Dallas-Fort Worth Real Estate Investor Club

Property Listing Service

  • 21 Jun 2012 9:29 AM
    Quote
    Message # 979047
    Michael Mixon
    I just wanted to say the Property Listing Service looks like an excellent idea.  And before I start using it I wanted to make sure I'm not stepping on any toes.  I plan to do some Birddogging part time to supplement my income until I'm confident enough in my skills to go full time as an REI.  Is this the purpose of the listing service?  I won't be going against any usage rules if I post my finds there?

    I hope I'm correct on these assumptions because the main barrier that has kept me from starting my investing is my exit strategy.  I have a very small (8 or 10) buyers list right now, and I just want to make sure I don't sign myself for any deals I can't flip quickly.  I understand the concept of weasel clauses, but I'd prefer to not have to use them if I can avoid it.  The people who I enter into contracts with deserve better than that.

    Love the group, thanks for all your help,
    Michael Mixon

    PS:  If you want to be on my buyers list shoot me an email.  I currently am focusing on Denton county.

    m.mixon@yahoo.com
  • 22 Jun 2012 12:44 AM
    Quote
    Reply # 979802 on 979047
    Robin Carriger (Administrator)

    Michael, I can help you in multiple ways, so please feel free to give me a call at 817-300-1132.  First of all, there are no "weasel clauses" for birddogs.  There are often "weasel clauses" in purchase/sale contracts, but contracts are not typically used in birddogging.  If you put a birddog deal on the PLS, tracking down who, if any one, ultimately buys it could be a cumbersome process, and, even if you did find the buyer, he/she may not feel an obligation to pay you for it, because they may hear about it through the grapevine rather than directly from you.  They may not even know you exist.

    If you meant wholesaling rather than birddogging, then that's a very different story that involves 1) contracting to buy a property, 2) finding a buyer for your wholesale deal, and 3) facilitating the process until it closes.  I can help you with this as well.  As I mentioned, please feel free to give me a call if you like.

    Thanks, Robin
  • 22 Jun 2012 10:06 AM
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    Reply # 980053 on 979047
    Michael Mixon
    Robin, thank you for pointing out my error in vocabulary.  Yes, I meant wholesaling just as you described.  I guess I've always heard birddogging used interchangeably with wholesaling.  I'll try and use correct vocabulary in the future to make things more clear. :)

    I am currently without a phone.  (Samsung Moment just completely stopped functioning this week)  Several people from the forum have been kind enough to contact me.  I will get back with all of you ASAP.  I will be getting a new phone this weekend.

    Thank you all for your support.  I have a feeling I'm going to like it here at this community,
    Mike.
  • 23 Jun 2012 7:23 AM
    Quote
    Reply # 980718 on 979047
    Deleted user
    Michael et al,

    I'm never very popular when I talk about this, but I continue to throw it out there because I believe it's crucial new investors need to know it nonetheless. 

    Before you begin your wholesaling career, I STRONGLY urge you to check into the legality of assigning contracts in Texas WITH SOMEONE WHO ACTUALLY KNOWS WHAT THEY ARE TALKING ABOUT (read NOT another investor).

    I have had attorneys tell me that unless done properly, assigning contracts in Texas is 100% illegal.

    Now, having said that, I know thousands of people assign contracts everyday in Texas. 

    Best of luck in your new endeavors.

    -Greg

    Greg Wilson
    The REI Mentor
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