would this be good bird dog info?

Question

i've been researching pre forclosures in my area and I wanted to find out if this would be the proper info to provide to investors

example:
property address: 1234 main st, city, zip
owner contact : john doe , mailing address, phone
property info: 2500sq ft, 3 br, 2 bath, .56acre
purchase price/year: $100k 07/2001
assesed value : $110k 
mortgage company info

N/A N/A · Answer

Marvin-the-student mentioned that quadcam79 would be providing too much information and the investor could steal the lead from you. If this is the case, how much information should you provide to prevent this from happening? Will creating a contract work?

Brandon Anderson · Answer

CAL, I don't think that is what was suggested.  From my reading, I believe the process is to give just enough info to get them interested in the property.  Have a non-compete agreement and your pricing contract for them to sign if they want to know the specifics.  They sign those docs, you give the details.  If they want the property, you'll get paid.  If not, you'll have to move on.  I don't think there's any transfer of money until the investor buys the property you bird dogged.

N/A N/A · Answer

So are you suggesting that I charge a fee to receive more information and then another fee if they close on the property? I would imagine that the investors would want to know the address before they would even consider purchasing the property.

N/A N/A · Answer

if it werent someone i have known and worked with for years I would never , ever give away all that info...I'd have nothing to stop them from going up the the address listed or calling the owner with the number i provided and just taking the deal and leaving me with nada.

I would give:
general location, sq footage, type of house, guesstimate of condition (repairs needed), tax roll info if i had it, ARV comps in the area and thats about it....they want more info? show me the money or go find a place on their own

so i hope that explains where i was coming from

John Harris · Answer

If he is your friend, talk to him about payment before you bring him the deal.  Once that is agreed upon you should tell him everything you know.  If you get screwed, then you know that he was never really your friend in the first place.

Minna Reid · Answer

Any investor will also want to know the repairs involved, the cost of such repairs, the ARV of the property and obviously what you want for it. 
Also if it's a preforeclosure you need to know the payoff on the property to be sure there is a deal there.
Theres a ton of preforeclosures out there with no or next to no equity. These are not worth your time.

N/A N/A · Answer

Even good freinds will rake you over the coals for a few hundred or especially a few thousand dollars.  I would have them sign a no compete reguardless of who they are. Your in this by yourself, for yourself. Protect yourself. :wink:

Kyle Gregory · Answer

even the best of friends can screw you over for the right price...  if he is a good friend just give him the basics and negotioate from there

N/A N/A · Answer

well in this case, it's a friend of mine who i used to work with for years and i've know for about 10yrs. otherwise i would withold a good portion of that info. i just wanted to know if that is the type of info an investor would need from a bird dog