Posted by Michael Morrongiello on April 29, 2003 at 20:17:21:
In Reply to: Re: Paper and new sale to rehab investor... posted by Duke on April 29, 2003 at 02:37:52:
Duke:
I think you are confused. A "bird dog", property finder, RE investor or whatever you wish to call such a person FINDS a wholesale property opportunity that is for sale.They then go to contract to lock up a formal sales agreement for such a property. They also make sure the contract is "assignable".
Now for a fee, they can ASSIGN their rights to purchase the property under the sales contract to another investor who very well may purchase the property and complete the renovations, etc. for resale.
Typically the "bird dog" finder does not share in the upside profits but earns there income / profit through the assignment fee they were paid for finding the good deal.
Hope this helps.......
Michael Morrongiello