Bird-Dog Updates
Hey,
Just wanted to let my buddies at TCI know the progress of my bird-dogging endeavors.
Well, my funding for advertising has not come in yet, this is unbelievable. In spite of this, I have referred two properties to three different clients.
The first property, one of clients has up in a bid, recieved a counter, then bidded again. He said he is at his max, but I am optimistic because I have three more properties waiting on him. The property is a ranch with a full basement listed at 145k, top of the market is 230k. Also, it is a foreclosure. This property is on a busy street, therefore, I told the client to expect a minimum of 205-210k.
The second property I referred yesterday to two clients. One emailed me today saying he was going to view it today. It is a foreclosed split-level for 100k, top of the market is 160k. I am not sure what type of work is needed on the inside, that is why he is going to view it.
I am excited and just wanted to share it with the people who helped me into this profession. Thanks everyone....
The agenda for the upcoming week is to extend my client base. I feel as though I will be able to service a few more clients. I am letting them know upfront that I am start-up and their patients will be rewarded greatly.
One more thing, my clients are loving my Lead Report that I send them when I find something. It includes the information about the subject, along with comparable sales and comparable actives in the market. Also, I give comments on the report about the subject, comparables, and the market.
Thanks for reading and your assistance,
Furious
PS. Let's hear some more updates[ Edited by furiousinc on Date 01/31/2003 ]
I should mention that the maximum retail value is when the properties have been completely rehabbed.
Oh yeah, the second house was put under contract today. Here is a lesson even for the bird-dogs.....DON'T WAIT!!!!
Fetch!!!!
[addsig]
furiousinc
Now that's what REI is all about. Doing it Son.
Keep up the good work and keep us all advised.
[addsig]
Hey Furious,
Just curious, if you didn't use advertising, how did you find the properties? Chase down foreclosers?
Thanks
I have access to the MLS and were referring properties I found on there. The thing about the MLS is that properties dry up quickly. I am basically out of leads.
My funding will be in this week in the form of income taxes, yipppeeeee.
So, I will be back in the game.
furiousinc,
A question about when you approach your investor clients about opportunities. Do you actually make an offer and sign seller to offer sheet b4 you get investors involved, or do you merely find good deals on MLS and pass along info. Any advise would be greatly appreciated as I am a Chicago guy looking to begin by bird-dogging
Thanks,
dmb
i don't sign anything, but a contract with my investors. That is their territory. If I find a property that I think meets the criteria of my investors, then I recommend that property in what I call a lead report.
This report has all the vital information on the property. You know, address, age, sq. footage, bedrooms, bathrooms, comparables, and actives in the area. This gives the investors a snapshot of the property and it's potential prior to contacting the seller.
I don't advise just searching the MLS because the majority of your investors will be working with realtors already. Besides, the MLS has a ton of competition and there just are not that many deals to be found there. You have to beat the grass to find some deals; if that makes any sense.
Just keep firing away with the questions, I will be glad to lend my assistance. Also, there are many others on this board that will be able to assist you.
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WHAT: BIRD-DOG CHAT SESSION (Informal)
TIME: 10PM TO 11PM (EASTERN TIME)
WHEN: FEB. 23RD
WHERE: HERE ON TCI!!!!!!
WHY: TO DISCUSS OUR EXPERIENCES, TRIUMPHS, LESSONS, AND IDEAS FOR THE ADVANCEMENT OF OUR FUTURES.
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We look forward to seeing you there.