What Is The Proper Way To Contact Investors When Birddoging?
Hi everyone!!,
I've looked in past post so I hope I'm not repeating a question that has been asked before. I've contacted some investors about properties that I've recently found and they've asked for the address to check them out and said they would call me back. This is all a learning experience for me so I was wondering if this is how it typically works in the birddoging business.
Also, do I just contact one investor, let them check out the property, then wait for them to call back to see what they say, or should I contact multiple investors? I want to make sure that i'm being ethical in what i do but I start getting antsy when i don't hear back from them because houses are flying off the market where I'm at. Thanks for any input!
Welcome Lee,
Just a quick question. Do you have these properties under contract before you talk to an investor? If the answer is no, it is highly likely that the reason the investor hasn't called you back after you reveal the address is because he has now made contact with the owner and placed the property under contract.
I would suggest that you get involved with your local REI Association and go to the meetings in order to network with investors you may potentially birddog for. Find out how they want you to bring them a deal (in other words, what do they look for in a deal) and learn how to get the homeowner under contract.
Remember, if you control the deal by means of a contract with the homeowner, you are protecting your interest in the deal. Good Luck.
Dave
[addsig]
A (weaker) alternative is to have a contract with each investor to whom you provide an address so that if the investor does buy you get something.
If you are going to put the deal under contract first then you are really trying to assign the contract. Hence you need to negotiate a good contract as you are not limiting the investor to what you have already agreed. You can make more this way. You are also taking a bit more risk (just a bit).
John
[addsig]
Thanks for the responses! i wanted to get my feet wet by birddoging before I began putting properties under contracts. Do I need to put down large earnest money deposits when I do begin wholesaling properties? I've seen courses that say I only need $10 but is that realistic? I plan to begin wholesaling after I've successfully found 3-4 birddogging deals.
I'm in Northern Virginia, if you need some help, PM me and I'll try and answer your questions.
I am wondering the same thing, I am a little foggy as far as putting a property under contract. Is it expensive, cheap, hard to do? Any answers and how to advice will be appreciated!