Hey guys/gals

I have a little dilema. I was searching CraigsList for jobs in the Real Estate section.

I saw a very intriguing ad for "partnering" with someone that would share in the deal. What have I got to lose I ask. So after a few email exhanges the person calls and I listen with intent.

Long story short, the person has entered into a contract with a company in CO(I dont know the name of the compay) has given some earnest/investment money to the company(I dont know how much) and has to buy/fix/sell 5 houses by August or September.

So the way I understand it, the investor has paid money to be a birddog(the benefit, as I understand, is the CO company fronts the money for buying/fixing the property). The investor will lose all the earnest money if 5 deals arent done within the alloted time.

My advice was to put an ad for a birddog, beacuse thats what they do, and they wont require being a "partner" to find you a deal. I think she will have better luck with seasoned BD's and paying the locator fee, than finding a bunch of green wannabe's(like me)

Am I wrong/crazy/stupid, and does anyone have any other suggestions to help out this investor

Thanks in advance
Nelson

__________________
Sippin whiskey out the bottle
Not thinking bout tomorrow
Singin Sweet Home Alabama all Summer long

F3, do you know the LTV's that the company is requiring for investment?

__________________
Steven Brown
Cash 4 Houses, LLC
HomeVestors
Mobile, Al
251-366-HOME
steve.brown@homevestors.com

As I was talking I said I figured they would want anywhere between 50 and 75 cents on the dollar, and the investor seemed to agree.

You think you got some ideas Steve!


I figured if anyone on here has any knowledge of this CO company you would, Ive never heard of paying to be a birddog.

__________________
Sippin whiskey out the bottle
Not thinking bout tomorrow
Singin Sweet Home Alabama all Summer long

I have an idea of who it is, but to get her out of it, what if you go to some local wholesalers and ask for property to fit your criteria, and go from there. It may be a strech, but that could get her out of a hole quicker.

Also, does she have any out for the contract at all? If you haven't seen it, getting your hands on it would be a good example for our group here I am sure. Like and an example of what not to do.........

__________________
Steven Brown
Cash 4 Houses, LLC
HomeVestors
Mobile, Al
251-366-HOME
steve.brown@homevestors.com

Good Gawd you're good Steve, I was hiding the gender on purpose, but you got it.

I dont know of any local wholesalers, but I like your idea, thanks.

I will see if she is willing to share the contract with us.

Steve ROCKS!!!!!!!!!

__________________
Sippin whiskey out the bottle
Not thinking bout tomorrow
Singin Sweet Home Alabama all Summer long

Wow, don't want to sound negative but that would be difficult on a more seasoned investor. what kind of support is the company offering, aside from laying out the money? Maybe I have the wrong view and this company has a system for mentoring etc.

A sad story...sounds like more idiots out there in CO that give ethical RE buyers a bad name. They usually don't last for more than a couple years, by then the greed sets in and they end up stealing millions rather than just a few thousand here and there...the bigger numbers set off the attorney general radar and down they go...

My understanding is they put up all the money for buying/fixing, that is what the company brings to the table.

The guise is that they want to be able to invest all over the US, and just wanna put up the money. I dont think I know enough from a 20 min phone conversation to know everything.

I am going to invite her on here so she can tell exactly whats going on.

__________________
Sippin whiskey out the bottle
Not thinking bout tomorrow
Singin Sweet Home Alabama all Summer long

Not really a mentoring system, but a promise of funding and deal incentives, etc. Which usually attracts the ones that are getting involved and do not have any cash or credit to play with.

These guys have been around for a while, and do decent business, but they do "prey" on the newer investors out there.

__________________
Steven Brown
Cash 4 Houses, LLC
HomeVestors
Mobile, Al
251-366-HOME
steve.brown@homevestors.com

When searching sites where almost anyone could post on ad, remember, "If it sounds too good to be true, then it probable is." If you don't want to take that advise then make sure you check out any and every one you can. There is publicdata.com and bbb.org, along with many other sites. Caveat emptor.