BiggerPockets

good questions marvin, a bird dog FAQ would be great

maybe someone who knows what I'm talking about can chime in. I have heard in states like NC, SC you have to pay by the lead or your acting like a Realtor without a license. example you can't pay the bird dog when you close the deal but you can pay them for every lead. maybe $2 a lead. Am I completely wrong?

Hi,

My name is Chris Trook and I'm a birddog. I have an agreement set up in the form of a Power of Attorney that allows me to put homes under contract under, " name of buyer company" , and or Assigns. The and or Assigns part lets me sign the contract on their behath. Then, the buyer company closes on the property. When it is closed I put it on the market by placing signs in the yard and running newspaper ads (reimbursible of course) Later, when I get a buyer, I send the new buyer info to the company and they send me closing docs. I have the buyer sign them and get them notarized. After that I send docs back to the seller (original buyer) and I get paid a commission.

The good thing is I am able to learn a lot of strategies just by being out there doing business. Check out my webpage to see what I mean.

Contract contract contracts. Remember, addendums are your best friend. If you stipulate that you are to be paid at closing (or when title is transferred to the buyer), payment should be immediate. Make sure you have a good relationship with the mortgage company/ title company, and they can provide you with the information regarding if they did in fact close. Also, be wary of sites like that, because while they do indeed say that you should always have something in writing, stating that you indeed refer the contract and bind them to an agreement warrenting payment. While I like to think of myself as an optimist, there are plenty of oppurtunist REIs that use such advertising to take advantage of amateur deal hunters without having to pay them.

hope that helped!

I think you guys might be blowing this whole birddog thing out of proportion. Like who is really aspiring to become a birddog? I think people are aspiring to become REI's. And if they have to use strategies to raise quick capital then sure they are using those techniques. I just think it's the wrong term and it's unfortunate that it's spread. If I had to do that I'd still try and think of myself as a " REI" who's just trying to raise quick capital for my first real deal. NEVER as a birddog. I think people have to be very careful as to what they label themselves or what others label them. Because you're becoming the thing that you think you are. So if you're a birddog that's what you are, basically someone who's not there yet, who doesn't know the industry and is well pretty pathetic. It's not the right perspective to have. If you wanna get somewhere you always have to work in " reverse" . So if you're wanting to become a millionaire via REI, and you're just getting started then the most important thing you can possibly do is start to tell yourself everyday over and over again that you are infact a " Millionaire Real Estate Investor" . Because what will happen is that your brain cannot interperate that input any differently. It has to act on what it's given. So as you tell yourself you're a " MM REI" you'll more and more start taking the actions that a millionaire would take. And I guarantee if you keep telling yourself that, you will not only build up the believe system that you are one, but you'll also automatically start taking the right actions, eventually leading you to becoming a millionaire. That's how the universe works, it's impossible for that not to happen once you have the believe that you are any certain label. But if you're telling yourself that you're a birddog well gloy-gee that's like telling yourself that you're not very good and that you don't know anything about the industry. It's the absolute wrong label to put on yourself. The perspective that anyone who's a REI should have is that there a multi millionaire. Because like I said you're becoming what you think about and think you are all day long. Once you develop that believe that you are something it can either be your greatest asset or your biggest weakness. So tell yourself that you're a Multi millionaire REI, not a birddog. Because you're becoming what you think of yourself as. Ya, honestly get that term bird dog completely out of your head. It's not who you are. What you are is a multi millionaire REI, who's just raising quick capital in order to fund your first real deal.

Also on a side note to all this...my thought is that I don't know an easier way for someone to reach millionaire status than REI. It's got to be the easiest way out there doesn't it? Like where else can you make six figures even seven per deal. So if you're not thinking in terms of making millions well start too. Because it's not that hard in this industry.

Kpowell....sell to the market of buyers who " have money" . They're much easier to deal with and won't waste your time.

Also...

If you wanna to change your finances it takes work. The main thing you have to do more than anything else is start making lots of offers. That's it. Lots of low ball offers. So get acquainted with your local online MLS. Look at properties daily, make at least 1 low ball offer each day. It's like fishing if you bait that hook just right and keep casting, you will get a bite, and you should be able to reel it in. And when you get it in your boat, it might be a really big fish! Then just keep casting out. But if you're sitting around and thinking about it and not taking the key action of making offers, casting your reel, then you won't catch any dinner. So when you go hungry and wonder why? That's one main reason.

And if you're willing to do that then start telling yourself that you're a millionaire. Doesn't matter one bit what's in your bank account or what you have or where you came from right now. What matters is if you can say that to yourself. Your mind will have trouble with that though. But say it anyway. Because what you say about yourself will manifest itself. Then one day you'll be casting and you'll latch onto a deal that makes you five figures, then you'll caste out and you'll eventually get a deal netting you six figures, then again cast, and you'll get a deal making you seven figures.

It's crazy the limitations your mind places on you! One thing I realized just over the course of the last few days is how in any persons life it's odd in that some areas you can feel limitless and have an extremely good understanding of. While other areas you struggle, and place huge limitations on your capcity in those areas due to lack of knowledge, doubting yourself or whatever. So it's really sort of been a wake up for me to look at all the areas of my life and see what areas I've placed huge limitations in and really start to examine those areas and figure out how I can turn them around.