How Much do Real Estate Bird Dogs Make?, Training Lesson 25
You can earn full-time profits as a part-time real estate investor by bird dogging for real estate; some of the most successful investors out there are part-time investors who have other sources of income. In fact, the majority of real estate millionaires started out with day job, but over time, they became financially independent by investing in real estate part-time. The trick to this is to work smart so that your business always operates with full efficiency and yields maximum profitability. Good investors are well organized and know how to manage money, time, and people. They are very knowledgeable and work hard.
Being involved in “real estate bird dogging” can be very profitable especially when you learn more advanced skills and start wholesaling or flipping properties. Here are some tips:
- Know what you’re doing and learn the fundamentals of real estate investing
- Search and find properties in the right market(s)
- Know which properties are worth pursuing, which ones will make a profit, and which ones you should avoid.
- Don’t expect every property you locate and provide a lead for to get purchased.
- Have the willingness to learn and work hard.
The trick is to locate properties ready to sell where the seller agrees to sell at our price (normally this is 80% of the retail price, after repairs). Then, completely fill out a Property Profile Sheet and work (often with a real estate investor) to obtain the seller’s commitment to sell, and an assignable sales contract. This requires more advanced knowledge, which we will cover in future blog posts.
Over the past few years, I’ve met many knowledgeable and hardworking “real estate bird dogs” who were able to double their annual income, year after year, by investing in real estate on a part-time basis. These were mostly people who didn’t start out with a lot of money in their pockets or wallets. But the one thing that all of these successful and profitable “property locators” had in common was the desire to succeed, and the persistence and determination to keep going when most other people would become frustrated and quit. So what does it take to be a successful property locator again?
- Your desire to become a successful real estate investor
- Your ability to work hard as a real estate investor
- Having financial resources and knowing what they are
- Your willingness to dedicate time and money
- Knowledge about your local real estate market size and conditions.
Doubling your annual income as a real estate bird dog, and eventually investing in real estate yourself will take some time. Many investors will be hard pressed to double their annual income in their first year of business. Just remember that you’re learning and to keep working hard.
The number of real estate transactions you’ll need to complete in order to double your annual income will mainly depend on your geographical location because housing prices vary by location.
Most deals, where all you do is locate the property tend to pay $500 to $1000. But remember, the more work you do the more you will get paid. And if you happen to live in a high-end real estate market, you might be able to make a $50,000 profit on a single deal! Just know that there are no guarantees in life and all property locators aren’t going to experience the same types of results.
There is a learning curve. So it’s okay if you “only” earn just a few thousand during your first year as a real estate property locator. It is money that you wouldn’t have had otherwise had you not gotten involved in real estate! I am very confident that most of you reading this will be able to pay off your bills and become debt free in no time, and all it will take is putting to use the desire to become successful!
Filed under: Real Estate Bird Dog Training
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