All Forum Posts by: Blake C.

@Asher Another way to go about this would be to just start talking around to people in the real estate world and even friends. People know people. Friends of mine (one a realtor, one just a individual) brought me friends they had they needed to sell a property ASAP. Because we didnt have a realtor, these people needed out quick, and the properties needed some work, I was able to get them 25% below value. Many offer finders fees

Another thing to remember is that properties dont tend to be sitting on MLS much below their value if you include the price of repairs... well at least not in my area. This doesnt mean that you cant find a deal through MLS, you can. What I have found is that I have to make offers. Some may feel like it a low ball offer, but its not. Sellers can be very unrealistic about their price. However once they have sat on MLS for 120+ days, they often find their motivation.

Keep hunting. Talk to everyone you can. Never give up. You will find it.

When I first started I too was very concerned about having the money for the deal. At the time, I didnt even own the place where I lived, but I wanted to invest in real estate. What i ended up doing was buying a house for a flip, but I lived in it. I was able to do this because I could get easy financing on an owner occupied place. Also, because I was single, I could live in it while it was under construction. Additionally, I was able to do most of the work myself, and even work on it during weird hours or for short shifts. This saved tons on expenses and made it more affordable. While it would have been nice to complete the project faster, I had to work with that I had.

My next step was to bring in a roommate. It was a 3/2/2. The plan was to get two roommates. I ended up getting just one roommate, but he agreed to pay half the mortgage and half the bills. I didnt cash flow per say, but it did in comparison to where I was living. In addition it allowed me to get into the game, capturing equity on purchase, building equity through rehab, and paying down principal with someone else's money.

After a few years, I sold this property for a decent gain and have used the money to fund my next investments.

This might not be what you were thinking, but its one way that a small, young guy got started. Basically, the is no set path. You have to be able to see all the options and roll with the opportunities that come your way.

Congrats. Its a journey. One step at a time.

I agree with Natasha. There is a wholesaler in my area who offers birddogs $1000 for any property he closes on. Ive never sent him a deal because if I am going to do the work of finding the property, Id rather reap the full reward of the investment. Birddogging can be profitable, but I haven't yet found a situation where it was the best exit strategy for me.

i forgot to say, but putting the word out really can work. My first two deals (i kept them, and didn't birddog) came from different friends of mine that had friends that needed to sell a property fast. One was a investor that was done trying to be a landlord. He just wanted out. The other was a senior citizen that was going to no longer live on their own and just wanted out. Both houses needed some work, but the discount they were willing to offer made them worth it to me. Because neither deal had a realtor, we were both able to get better deals for ourselves without having to pay a 3rd party.

Thats not to say that realtors cant help a birddog, but basically birddogging is a tiny way of being a realtor (helping a buyer find a property). Therefore find ways to find properties before they hit MLS. Another can be properties that leave MLS and still haven't been sold.

I am new as well, but a few things you can do is just start looking around. Drive neighborhoods you want to participate in and look for properties that are in distress (boarded up, vacant, FSBO, ect). Put the word out with friends to let them know you are looking. You can utilize bandit signs and craigslist adds letting people know you will buy their house with cash. You will likely have to spend a little bit of money to get rolling. There is also lists you can buy if you want to go the direct mail route.

Do you already have a buyer that you would flip the property to in mind? I assume so, since you have a desire to birddog. If not, start there.

Thanks to everyone for the advice. It sounds like what i have below might be best? I can just add this to their file after I get (and accept) an application for them.

TENANT ADDITION ADDENDUM

This Tenant Addition Addendum shall be attached to and for all purposes made a part of the Lease Agreement between_____(landlord)_______________________ and ___________(Tenant)_____________ originally dated ________/________/_________ concerning the premises known as: ___________________________________________________________________

Landlord and current tenants hereby acknowledge and agree that ________(New Tenant)_______________ will be moving into the premises and shall become a tenant being fully added to the lease agreement. All tenants below agree to be jointly and severally liable under the lease agreement for all amounts due and owing, past, present and future and all parties must abide by any and all terms of the Lease including but not limited to any addendums.

All tenants below hereby acknowledge and agree that upon vacating the premises, in the event the security deposit is refunded:

_______ The added Tenant AND the original Tenants shall receive the funds.

_______ Only the original Tenants shall receive the funds.

Dated: ___________________

_____________________________ _____________________________
ADDED TENANT OWNER OR AGENT

_____________________________ ____________________________
PRESENT TENANT PRESENT TENANT

I had tenanted that moved in a week and a half ago. Its a young couple that have now decided that they want the girls brother to come and live with them to help share the rent and give him a place to stay. All are over the age of 18 and will be paying rent. The original guy and girl are on the lease together.

Whats the proper way to handle adding the third party? Thanks for the advice from those who have been there before.