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Bird Dog v. Wholesaler – What The Heck is the Difference…?
By Sherman Ragland | October 16, 2007
In the world of ‘Quick Cash’ investing, there are three proven areas for making money in our region:
A) Bird Dog
B) Wholesaler, and
C) NEW (Since 2005) Foreclosure Consultant.
All three will make you money, as in QUICK CASH. However, there are differences in each of the three, and more importantly, for some people, one of the three is a much better place to start.
A Bird Dog is someone who generally has much more time on their hands than money. They have a burning desire to “break into” this real estate investing business and have little to no prior experience. Many of the MOST successful investors out there today, Steve Cook, Ron LeGrand, Jim Canale all started as Bird Dogs.
These guys have the true “Rags to Riches” Story all sown up. I know that Jim Canale actually slept under a bridge at one point in his life, which is far different from his lifestyle today.
Bird Dog’s are willing to trade their time, for someone else’s knowledge. As a Bird Dog, you are called upon to invest a lot of hours searching out opportunities and when something comes up that has potential, BANG, like a pointer you are to take this opportunity back to a more experienced investor for a REWARD.
Most people I know who start off as Bird Dogs, generally DO NOT want to stay their for long. HOWEVER, it is this opportunity to get inside the head of a more experienced investor that makes Bird Dogging rewarding. The key to successful bird dogging is to get into a teaching/sharing relationship with a more experienced investor. A relationship where you can ask a ton of questions, and get a ton of answers to those questions.
Bird Dogs normally have nothing at risk – or so it seems. That is, Bird Dogs DO NOT put properties under contract, or make promises to a potential SELLER. Rather, the bird dog identifies a potential opportunity and then immediately takes it back to the investor for further direction. However, the Bird Dog does have something at risk. If they do not choose the right MENTOR up front, a Bird Dog Can Waste a lot of time, and time is the one thing in life that is truly irreplaceable, unlike money.
Like EVERYTHING in this business, there are but a handful of things you NEED to know to make each of the CORE investor Strategies work for you. HOWEVER, like ALL of the CORE Strategies, there is one thing that really is the KEY to making a strategy WORK 99.9% of the time.
With regards to being a BIRD DOG, the KEY is to get into a relationship with ONE Mentor (At a time) who will show you the ropes. This Mentor needs to be an active investor in the marketplace you are working, and must be willing to meet with you (either in face, or over the phone) and share with you what is right and what is wrong about the deals you are brining to them.
THE KEY TO BIRD DOGGING IS HAVING THE RIGHT INVESTOR MENTOR TO GIVE YOU GOOD FEEDBACK ON WHAT YOU ARE DOING – RIGHT & WRONG.
Bird Dogs who get into a relationship with ONE MENTOR do MUCH BETTER than Bird Dogs who confuse Bird Dogging with WHOLESALING. These two things are NOT the same, and they should NOT be approached the SAME WAY.
In my next post, I’ll talk about THE KEY TO SUCCESSFUL WHOLESALING…
Thanks for reading…
Until next time – “Go For The GOLD!“
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Topics: Uncategorized | 1 Comment »
Tags: bird dog, dcreia.com, foreclosure consultant, jim canale, quick cash, real estate investing, real estate investor, ron legrand, sherman ragland, steve cook, wholesaler
One Response to “Bird Dog v. Wholesaler – What The Heck is the Difference…?”
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October 18th, 2007 at 6:24 pm
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