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Being a Real Estate Bird Dog

Real Estate Bird DogA bird dog is someone who locates a good real estate investment deal. They put the property under contract with the purpose of assigning that contract for a fee, to an investor. The investor would then repair this distressed property and resell it. Being a bird dog, without a doubt, is a creative decision that should be considered because you do not have to put any of your own money in on the deal. This entry level start teaches you how to find properties, locate buyers and put the entire deal together. This is a great way to start learning about real estate investing, for any newcomer. Bird dogs form great relationships with realtor, brokers, bankers, loaners and anyone else who can deliver knowledge of a beneficial real estate investment.

Market Yourself

In order to be a successful bird dog one you should be able to market yourself in ways that will attract motivated sells leads. The best way to measure you marketing success would be to know the more about the business. Below are some of the things you should know about your motivated seller marketing plan:

– Know where your leads come from
– Find out the amount of prospects you need to reach to get a lead.
– Get an amount of quality leads.
– Calculate the number of leads we actually close.

Be realistic, some deals won’t make it to closing due to problems that are no fault of your own, such as a liens or judgment on the property or maybe the inspection fell through. Once you get your marketing plan in order you should be able to see which choice gives you the best return and those will be the ones that you would naturally grasp and continually use

Compensation

When a real estate bird dog locates the investments property they then provide this information to the investor. After the closing on the property, the bird dog is then compensated with either a percentage of the deal or a flat fee. For some bird dogs the finder’s fee percentage could run in the 3% to 6 % range and the flat fee would be $500 – $1000.

Finding your Buyers

A good real estate bird dog is as good as the buyers on your list. You will first need to build your buyers list of investors that are currently looking for deals. Your investors equal the cash you need to close any good deals that you find. You should start with at least 20 serious buyers to propose a sell on any property you find. The easiest way to locate investors would be to search for them on craigslist or even placing and add in your local paper.

Locate Sellers

Once you have your buyers lined up you want to find properties to get a deal started.. A few ways to find your sellers are the newspaper, for sale signs in the yard, and placing your own ads in the newspaper and on craigslist or even the internet.

Presenting your Deals

Once you have your buyer and the property, you want to have everything laid out for your buyer in a professional manor. You have to package your deals to make you look like a professional bird dog that knows your local real estate market.

A few things you want to have are as follows:

– Property Address
– Asking Price
– Location of city
– Type of house
– Pictures outside and inside
– Pictures of houses in the neighborhood
– A brief assessment of the house

Provide all of those into a package and you will ensure that your buyers will appreciate it when you come around because all they have to do is research the numbers and tell you if there is a deal or not.

Being a bird dog is a great way to start becoming an investor. All it takes is the ability to turn over or properties in the shortest amount of time for the most profit.

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