new to birddogging, need help????
I've been looking to buy my first rehab project for 5 months . I have bid on several HUDS and VA repos ,but no luck so far. I placed an ad in my local college paper(U of FL) for birddogs and got 25 calls. I agreed to pay $500 for any lead I close on. All they need to do is supply me with an owners name, address,phone#, and if they want to sell. I will do the negotiating. Is this what most birddogs do? Do they find most of there leads doing drive-bys?
Thanks for any advice.
Bob
Gainesville,FL
that sounds like a plan... some do drive-by and some hit the court, getting info on obituaries and divorces ...
You are on the right track though. Some bird-doggers want money per lead even if you don't manage to close on it. Out os 25 people calling you, how many actually were OK with $500 per closiong the deal???
Another suggestion is to try to make fliers and give it to the pool-man, garbage man, and anyone else that does door-to-door doing work in neighbourhoods.
hrash, good idea about fliers, thanks for the input. Out of 25 calls about 10-12 were very excited about the money. Some are real interested in learning the investment business, one guy asked if he can go along during the neg. so he can learn how its done.
Bob
that is great ... Also put the words out at workplace that you are looking for houses in need of repair. Let your co-worker know that you do give them bonus. I told mine that there is $200 bonus for them(tax free).
Just this minute, a coworker brought me a house that has rats inside that is in good neighborhood. It is amazing what a few hundred dollar bonus will do for people's memory. They remember you like family.
Hi Melvin51,
The $500 is great if they are just bringing you qualified info on properties and you are doing the rest. As you know most people start out as bird-dogs to earn some extra money, but mostly to gain knowledge from an Investor, since they want to be Investors themselves. A good bird-dog will take on more responsibility as they learn the ropes, and eventually should be able to contact sellers, and at least begin the negotiation process. Once your bird-dog reaches this point, you should consider doubling the referral fee, since they will make your job easier. Don’t forget to share knowledge and help them to succeed. Good luck.
[addsig]
I am currently a bird-dog and have spoken with one investor who pays $250, if they close, for a minimum of info..address mainly required. If I were to do more, they pay more.
If an investor requires that I work a formula to determine the price of property..that is leading to flipping, not bird-dogging and as of this time, will not do it.
Before I work with an investor, I ask their requirements, if they will sign a bird-dog contract, how their fee structure works, how many days to make decisions, how fast can they close and if they are cash buyer. I do have a favorite or two who pay when they sell.
My requirement is that I point to the deals, expect mentoring for their requirements, expect quick responses, be treated respectfully and get paid ASAP.
I talk to the sellers re their price, research the property with the County Appraisal District, and currently have an investor who will help his bird-dog team by mentoring and even developing a script. This is great..definitely a motivation for me to find properties for him.
The miminum I charge for bird-dogging is $500.00 for low-end property..for this $500.00, I locate property, talk to seller to get required info per investor needs, get appraisal and submit to investor who takes it from there. As deals go higher, my fee then shifts to percentage..this depends on the deal itself.
Go for it..Bird-Dog Maude