Bird Dog or Wholesale, Best Way to Start?

[CanBeDone]

Hello,
I am a newbie and need your suggestions.  I want to start Wholesaling, but I have no experience and cannot afford a boot camp / seminar course.  I have been reading books on investing, but need help actually implementing all of the steps.  Do you suggest I start off bird dogging, then graduate to wholesaling on my own?  I plan to start attending the REI meetings in my area.  Is it possible to partner with someone there to help me do the first few deals?  Just wondering the best way to get started.

Thanks.

[JerseyGirl]

Well as a newbie myself, I would suggest bird dogging simply because you learn so much

I remember one guy e-mailed me with pretty much the same question...he wanted to skip the bird dog part & go on his own

I suggested that he start off simple, I never heard from him again, I guess he didnt like my answer  

Like anyone else, I would LOVE to jump right into the bigger projects but with my limited knowledge/experience....I just know that I'd step right into something bigger than myself and then who would I turn to for help?

One of my mentors recently had to bail a newbie out of a situation just like this, somehow this kid took on something huge (either an apartment complex or some property worth around $100,000), he had no clue what he was really doing & got stuck and he panicked  :o

Personally, I would advise anyone to start bird dogging

Its not like a life sentence where you HAVE to stay there or thats all you can do, its simply a start and depending on how quick-minded you are, how fast you work, you might end up wholesaling before the end of the year

With the right mentors, it'll happen   use the bird dog thing as a stepping stone because you do have to build your buyers list

I had no clue what that really meant until recently, I've been networking my butt off & my list is growing, actually its moving alot faster than I anticipated  :o and I'm JUST a bird dog so I can only imagine how fast things will move once I start wholesaling  

Thats my newbie opinion though  

[joehagan222]

Hey Girl!!

How was your day? Just saw you in their and wanted to touch bases with you! (For NEWBIE) Some dogs want hunt!! They starve todeath. Keep your day job! Find someone to (MENTOR) you at a REIN meeting. You will be a lot better off.

      (JOE) haganjoe@hotmail.com joehagan222

[CanBeDone]

Thanks so much for your input and suggestions.  Tell me, how did you build up your list of investors/buyers?  Did you hook up with a mentor from attending the REI meetings?

[JerseyGirl]

Hey Joe  

My day went well, kinda low key but it wasn't bad  

Now my weekend was another matter, I was contacted by an investor out of state who wanted help on a deal....help from MOI if you can believe that!   :o

I called/e-mailed/called again a few people, it was so much fun, I felt like I was on some gameshow!   :D

I don't know how much good I did for the guy (I told them all that I was new) but I almost don't even care about that, it was a learning experience & my list of contacts has at least 6 more people on it from Long Island, to Atlanta, to Phoenix  :brow2:

So if nothing else comes of this, at least that know that I've proved myself to myself & to others that I can do this  

You know what CANDO, if you can believe it, I haven't even gone to a RE meeting yet!  :o

I spend so much time on a few boards that I simply ask questions, read, ask more questions, PM a few people, ask more questions, call a few people and it just built from there  

I have to come up with some sort of organizational system or else I'm gonna be lost  :o

The mentors that I have are from various places, mostly message boards like this one  

The only one who isnt from a message board is a guy that I called who had an ad in the paper....very cool guy but nope, I haven't even gone to a meeting yet...can you imagine what it'll be like after I go?

I have to get some type of phone plan going, I'm scared to see what my phone bill is gonna look like from this week  

You'll have a chance to have a few mentors but I tend to only deal with those who "check up" on me simply because I know how easy it is for me to overthink & lose confidence so I know that if someone is "watching" me, theres less chance for me to slip up.  Kinda like school, you don't misbehave when the teacher is around  

Really cool local guys that I've found, I think it'll work best for me that way but I do like having other contacts to learn from  

And I WILL go to a RE meeting, I haven't forgotten about it  

Hope this helps you CANDO, don't worry this board is GREAT & it means alot to me

I have gone on boards before where the experienced investors were so rude to newbies!    This board isnt like that, you can ask the same questions over & over (and I have...lol) and its always answered by someone with the best of intentions  

Its so cool here, I swear I live here now!   8)

[JerseyGirl]

WOW, did you notice how I completely changed your name from CANBE to CANDO, just a slip maybe or wishful thinking?  

[CanBeDone]

I like that . . . "cando"  I'm going to be positive and keep educating myself and go from there.  Thanks again for replying to my post(s).

[JerseyGirl]

I like that . . . "cando"  I'm going to be positive and keep educating myself and go from there.  Thanks again for replying to my post(s).

Its very easy to stay positive here!  I can't tell you how many people I've PM'd from here who have helped me or even if they didn't help me they let me know that they've had the same questions too  

And a few of the investors who have contacted me came from this board so you never know who's watching  

Yup, educate yourself & get out there & look for someone to bird dog for, that way you have knowledge coming from more than 1 place

I went out bird dogging with an investor over the weekend & I learned a few things from him, sometimes you just have to get out there but being a bird dog gives you room to mess up but thats cool since you're learning

At the same time, its sorta hard to mess up when you have people who want you to succeed, and they'll help you no matter what

That was the hardest part, getting over ME  : but its still fun to see how things work, even from this standpoint

Good luck & keep us posted!   8)

[joehagan222]

Hey J-Girl;

Another day another dollar! (Or so they say). I spent about three hours looking at and finding homes in my area! Most people haven`t got a clue as to (how to locate a deal). If you wait for one to come to you, you will get very hungry.

I found that printing up a flyer and posting them on homes that need repair or that stand out will get some good responces. I made my own from my computer,and they look real good. I just put the information on my flyer,BUY<SELL<TRADE OR REHAB!! You cover all the bases with that. Found a pic. of a house on the net and down loaded it to my flier in color.  You may try that. There will allways be someone who will look at a house with you!
   HAVE A GREAT DAY!!!  (JOE)

[JerseyGirl]

Hey Joe

I was always curious about that!  I know that investors do things like that but bird dogs?!  It would save me so much time (and gas) and since I am NOT a winter person (its 19 degrees as we speak!) I could just sit back, drink cocoa & have them come to me!  

I agree if you wait, you will go hungry! Plus I have to modify my methods since it is winter time, its not cute to be shivering & trying to find houses out there  

So when they call me, then what?  Shouldn't I pre-qualify them so to speak? To see how motivated they are & then pass them on to one of my investors?

This method has been suggested to me but I guess I assumed it was something only INVESTORS (big black capital letters) did & not us lowly bird dogs  

Any other suggestions?  I do have this lovely computer at my disposal & I could use some nice change  

[joehagan222]

Hi J-Girl;

BURRRRRRRR: Its a balmy 46 here in Cleburne,Tx.. I suppose you are about bummed out over all the info.

The people who make the money doesn`t like to spend the money! Thats your job. Find a way to sell your plan of action! If you bird dog you will end up spending most of your time amd money on gas! You have to find a way to market yourself! The brochure or (FLYER), with a business card (HAND MADE) will introduce you to the home owner!

Only you can talk your way into a sale. If you offer to much,they will jump on the offer. If they are asking 50,000
offer them 25,000. Be prepaired when you go to talk to them. Use the Tax Office to find out the value of the property! Make notes,tell the client you need to run some # on the (rehab) portion. Take a few pictures then present the offer to your Mentor. (BUYER) . If the like it great if not, present it to other buyers. Remember your out!!!

(WITH PARTNERS APPROVAL) Must be on all contracts. (NOW YOUR FLIPPIN)  JOE

[REI-NY]

Hi All,

I too am new to getting into real estate investing, in fact just today I spoke with a local investor here where I live. He ran down a list of what he expect his bird dogs to do so I guess officially I started as of today.

I have some question thou, we did not talk about my fee which is not a big issue with me at this point. How did you (everyone) get on the subject of your fee; how do you base how much you will charge for the information.

We also discussed about doing deal together as well. This has to be discussed more, he is on my investors list now I also have a loan officer as well from the other day.  Can you give any other tips on this thanks

I am in NY on long Island, I was also thinking about getting contacts for out of state investors as well reading you post does put this idea back on the table. thanks

Michelle

P.S. Maybe we can support each other here, will that be ok with you all.  Has anyone read an courses on being a bird dog or did you just jump into this. thanks...

[JerseyGirl]

Welcome REI!

The knowledge I have as a bird dog comes from speaking to people & reading articles online, but I also have 2 courses on it for the specifics

As for the bird dog fees, in my experience,  most investors tell you how much they're paying which is usually around (at least where I am) $250/$500 per purchased property

Getting out of state investors is a good idea & I had that question also & then like magic, a deal landed into my lap from out of state!

I'm still new too, we're all learning here    Ok well at least I'm learning something lol  

[REI-NY]

Thanks Jerseygirl, I will get to that when the time comes for now I am going to concentrate on finding some leads and qualifing the seller before presenting the information to my coach   and see how it goes from there. thanks

M

[reime]

Try this free bird dog book.

http://reiclub.com/authors/grimes/rej101ebook.pdf