How to Be a Real Estate Investor Bird Dog

Real estate investors are always looking for good deals. Some investors want houses they can purchase to hold and rent out on a long term basis. Others are looking for quick turn properties that can be acquired, rehabbed, and then sold for a tidy profit. Investors are willing to pay a finders fee to anyone who finds them a desirable property. These house finders are affectionately termed "bird dogs." Becoming a bird dog is simple, follow these steps to learn how.


Instructions
1.
Call several investors and ask them if they are actively buying properties. You can get the numbers in the newspaper. They will have adds like "We pay cash for houses." You want to work with real cash buyers - those who have the liquid funds and the intent to actually buy property. There are many pretend investors who are really just flippers or bird dogs like yourself. They don't have the cash to purchase property. Try to get a list of at least five investors who are willing to look at properties that you find.
2
Determine what criteria the investor has when purchasing a property. Ask the following questions of the investor: What price range, how many bedrooms and baths, the year built, what areas, is a pool okay, how much work or renovation are you willing to do, will you pay cash or finance, how quickly can you close, will you pay all closing costs for the buyer and seller, do you have a partner or anyone else that will be involved in the decision process, are you able to evaluate a property on your own or will you need to get a property inspection?
3
Set your finders fee. $1000-$3000 per house is fairly common. Inform the investor you would like to be paid in the form of an assignment fee. You put the house under contract in your name with the clause "and or assigns" following your name. And then you will assign the contract to the investor. Make sure that you give yourself at least 30 days to close, and the ability to re-inspect the property with other business associates at any reasonable hour with a courtesy call before coming. Also place a provision in the purchase contract that the purchase is subject to your partners approval. This will give you a legal right to terminate the contract if you can't find a suitable buyer within the 30 days.
4
Advertise and tell everyone you know that you pay cash for houses and you are looking for good deals. Specifically advertise for distressed properties that need work that you can get for 50 to 60 percent of the actual appraised value. You'll probably want to avoid looking at properties that are listed with Realtors, because they will want to provide proof of funds to close whenever you make an all cash offer. Most For Sale By Owner homes will not require this.

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Roosevelt