May 3, 2014
Not everyone has Big Bucks to get into the Real estate Business First thing, some people have to put in the effort to build their investments or find strong investors before they start working in the market, the wise thing to do is to build one’s experience before investing, yet experience comes from investing and working on projects, to take care of this loophole people generally become scouts for investors to learn how to spot good property deals, and see the entire process first hand while making some money on the side. A deal spotter for an Investor is called a Bird Dog in Real estate lingo.
How to be a Bird Dog
There are a few simple things one must do in order to be a successful bird dog and make good money through deal spotting.
Track Down Investors
First step in this business is to go to Local REIA (Real Estate Investors Association) meetings and meeting the investors, talk to them about your interest in helping them spot deals, offer your expertise and gain their inventory requirements, that’s the first step in getting into the biz, get a list of what kind of properties investors are looking for, take their contact information, and make a Task Sheet for yourself.
Make a List of Requirement Criteria
The Task sheet is actually a Requirement criteria of what an investor is looking for, an apartment or a couple owned home, what kind of neighborhood, and what kind of condition of the property, the possible investment budget and other related details.
This information will come in handy when you are out researching as you can identify and pinpoint exactly the kind of property your investor in interested in.
Google It All Up
Once you have the task sheet, of what kind of properties the investors are interested in, go home and browse the internet, check local listings, most will be posted on local real estate websites, be methodical, go through news paper, public listings and start making a list of potential properties.
Once you have a big enough list, don’t waste time, contact the owners and get their information, and visit the property, get as much information as you can, images, a general overview about the state and condition, potential value,
Talk to the local realtor and get information about other properties available in the area, sometimes local realtors have information that is not available on any listings.
Meet your Investors
Have a meeting with your investors one on one, and inform them you have found potential properties, make sure you make a conditional agreement before you disclose any contact information, make an agreement on sale, if there is any transaction made with the property holders of your list that you are liable to receive your share of the income, you can make it a fixed amount per property or from a certain percentage off the sale, whatever is mutually agreeable between you and your investor.