Property Manager · Milwaukee, WI · Member since 2011 · 185 posts · 16 votes
Hi,
My realtor wanted to enroll into this program of Peter Conti and Jerry Norton where they would offer a $10,000 finder's fee for finding properties for rehab. While I had posted a question about their Residential Backflip program and did not get a good feedback, I wanted to post this for my realtor, who is curious about the program.
In this finrder's fee program, we have to buy some prodcuts from them for $1000, which will list some criteria about the properties and pay $7 a month to stay in the program. Once we find a property, they will rehab and resell it. We get a finder's fee equivalent to realtor's commissions.
Anyone tried this system (or someone you know tried this program)?? PLease provide feedback...
I really can't comment on that program specifically but don't really understand why one should have to pay someone else money to find them deals. Seems kind of backwards to me.
Most likely their program will give some formula on how to evaluate properties and they can simply reject deals you bring them if they don't like them. You can find out plenty of similar info on this forum for free.
I am an investor in Milwaukee and I will gladly pay you a finder's fee of $10,000 if you negotiate a good enough deal that leaves enough spread for that to occur.
As an added bonus I won't even charge you a $1000 up front and a monthly fee for you to bring deals to me:)
I really can't comment on that program specifically but don't really understand why one should have to pay someone else money to find them deals. Seems kind of backwards to me.
Most likely their program will give some formula on how to evaluate properties and they can simply reject deals you bring them if they don't like them. You can find out plenty of similar info on this forum for free.
I am an investor in Milwaukee and I will gladly pay you a finder's fee of $10,000 if you negotiate a good enough deal that leaves enough spread for that to occur.
As an added bonus I won't even charge you a $1000 up front and a monthly fee for you to bring deals to me:)
I really can't comment on that program specifically but don't really understand why one should have to pay someone else money to find them deals. Seems kind of backwards to me.
Most likely their program will give some formula on how to evaluate properties and they can simply reject deals you bring them if they don't like them. You can find out plenty of similar info on this forum for free.
I am an investor in Milwaukee and I will gladly pay you a finder's fee of $10,000 if you negotiate a good enough deal that leaves enough spread for that to occur.
I agree with you. I promised my realtor that I would ask other investors' opinion hence I asked in BP :)
I work in Madison as a computer consultant so the RE work I do is in Madison. We can find properties in Madison. I will PM you...
I wouldn't touch this with a 10 foot poll. Anyone that requires payment to find deals is a red flag. You shouldn't have to pay someone to be a bird dog even if it's training. If they're really desperate for properties they would have told you their criteria and leave it at that. You don't need training to become a bird dog.
I agree with everyone above. Heck, I'll pay you a $50,000 finder's fee; however, that of course assumes the #'s all work out to the point where my end profit is where I want it to be.
My business partner and I bought into this program...they make it sound so easy...it is not! It was easy getting commercial property owners to agree to meet with us. This was definitely an option that hadn't been presented to them before. Most were skeptical, but listened and liked what they heard. What wasn't easy was getting them to dish out money to hire an Attorney to do a commercial work-out with no guarantees...especially they were looking at 10K for just the retainer. We met with commercial property owner after commercial property owner for 6 months and decided to focus our efforts on other areas. I have the full course if anyone wants more info.
@Wayne Woodson --- you got me laughing with your note. Thanks.
.............Linda
@Tracy Coats -- thank you for giving all of us your input. It is appreciated, and it seems that you and your partner really gave it a try. Appreciate the info. Good luck with your current endeavors.
............Linda
I have unsubscribed from Peter Conti’s email list. I had joined his list because I was impressed by his books on Pre-foreclosure investment and also commercial real estate. But all his emails offers and trainings seem to be too good to be true.
Just got their 10k finder fee letter today. I was curious on what their angle was so I watched their short webinar. I was totally turned off when they started in on the "we can only work with a select number of people" BS so they wanted $1000 so they only get serious people. Then they call it a deposit that you get back when you find them your first deal. It is crazy to me that people would pay to sign up to bird dog properties for anyone.