How do you become a "Bird dog" for a seasoned investor?

Question

I know that a lot of people on BP are young fella's and ladies who are trying to do the same exact thing that everyone else is...create a cash flow for themselves (or families) and not have to answer to their typical 9-5 boss.

I want to dive into investing full force but I feel like it's not the best option for me right now. I'm a server at a restaurant on Universal Studios property in Orlando, FL and I make almost 50K a year as a server working part time...where's the problem with that? I want to do more than just be  a server, I want to be an investor.

Becoming a "Bird Dog" was always something of interest to me, especially in starting up with investing. I'm currently actively licensed in Florida, and know a ton about the Orlando market. Where is the best place to find someone who may be looking for a "Bird Dog" to help them find properties that they could rehab, rent, wholesale, etc.?

Any information would be awesome, I'm still new and trying to weigh my options for entering into investing.

Larry Turowski · Answer

@Jeremy Carl The term "bird dog" is used to describe different jobs.  Most often it is used for people who intermittently bring deals to investors (wholesaler, rehabbers, buyers).  For instance, someone who works as a mail carrier might have an investor friend know when the see a property that looks vacant or in disrepair or where mail starts piling up.  Someone who works for an exterminator may let an investor know when they service a property that looks hopeless.

Then there are bird dogs who kinda work part or full time for an investor.  They may do driving for dollars, scour listings per investor criteria, answer phone calls, etc.  And they could be compensated with a cut from every deal and training in the business.  I think this is what you are looking for.

Your best bet is to find your local real estate investors association (REIA) or find local investors here on BP, ask if you could buy them a coffee and talk about investing.  When you meet them ask what they do and tell them exactly what you want to do--trade your time and effort for training and maybe some compensation.  Ask them if they know how you could get started with this.  If they say, "Yeah, we can work together," don't jump at the chance right away.  Tell them you think you'll be ready in a few weeks.  Meet with 6 or 10 investors first.  Then pick out the best one.  Keep in mind that it may not work out with that investor.  If it doesn't, try don't be shy about trying another investor.

Ray Lai · Answer

@Jeremy Carl

I'm glad that you are going to your local REIA. You also need to think about your long term plans. For example, do you want to simply take a %fee on the deals? Or are you looking to get more active and become an investor?

If you're looking to become an investor, try to partner up with someone who is willing to split the deal and walk you through it. It really depends on your market. If it's a competitive market, and deals are hard to come by, you're more likely to be able to find someone that is willing to share a deal. 1/2 of a deal is better than no deal but it also takes time for that investor to teach you.

Once you learn how deals work, you can get into direct mail and wholesaling if that's what you're into. It's always good to add-value and finding deals is a great way, you're going about it the right way.

If you are interested in direct mail or getting into investing, you should think of systems and software to help simplify your life and free up more time to do the most important thing FINDING DEALS! As a starting person, it's rare that you have access to deep pockets of money.

In real estate you either find the deal, bring the money, or bring the expertise to do the deal. At least one is needed, more is better.

Fremy Rosso · Answer

hey I'm actually wondering, i just spoke to an investor and we have agreed to work together, i would find hime the properties and get paid a flat fee per property, how would the contract between me and him work? how would i know when he closes a deal, I'm doing this virtually so I'm not present in that county. i am helping him out just want to know if theres any type of software i have to use just so well be on the same page or how would i know he's not screwing me over, would we just verbally agree to something and he pays me or?? how would this work. Im a wholesaler but i am birddogging for a specific investor with certain types of properties and its something I want to learn so i decided to birddog for him.

Jeremy Carl · Answer

Mike Watkins Excellent advice! You are exactly correct in your second paragraph that I'm looking to help an investor find deals with my own resources and be compensated with a small % from each deal as well as get the on the job training. I love the idea about meeting with a few investors and seeing who might be a good fit for me to work with. As I told Mike, I am going to the REIA meeting in December for my local group for the first time. I will be on the lookout for people that I can network with and see if I can follow up with a few of them later to possibly work with.

Thank you both for the replies, you both have helped out a great deal!

Mike Watkins · Answer

Your local REIA should have a Have & Wants meet. Go to those and network but also write down what they want. Find it for them and bring them value. Obviously collect a small fee of some sort. You'll learn what properties make money by what deals they move on.

Also click on the links people will post here.

How do you become a "Bird dog" for a seasoned investor?

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