Bird dogging in a down market

5 Replies

Hello

I have just graduated from school with my bachelor's. I read this board quite often, and really want to start investing. I really think bird dogging is a great idea to get started. Anyways, I live in metropolitan Detroit and if ya didn't know...our economy is terrible and the real estate market is also. Is it possible to survive in this situation and if I do find suitable houses, would I be able to find interested investors?

Brett

I know of several investors making huge killing in Mich./Detroit.
The retail market may not be so Hot but thats not the only RE market.

Lots and lots of foreclosures 4 sure....

So I would say,heck yeah u can do it...

You can bird dog for any kind of deal.

I like to work backwards:

[list]Connect and identify buyers first (wholesalers/flips, rehabbers, etc)
Make a profile sheet on each investor (I have a great one email me for it)
Have a solid option or aggrement with right to assign (got one each those too)
Then seek, find and $$cha ching[/list:u]

Hope that helps :wink: ....

I agree with you that birddogging is indeed the best way to get started... but then, I am a little biased! :)

Realize that there is CREI happening in EVERY market. Detroit included.. we recently helped move 15 properties in Detroit.. (albiet for an average price of 12k) :( but they were purchased cheaper and moved just the same.

guru_wanna_be's idea of doing it backwords is a good one too.

Visit your local REA group and find out who the deal makers are, what their critria is and that should give you an idea of where to start looking.

The most important thing is to take an action.

Originally posted by "bulldog":
I agree with you that birddogging is indeed the best way to get started... but then, I am a little biased! :)

Realize that there is CREI happening in EVERY market. Detroit included.. we recently helped move 15 properties in Detroit.. (albiet for an average price of 12k) :( but they were purchased cheaper and moved just the same.

guru_wanna_be's idea of doing it backwords is a good one too.

Visit your local REA group and find out who the deal makers are, what their critria is and that should give you an idea of where to start looking.

The most important thing is to take an action.

Bulldog I am right with brother.
The Analysis of Paralysis thing can be ugly.

That's why I don't get long distance rentals.....the travel expense. If I travel once a year to a house in TX I am out $500-1000 in airfare and hotel accomodations, that comes right off my bottom line and directly from the cashflow. If you're getting a couple hundred a month income that will drop to nearly nothing with travel expenses.

Remember what "Dolf Deroos" and other guru's teach, that you have to be "counter cyclical". That means that when everyone is selling their houses for cheap because the economy is bad, then that's the time to be buying them. So it sounds like you should be buying there then right now. It's like the stock market, you don't buy at the top of the market when it's peaked out, you buy when the market is low like right after 9/11. Buy low sell high.