I have recently had a couple of e-mails from some readers of this blog that were interested in how I go about â€œBird Doggingâ€ or scouting properties for other investors.
Mainly they were interested in what information that I typically provide to the investors for my fee. I figure that the more information that I can provide, the more likely the investor is to make a quick decision on the property and the more they will like to work with me. The following is a list of information that I try to provide for investors:
1,) Asking Price
2.) Number of Units along with number of bedrooms and bathrooms etc.
3.) Current Rents
4.) All expenses including taxes and all utility costs
5.) Vacancy Rate
6.) Market Rents
7.) Condition of Building
8.) Any major improvements/major repairs needed
9.) Owner contact information
10.) Owner’s financial situation/Reason for selling
11.) Preferred terms and conditions of sale/ Vendor Take Back or Creative financing options
12.) Any pictures that I can take.
I hope this helps any of you that are looking to start off building capital using this method.
I’m off for a long weekend to attend a wedding out of town. I will definately be keeping my eyes and ears open for opportunites for investment. One of my favorite pieces of advice is this: Work harder when you are not at work. Many of the greatest deals and opportunites are found during social situations.
I always make mental notes of possible opportunities for partnerships or future investments when I am in social situations. For instance if someone says that they want to get in to real estate investing, but they don’t really know how…they might supply the funds and you can supply the knowledge???
Have a great day!