So you want to be a real estate investor and make lots of cash. But you lack the education and the experience, and no capitol. Well here is a way to get into real estate investing fast, quick and it's safe. Become a "bird dog". I know, your asking what is a "bird dog"? That's a term used in the real estate field for someone who goes out and locate potential investment properties for a real estate investor. Many experience real estate investors got their start this way. You go out and farm neighborhoods looking for distressed property, with the information that you have from the real estate investor as far as what he's looking to invest in. You find the potential house, gather the information that is needed such as: 1: Complete address
2: Owner's name and location. Sometimes you may have to visit your local court house for information about the owner. Some counties put the tax-roll information on-line now, pull up a search on the web about the county you live in and see if they have the information.
3: Check to see if there are liens on the property.
4: A check list on the condition of the property. You can take a picture of the property to show the real estate investor.
5: If you are able to locate the owner get his asking price. A distressed property can sometimes be a big burden to the owner. It can be a financial stress or emotional stress. this is the type of motivated seller your looking for. A potential lead can sometimes bring you between 600 to 1500 dollars depending on the price of the house. After a couple of deals under your belt, it's time to move up to the big leagues and stop making someone else rich, and become a real estate investor yourself. A wholesaler/ flipper makes way more money then the "bird dog", he also assumes the larger risk. The wholesaler/flipper finds the distressed property and puts it under contract. He now has to option that are available to him, he can close on the property and rehab it himself, or he can assign the contract over to another investor. The reason why the flipper takes the bigger risk is because he has to put up earnest money to control the property. That's money out of the wholesaler/ flipper pockets. The flipper will usually takes the contract and assign it over to another real estate investor. He will often leave the distressed property in it's "as is" condition. Sometimes depending on the condition of the property just a small clean up can increase the flippers potential profit. A experience flipper can sometimes make between $10,000 to $20,000 a month without ever touching the property. That's if he is doing this full time. As a beginning real estate investor your best bet is to start out as a "bird dog", then move your way up to the big cash. To start out as a "bird dog" make your self a list of local real estate investors, call each one and make a file of the types of deals that they are looking for. Over time you will get a sense of what sells and don't sell in your area. So, there you have it a safe and easy way to get into real estate investing without losing a arm and a leg. Your next step to success is to add the "do" to your financial dreams. "JUST DO IT!" Happy Investing. |
