Question About Bird Dogging
in John Locke'sPosting on 6-17-02 he said " I would base your fee( For Bird Dogging) at 10% of what the investor gets down on the house. My question is: Does the expression "Gets Down" mean the full price paid by the investor to the seller or does it mean something else? Please clarify.
gh,
Glad to meet you.
It would be a minimum of 10% of what the investor gets on the resale down or a minimum of $500.00.
The more you provide the investor the more you can command as your fee.
If the demand for your services proves fruitful for investors then you can structure your fee's accordingly. Upward naturally.
Welcome on board this board, keep posting a lot of good informations given here at TCI,
John $Cash$ Locke
John $Cash$ Locke
John's ebook is very well done. I suggest popping for the 25 bucs if your interested in bird dogging...I did and no I don't get 10%.LOL.
I read it to mean...Say The house is worth 75K and you ask 5 k down the bird dog would get 500 bucs.
Just my opinion and that seems fair.
Thanks to .John Locke for the reply to my posting on the Board on 1-9-03 about Bird Dogging.If I might I'd like to ask a few follow up questions: If you or anyone else are able to... please clarify the following: Why is theBird Dog comission tied to the resale down? Do i have to wait til the investor actually sells the house to get the comission?... I am assuming that "resale down" means the down payment that the buyer makes to the investor when the investor resells the property at a profit(correct me if i am wrong on that) but...1.) What if the investor keeps the property as a rental and doesn't resell? What is the B.D.comissionbased on in that situation? or...2.) What if the house sells for a 100K profit in the investors pocket but there is no down payment required by the seller/investor? (hypothetical I know but... what if?)...3.) since I am not a party to the contract how can I know what the down payment is? Do I have to take the investor's word on it?
By the way I did buy the ebook" BIG BUCKS BIRD DOGGING". I need to change careers and i am taking a serious look. Good stuff. Thanks in advance for any replys. gh Bird Dogging
The commission paid is always negotiable between the investor and the bird-dog.
The 10% of the down with a $500 minimum is only an example of what you could get. You could ask for a flat fee, a percentage of the deal or both or a peanutbutter and jelly sandwich. It just depends upon the deal you make with the investor.
Best of luck
John (LV)
gh,
You have a legally enforceable contract with the investor you are Bird-Dogging for. What he does with your lead you have a right to know.
Depending on what type of investing your investor does is how you set your fee, just because it is a lease option does not mean you charge him less.
You are the person with the leads, investors want these leads, they need these leads, so you are in charge of your own destiny on what your fees will be.
Natural attrition will weed out the investors you will not do business with, a good Bird-Dog is worth his weight in GOLD. As a matter of fact if you become very proficent you can do better than most investors money wise. Remember they have all the liability you still get your money when the investor buys the property.
John $Cash$ Locke
I went to a meeting of the North West Real Estate Investors Incorporated in Portland OR. last night. ( www.nwreii.org) When I brought up the subject of Bird Dogging several people got very stern in their warning that Bird dogging is illegal here in Oregon and in the state of Washington which is 10 minutes away across the Columbia river. The real estate comissioner comes down hard on violators. One man began to say that there is a way to do it legally but a real estate lawyer sitting in front of him firmly disagreed and the man held his peace after that. The lawyer went on to say that Bird Dogging is also illegal in almost every other State as well. What's the reason for it being illegal? Is the book that i bought on Bird Dogging useless? Is there a legal way to do it?
gh,
I was just answering some posts today on my subto web site that were related to investing the subject to way.
A person was told by an Attorney that using the Subject To method you could go to jail.
I directed them to an article by William Bronchick, Esq., a very knowledgable investor in his own right, he article said in no uncertain terms this was nonsense.
The State Statutes of any state govern the law in that State, the Real Estate Commission has no jurisdiction over any investor anywhere period.
I have had Realtors threaten to turn me into the commission many times, they regulate real estate licensed people not investors. This is what the realtors were told after they tried to turn me in.
Someone would have to show me the State Statutes that govern Bird-Dogging in your State.
You are not buying houses your are not selling houses, you are getting a finders fee from an investor for finding properties, what law have you broken?
When someone tells you it is illegal ask them to site the State Statutes that make it illegal, not what the Real Estate Commission says about other real estate agents Bird Dogging for one another.
The moon is made out of cheese too.
John $Cash$ Locke
I live in Ohio. And I have found there are not many people in Ohio on here. Can n e one tell me where I can get the book for bird-dogging? I would prefer to go to a book store than on line.Also I heard that it was illigal lik flipping is. I know the laws regualte the realtors but I'm not sure that applies to investors.
ANY IDEAS
Robbin,
Glad to meet you.
Bird Dogging is not illegal, neither is Flipping in the sense investors do it.
Everyone has some story to tell about what is legal and what is not in this industry, it is usually the frustrated wannabe investor that can't make it so they do not want anyone else to either.
My E-Book is available here at TCI go to partners click on my name you will find my products. If you would rather order off line give Patty Webb a call at 336-841-7241 she and Joel are owners of this site they can help you.
Welcome on board this board, you will see many investors here at TCI Bird Dogging even have their own web sites.
John $Cash$ Locke
$Cash$, I have been looking for the article by William Bronchick that you mentioned, but I cannot find it. Please point me in the right ( or left ) direction.
Thanks
By the way. I received your sub2 course the other day. Man do I have ?s for you and your staff. You'll hear from me soon