Best way to start? Bird Dog?

Question

Hey there!

I'm kind of new to this whole concept of investing in real estate. And I am very ambitious as far as pursuing this. I would be an investor however, I have no money to invest. So i thought that maybe bird dogging would be the way to go? I'm not too sure. If someone is willing to semi coach me or help me out as i go along, that would be awesome and i would be eternally great full. I know people pay a whole lot of money for coaches and and things like that but why do we have an online community if we can't help one another out? =)... I personally would pay for coaching but i am not in the financial position to afford it. I am motivated so i have that going for me.. hahaha. I am currently located on long island and as many of you can imagine.. the market here for real estate is horrible

But anything at all you throw my way would be extremely helpful, even if you say dream on kid.. I'd use that in a way to power myself to go on and do greater things.. so yea... go for it guys.. And thanks in advanced for taking some time out to help a guy like me get up on my two legs :mrgreen:

Joey Budka · Answer

Sid-

Since you're as motivated as you say, its only a matter of time before you start becoming very involved with the real estate investment world. It took me about 2 years to become a birddog for a couple real estate investors. It takes time, but the payoff is well worth it. My best suggestion would be to attend as many seminars, REI club meetings, and REI networking events as possible. The more people you meet, the more you learn, the better. REI is very much a people person business; so securing a solid network of like minded investors who are willing to take you seriously is key to succeeding as a birddog.

Good luck.

Timothy W. · Answer

Sid,
The way to do this is not starting with the mechanics of real estate investing, but the motivations of why you want to do it. Real estate investing sucks a lot of the time at the beginning. It is easier though if you have a specific thing you want in mind.

Tell me what you want in the end. What do you visualize your "ideal" life being and what you need to make that happen? Do you want 10k a month coming in or do you want 1 million in cash sitting in the bank or do you want to make 200k to buy a business that makes whatever per month?

Tim

Arlu Tejada · Answer

Are you talking about assignment of Contracts?? You have to find a good deal first then try to have that under contract and present it to you end buyer. You do an assignment fees that will get you paid. How I see it is that you have your end buyer give you a non-refundable payment, so even if they back out of the deal, you still make money. No time wasted.
Feedback on this???

Sid Bengeloun · Answer

Hey There Joey!

Thanks for the Great Advice!

I have a question if anyone can answer. How exactly does the Bird Dogging Process go? Sure in essence you simply find the right deal for the right person. But how are you guaranteed your money if you tell the other person where the property is and for how much. If i tell them hey.. the house down the street is selling for 200K.. you want it good.. if not thats fine.. if he gets it how are you guaranteed your compensation for finding him that deal...?

Sid Bengeloun · Answer

My Motivations are pure and simple. Everyone has something they enjoy doing. Me personally I have two loves. That is Making Movies and Making Money. I've always been good at making money, even as a child when my family had garage sales I'd be the one selling everything and making the most money. But that is besides the point. I am looking as of right now to make a bit of money because I have none to start with. Then I was hoping to be able to save up and possibly invest into many commercial units that would be getting me some steady cash flow and then move onto getting pure and simple passive income.

The reason why I'm thinking about starting with Bird Dogging is simply because at that stage i could be making a little bit of money and then possibly oversee the process of a deal. I have personally never bought any properties and would like to know how it's done before i plunge myself in there and buy a house without knowing standard procedure.

I am looking to make the best out of my current situation as I can. I do understand that this is very time consuming, and I am willing to put my time into this, but i can't do so, if I do not know what it is I'm doing.

Best way to start? Bird Dog?

Best way to start? Bird Dog?

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