OfflineHello, a week ago I asked a few questions about bird dogging and tips for bird dogging but I may have posted in a forum that wasn't relevent. I have since looked into finding investors as well as finding properties and have recently been looking to find properties in the Colorado Springs area. However, I am having a hard time finding the good properties and was wondering if you guys have a few suggestions? I have looked at a number of different classifieds of properties and may have found a couple of properties that are good, but I am uncertain as I am waiting for my possible investors to contact me back.
In looking at the properties should I primarily be concerned with the price that is being asked for and comparing it to the actual value of the house? Or is it better to simply compare the price of the house to the average recent sales of properties within that neighborhood? If it is better to do the second one, what do I do if properties near the house I am looking at were sold several years ago?
Any help on any of these questions would be greatly appreciated and I look forward to hearing from you guys!
Hello Amel,
You mentioned that you have possible investors already lined up and this is the first step for any successful investor. Along with having your list of investors it will be imperative that you know your investor’s criteria … in other words what type of property do they want, what area, what price range,
etc. Once you have your qualified investors lined up then you’re ready to locate properties for them.
So congratulations on finding your investors and understanding their buying criteria.
There are basically three ways in which you can wholesale a property to your investor;
1) Bird Dog
2) Assignment
3) Double Close
Based on your questions, it appears that your investors are willing to pay you a fee for locating properties for them. There are essentially two methods in which to purchase a property…it will either be working with a REALTOR (when the property is listed with a REALTOR) or locating FSBO’s
For Sale By Owner).
Other than search for properties that have a FSBO sign in front of the house there are numerous other ways in which to find these properties. You can get a list of “absentee owners” from your county courthouse / recorder’s office or accessor’s office. This is a great way to find motivated sellers because
they own a property in your area and the home owner is out of state and many of them want to sell these properties. You can also search online through free websites like Craigslist and others where you can
search for keys terms like: “must sell” / “owner motivated” / “owner transferred” / “equity” and many others
You can also search for properties that are in probate.
Finding “good properties” will be relevant to what your investors are looking to purchase. Once you’ve found the property that meets your investor’s needs, it sounds as if they asked you to you to give them comparables of what other properties in the area are selling for based on the property you found. Working with a REALTOR will be imperative because they can assist you by
running comps via the MLS and it will take them about 5 minutes. You will make more money doing assignments of contract and your REALTOR will assist you in writing the offers, running the comps and then they will be paid their commission by the seller, so there will be no money out of your pocket to pay for your REALTOR.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
I have a possible buyer who flips the house for quick profit. I found a boarded up house and if I want to pass it on to him as a bird dog, then what informations are needed before I pass it on to him? Do I have to find out the owner's name with the due diligence as well?