I'm a noob, but this is what I know so far...
I am assuming from the info related in the topics that a Bird Dog is someone who locates properties and relays the details to investors.
Yeah, pretty much, but it's not as simple as just telling some investor about a good deal, you get paid for it too.
How does one guarantee payment for a deal that closes. What is to stop the investor from just making an offer and pulling the rug from under you ? Do you have the investor sign some kind of agreement or contract for the information provided.
I would think that there is a contract you sign with the investor before telling him the location of your property, one that gives you a fee if the investor decides to buy after you show him the house.
But this might be illegal in some states, as it was in my topic. >
The best thing to do would be to speak with your lawyer first, to know what your doing, especially with all the legal forms there are. You have to be careful with these, if there's a legal loohole in them, the investor could choose not to pay you, or if you accidentily did something you weren't legally able to, you could face a fine.
For example, in Texas, there are certain parts of bird dogging contracts you have to be careful with or have a liscense as a realtor to do. Example:
http://www.reiclub.com/forums/index.php?board=24;action=display;threadid=3171Also what would be the asking fee for a closed deal.? Thanks
I've heard up to 5,000, or 2-3 percent.
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