I’m thinking about becoming a “bird dog” to raise some extra cash before I start investing. But I need some advice. I haven’t been able to find a lot of information about being a bird dog. I know that being a bird dog entails finding the deals and connecting the investors with those deals in return for a “finders fee”. If I find a deal and have an investor…how do I go about “selling” that information to them? What is a standard finders fee? How do I make sure they pay me for the information w/o going straight to the source? Do I need any formal contracts/paperwork? Lots of questions…but any information and advice is much appreciated!
Hi Mary,
The laws depend on what state you are in. Normally you “assign” the deal over to an other investor, or use the and/or nominee clause to nominate a 3rd party. If you don’t have a property under contract there is nothing preventing your clients bypassing you and going directly to the source, that’s just the risk you take.
The forms you use are the EASY part, the difficult part is promoting your services and finding the deals. Most people become spotters AFTER they start investing not before. My personal thought is that you need EXPERIENCE in the investment world, you have to know what you are doing in your own portfolio before you start working on behalf of other people.
We buy properties in all conditions. Can offer Immediate Cash Settlements, No Real Estate Agents Required
[email protected]
phone 0412 437 582Hi Mary
i’m inclined to agree with Dr X. Its better to have success with your own investing first. I “retired” as a result of my own investing before i started sourcing properties for others. Having a history in real estate either as an agent, a valuer or something along those lines is very valuable.
While having a track record helps having no experience shouldn’t completely stop you though. Who knows maybe you are a marvel at finding great deals.
Maybe you could work with another party (another buyers agent) and be on a commission basis with them. I can’t promise anything but i’d be happy to see if what you are offering has any commercial appeal with my clients.
regards westan
http://www.nzpropertytogo.com
check it out !
Properties in the USA 15-25% returns- email to join our database [email protected]That’s True, you do need the experience in this field rather than study, although a good mix is great too..
We are actually advertising BDM positions in our company which are commission only and availble now..
Also our Buyers Agent Division may need a new person to take charge off..
It’s worth discussing further..
Roy H.
L.R.E.A., Dip FS (FP)
Guardian Property Specialists (GPS)
http://www.gpsnetwork.com.au
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