Posted by Steve-DC on January 30, 2002 at 15:01:39:
Chris,
I think you’re mixing up wholesaling and bird dogging…they’re similar but a wholesaler will go a step further and actually get the property under contract…as well as mixing up assignments and simultaneous closings.
Check this post out from the archives…it explains somewhat how Steve Cook started as a bird dog:
http://www.creonline.com/wwwboard/messages/arc_1999//jan99/11238.html
-Steve
Bird Dog/Scout Question - Posted by Kim Grimm
Posted by Kim Grimm on January 30, 2002 at 10:37:25:
I have decided to start “scouting” to get my feet wet in REI and would really appreciate any information that anyone could give me in getting started with this. My main questions is how much information on a property do I need to give to the investor?
Thank you
Kim
Re: Bird Dog/Scout Question - Posted by JFinke KC
Posted by JFinke KC on January 30, 2002 at 14:16:31:
Kim,
The most general information you need to know about a property is what it is worth after repair versus what it can be purchased for. Search through the archives for rehab purchase prices, flipping, etc and you’ll find some insight into this.
Other useful information for the investor would be estimates for repair costs, rental value of the property, expenses related to the property and comparable prices for surrounding properties.
Good Luck,
JFinke KC
Re: Bird Dog/Scout Question - Posted by Chris O. (WA)
Posted by Chris O. (WA) on January 30, 2002 at 11:40:32:
And what do you need to do to protect your find so that the investor you sell your information to doesn’t cut you out before you’ve given it to him. A few posts have said you get your find “under contract”, then “assign it over” to your buyer at a “simultaneous closing.” How is this physically done? What are the “contracts” you get the seller to sign and how are they legally “assigned” over to the buyer investor?
Looks like I need to do some learning about the semantics of closing.
Thank-you.
Chris O.