Two Ways of Breeding a Bird Dog
As a full-time Canadian real estate investor, we must create a continuous flow of deals that are creating massive and passive income for us. The average real estate investor can be subject to great lulls of time where they are not getting paid from the profits from a deal or are receiving very, very low amounts of positive cash flow from a rental property.
We need to create a business for ourselves where we are getting paid in the same manner and regularity as perhaps a regular job, i.e. weekly, bi-weekly, or at the very least monthly (except a lot more money!). We need passive cash flow coming to us as well as massive amounts of money, in the forms of assignment fees, sales of properties, etc.
How do we attract more deals?
One way is through a bird dog network, which we must continue to build and expand. There are methods to increase this network of integral individuals.
How do we breed our bird dogs?
How do we continually increase our bird dog network without contacting a bird dog on our own personally. Obviously we need to properly train our bird dogs. i.e. people that are out working in the neighbourhoods as part of their regular jobs who can alert you particular “situations” that may indicate financial trouble. By that I mean telltale, physical signs that something may be going on financially or otherwise. Our bird dogs can then alert us to these properties in order for us to be able to potentially make a deal on these properties.
How do we get our bird dog network to increase?
1) Referral Fees – When we close and have made money on the deal that our bird dog has brought us , we will with pay them $500, $1000 or even $5000. (If we have made $ 25,000 because of them, why not.) Are they now, going to go out and tell people that this investor person actually follows through and pays on their word? Of course.
2) More opportunity– We must give the opportunity for that birddog member’s friends to participate. For instance, if you are in a restaurant, and you say to a waitress “I have a business that pays handsome referral fees to people that can bring me good deals. If you know anybody that is in a situation that needs to sell their property quickly and I can help them by closing on the property, I will pay you as a result. If any other waitresses or restaurant worker in this establishment may be interested in the same opportunity give them my card. If I get referred a deal from someone else that you have given my card to, you will also get paid.” The beauty of this is…as soon as this happens successfully once, word will spread, and more deals will come to you. This is amazing to watch happen.
Canadian Wealth Builders offers many unique, practical, "out of the box" real estate investor trainings which offers the student hands on, in the trenches style instruction to facilitate both a different mindset as well as a successful and lucrative real estate investment business. To find out more, please go to www.canadianwealthbuilders.com
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