How To Be a Bird-Dogger & Get Paid!

Thanks Anita

hey Anita. This sounds fantastic. can you just tell me more about the necessary paperwork? Thanks!

I you are going to do re-assigns then look for an Assignment contract. If you are doing finders fee I use a promissory note or cash up front.

This is what it is called. Calling it a researcher is their fancy way of pretty-ing it up.

Thanks for the info Anita. Could be a great way to build some seed capital.

"When doing a finders fee I use a promissory note"

whats is the diff between finders fee and assignment

Thanks

When acting as a bird-dogger and just finding deals for other investors and not locking anything up you use a promissory note. When you use you own name and dollars to lock up a deal at a great price - you use the assignment contract because you are now assigning the contract over to someone else.

ok...thanks. Finders fee seem risky to the point where I might not get paid.

have you done this?

for clarifying the difference between the two. That was VERY helpful.

Rina

do you have a promissory note (example) form to use?

here is the link

http://www.deangraziosi.com/documents/Promissory-Note.pdf

Thank you,

What information goes where on the form? When it asks For Value Received (what goes there), and when it says The principal sum of _________ and it say ____%(what percent?) and then it says Principal and interest shall be payable at the offices of:(whose office). Then it says payment schedule (does that mean what amount the new buyer is suppose to pay me? I am sorry could you please help me to understand i am really a hands on person to learn. I have to have like examples of stuff to look at so i know what to fill out the next time.

Shonda

for those just trying to get started but have no money or not a lot of money

When the 2 parties, you and the investor sit down and this gets signed by both, it's a legal binding agreement. most of the time, these cash investors are relying on people to call their advertised numbers on the newspaper posting, signs, etc. They aren't typically out physically looking at properties, the only way to assure yourself that you lock in the deal, is by doing the assignment clause and "locking up" the property.

A promissory note and that type of transaction does carry it's weight in "gentleman's agreement" though.

how many gentilemen do you really know in real estate? SULLY.

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ive been doing some studding in my training , ive come across what every one here is talking about,getting off the subject just found me a good handy man that said he would work with me on my triplex , so thats a lot of weight off my shoulders whooo!!!!! ive known him through a buddie of mine . getting back to the subjuect on this triplex , im paying 195,000 , with it rented out its worth 235,000, im told from the handy man we could get good enough to rent for 7000 , now im trinking of trying to sell the place for a profit ,so waht would be a good asking price im trying to figure out??? any help any one here please??

This would be very helpful to know this information. Anita? Can you fill in the blanks for us new folks? Thanks! Sissy

Thanks Anita and everyone else in clarifying what is bird-dogging and assignment contract.

FC

Due to the new guidelines and market curves we are experiencing now, my realtor just told me that this may be the most effective way of making money ast a steady pace right now. He tends to think that because the lenders are tightening the guidelines even tighter it will make it harder o "lock up" the things we really want, like to use them as assignments. So maybe this will work for those that want to get started quickly and still get paid a decent dollar.

I just ordered Deans book and being that im basically a young kid (18 y/o just graduated high school) and dont have a lot of money to be buying properties, this is what im going to be doing. This has been really helpful and hopefully after i get through Deans book i can start making money to pay for law school haha.

and welcome to the site. You are very welcome and if you have any questions please post them here. We would be glad to help.

Not sure if this is the appropriate place but, am I correct in assuming this would be the best place to start after finishing Dean's book? Like I said earlier, I don't have enough money to be investing in houses and stuff like that, so I figure this would be the best route?
Oh and thank you for the welcome Anita, I actually listened to the conference call thing before I went to work and was absolutely amazed by your story.

Ok, what Im trying to do is find property for investors, and then ask for a finders fee. I need money to invest in my own property, so i decided to step outside my comfort zone, thanks to dean, and take a chance. This is an invesotor. He's inteested in ($20MM and up for bulk REO tape. Specifically, the following:1B values 32 +3 max (nationwide, $50MM commercial/residential REO portfolio,CA sfr, NY sfr reo tapes. After researching, I now no what this is. I don't know what the "32 + 3" thingie is all about. The LOI (letter of intent) is a nonbinding agreement that basically gives the seller and idea or a reassurance of what the buyer wants. It lets the seller know that the buyer is serious, and it cuts out possible confusion later. The rep for the seller is asking me for a LOI as the wholesaler. Then, there's an intermediary between the buyer and myself. The buyer's rep is the one who contacted me, so this is whom I ask for my finders fee, correct? Next, when do I give the promissory note and/or the agreement to purchase application? At closing? This is my first deal, and I'm just making sure I cross all my t's and dot all my i's. Thank you for your help! Please Offer any advice!