, get comfortable, and then start making money.
Jim
Yes we meet again
And yes your advice again rings true to what I am doing, I to have gotten Lockes course, but I'm still waiting to recieve it, only ordered it today so,By next week I should have my feet wet on subject to deals, but I also wish to purchase , hold ,rent and improve (increase value) propeties and then in 5-10yrs sell for my retirement, somethign I don't have now at 40yrs old, but withb REI by god i will.
As always thanks for your reply[ Edited by pktd1072 on Date 02/22/2004 ]
Buy hold with sub to is what I plan to do also. However, I am only 21 so I have a little time to kill. My main goal is to have 2 million in the bank by the time I am 30 in order to live off the interest for quite sometime.
Jim
Ps Your on the right track.
God I wish i was 21 again
The possibilities would be endless but isn't sub2 for immediate resell only???
Maybe I'm wrong , its happened before but sub2 seemed to be for quick resell?
Actually, you can take a property Subto and do whatever you want with it, you own it. So keeping it for a rental is possible. Remember, subto is just a "creative" way to finance your deals.
Now, keeping them just for rentals, you'll probably have to refi them into your own name within 2 yrs or so, as most sellers won't be willing to finance you indefinitely.
As far as birddogging goes, it is a viable way to make money in REI while learning the business. What most new birddoggers miss is that you actually have to have some investors to work for to be successful at it. Most simply say, "I'm a birddog" and wait on some investor to find them. It doesn't really work that way.
Roger
okay
I have now heard that you must re-fi in 2yrs too many times now, why is 2yrs the years to re-fi sub2's and I take it that you could re-fi youir own sub2 the normal way ,( any govt. loan program.., conv mtg ) to use and or keep property as rental??? thus making a better deal for you??? or is this different than the "short sale" method?? I know too many question in too many areas, but father said ask them anyway?
thanks for the answers
2 Years is not a set time frame but it is generally accepted.
Jim