The first thing you want to put aside is the notion that you need to form a corporation, get a business license, buy all new computers and things like this. This is a plague I had too when I was new, guess it was part of my learning curve. But what it kept me from doing was finding my first house.

Learn; key word learn how to find your first house deal.

We read a lot online saying “oh you need a C or S corp, or LLC, or LLP, or should I set up a Sole Proprietorship” Geez, forget that junk, it will come in time.  But now is not the time. Trust me, its just something keeping you from finding that first great deal.

Learn; key word learn how to find your first house deal.

What you do need is cash first and fast right!?! You need a deal first or several to put in your LLC or C, or S corp. You only need to find a house first. Find your first deal for another investor and s/he will gladly help you.

You say “Oh but they will steal it and I wont get paid.” Very very rarely does this happen. A seasoned investor knows the best deal is the one a bird dog points to, or a wholesaler brings him, already under contract, a very clean and easy deal. He does not want to cut that cord with you, unless he is a fool or you are asking too much for your deal.

Learn; key word learn how to find your first house deal.

Remember: bird dog first wholesaler second, true investor or rehabber thirdly.

Oh and start off as a bird dog, would you?  I don’t give a darn how much money you have because you can loose it in a heartbeat in real estate. I don’t care if you are a realtor and think just because you are you will be a wise investor right off. You wont. I, don’t purport to be a great realtor once i get licensed this month either, no…I will learn from pro’s.

Learn; key word learn how to find your first house deal.

As a bird dog, and soon to be new wholesaler, please get it out of your mind that you’re going to make a killing on your first few deals.  I just roll my eyes at the hopeful new birddog who says “I want to make 30% or I want to make $5,000 on my deal.” For one, the new birddog doesn’t even begin to know what a good deal is. So help your mentor and you will be helped. If he is selfish, keep him on the back burner and find a new one.

Plain and simple, learn from a mentor, someone who has gone before you.  You know, like a physician, prior to practicing s/he has to do a lot of shadowing other doctors in residency. Hum wonder why, think about it!

Okay, that’s out of the way, and I am feeling better. Here is the deal. Learn from others, close mouth, open ears, and learn, and learn, and learn. Once you know how to run comps on properties, know the right and wrong areas to focus in, understand how title and assignment works, pushing a deal through, and what rehab costs are, THEN you can consider doing your own deal.

In the meantime, bird dog, you will learn so, so very much. Find an investor you can help.  Yes help him and help him make money. In that short mentoring time you will really get a handle on the big picture. Like what is a deal and what is not a deal?

Learn; key word learn how to find your first house deal.

So keep it simple and sweet.  Find a mentor and ask him what you can do to help HIM or HER and tell them you want to learn bird dogging.  Don’t tell them your going to be the next hot investor.  I bet your learning time drops and you begin to make money right off.
Happy Trails,
Bill Guerra

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