No, I'm not talking about starting a kennel and going into the dog business - still talking
real estate here. A new concept that I have been using for a while and one that I have seen others
effectively use is what I call "Breeding Bird Dogs".
In a nutshell, breeding bird dogs is taking newbie investors under your wing and training them
how to find prospective deals. The premise behind training other "would-be investors" to
find properties is that they will bring the deals to you before they present them to anyone else. Some
may feel as though they are training their competition, but I've never looked at it that way. The newbie
benefits from this training by learning the ropes of the business, pursuing deals, and getting paid
without taking any risk. At some point they may start doing deals on their own, and I'm happy for them.
You, on the other hand, through your experience and the training that you provide can have many more
eyes on the street locating deals for you.
I have a slew of bird dogs who take to the streets daily searching for deals that they can bring
my way. On average I get about five calls a day, sometimes over ten calls a day. It's like any other
method of finding properties where you usually have to get 20 leads to find one deal. When I find that
deal, I make sure that the bird dog is paid well for his or her time. It is my goal to make it worth
their while to continue bringing the properties to me. That's why I teach investors how to locate
deals. I teach them about putting ads in the paper, driving neighborhoods, putting out signs, sending
postcards, etc… When they get calls and present me with deals, I start giving them tips on how to
identify deals and tidbits on negotiating a better deal.
Now I do not pay my bird dogs for handing me an address and a phone number. I want them to see
the homes. I want them to talk with the owners. I want them to do their best at negotiating the best
price they can. I also do not pay for MLS leads. The only time I'll pay for a lead from the MLS is
when someone has the property under contract at a fair price.
So if you are interested in raising your productivity a notch, train others how to do what you
do, and then treat them well for it.
- Steve Cook
Since 1998 Steve Cook has flipped many hundreds of houses as an active Baltimore-area real estate investor. Steve’s
unique specialty is the “flipping homes 1-2 punch”, a proven system of real estate investing that powerfully combines
wholesaling and rehabbing houses. Also the founder of www.FlippingHomes.com, Steve is dedicated to helping others
in this thriving online community succeed through understanding and aggressively applying his time-tested,
step-by-step approach to flipping real estate. Get FREE weekly tips from Steve Cook and other house flipping
experts at www.flippinghomes.com
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