What do I Need to Know to Add Value as a Bird Dog?

Question

I've heard repeatedly that the best way to get started in real estate is to find a mentor to show you the ropes, and I've heard that the best way to find a mentor is to offer them some kind of value. One of the ways to do this that requires time and not capital is finding deals as a Bird Dog. I'd love to do this one day, but first I need to know what essential skills and knowledge a bird dog needs to have. That way I wouldn't be wasting an investor's time with stupid questions when I first approached them. For those who have had bird dogs in the past, what did you expect of them, and what did they do that made them truly worthy of your time?

Will Fraser · Answer

Hi @Ryan J Bruun, good work being proactive and thinking through this lens!

The biggest thing that adds value to me in this pursuit is 1.relevant and 2. detailed info.   #1 is by far the most valuable and impressive piece, and by Relevant I mean:

• The home legitimately has value based on my criteria (takes understanding real estate AND the individual investor's criteria)
• The home legitimately has probability (it's not just a house that hadn't been mowed in a few weeks, but there are other real factors that lead to it being on the list)

And by detailed I mean:

• The more photos the better.  The better the photos the better.  Sure, in the initial list of properties from Driving for Dollars its not going to be super detailed, but if you're bird dogging a property go ahead and build out the file to make it possible for the investor to make a quick "go/no-go" decision from the data.

To this end I would recommend reading BRRRR by David Greene and The Book on Flipping Houses by J Scott to understand the mindset of what most investors are looking for these days.

Will Fraser · Answer

Absolutely bro . . . paperwork and administration.  Or herding cats (managing the contractors and small jobs associated with the projects we do).  Those are TREMENDOUSLY valuable and hard-won skills.

Ryan J Bruun · Answer

@Will Fraser Thanks so much for your actionable advice! Are there any other ways wannabe investors can provide value to seasoned investors besides finding deals?