Bird dogging / Joint Ventures

[Noe Garcia]

Hello all, 

I'm a new and future REI in San Antonio, Texas. Like most newbies, I have very little means to market other than driving for dollars and mailing hand typed letters (no budget for postcards). There are many of forum threads, blog posts, youtube videos on how you can do this with no money out of your pocket. I've researched some, like not having to provide proof of funds to an inexperienced seller, or transactional funding. I'm willing to work/fight/claw/scratch my way to my first deal - its not a matter of if, but when. Though, I have the willingness, persistence, confidence, and time, I just don't have the knowledge of how to get the deal closed.

I'd much rather learn the answers to most my contract and closing table questions first hand in the field. Like what contingencies do I need in the contracts, where do I get these contracts, what do I need to disclose to protect myself? What if there are other parties involved IE agents or, attorneys - how does that affect things? Among other questions. Then the process of assigning the contract to the end buyer. So that brings me to - when I know I have a deal, bringing in an established wholesaler as a partner, someone to bring a deal to and can bring it home for us so we can cash out.

I read alot about Bird dogging and I gathered two interpretations of the function of a bird dogger. 1) They simply find leads and are compensated either per lead, or if the deal closes. 2)They are partners in the deal splitting the profit 50-50. One partner has the deal, the other has the cash buyer chomping at the bits for this deal or other way around. The latter is the type of partnership I am seeking. I'm willing to negotiate my cut because I value the experience I'd gain much more than the money from my first deal. 

So before I find my first deal, and before I find a partner to wholesale a property with - the question(s) to this whole post is/are: Do established wholesalers go for a partnership like this if the profit is juicy enough? Also I heard on a podcast I believe it was 116 Doru episode that they are called "Joint Ventures" and my name needs to be on the purchase contract so the title company can cut me a check as well.

So all that said, I'm just looking for a couple of things to keep in mind so I don't get hustled or worse (legal trouble). Thanks all in advance!