How Bird Dogs Can Make You A Multi-Millionaire
As a full time Canadian real estate investor, we can never put all of our eggs in one basket. By that I mean we can not leave our career exclusively up to our realtors to bring us deals. There are only so many good deals that realtors can bring us and only so many deals that you will be able to close on as a result of financing. An investor can only own so many properties before they are considered too risky by a lender. We must have both alternate sources and alternate strategies. In this article we’ll talk about the alternate sources.
How do we find non-realtor initiated deals?
We need to create a bird dog network (this was discussed in the previous article). Birddogs are people that are out in the neighbourhood as part of their job, doing whatever they do for their work. They could be utility people, delivery people, taxi drivers, firemen, etc. that are out there in neighbourhoods every day, seeing different situations.
Training the eye to see differently
Now, your potential deal could be in a particular “situation” that is obvious to the trained eye. Something going on and these people need help because they may be losing their property. To the untrained eye, it may just another house and the average person would pass by without a thought.
Training your bird dogs
As a real estate investor, must create a birddog network of people out there that have trained to look at properties in a particular way. Every time they approach a property, they must be looking through your eyes, thinking: “is this a property that could have a “situation” going on whereby that person needs to downsize or move out quickly?” Your bird dog can alert you to the property.
Create more deals, therefore more money!
An extensive birddog network is essential for a real estate investor. This network can can literally make you a multimillionaire. If you have created a proper database (which we have discussed in a previous article), then from there, you may be able to create many deals.
Rewarding your bird dogs
You must be sure you are rewarding your bird dog network very handsomely on each deal. At a successful closing, you could begin with five hundred or a thousand dollars and work your way up from there depending on how many deals that particular bird dog member brings to you. As a result, your birddog network grows.
If more and more people are looking for deals for you, you can build your database. If you are then able to turn those deals over quickly, you can put a lot of money in your pocket and the pocket of your bird dog..
Remember the phrase: your net-work equals your net-worth.
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