I saw an interesting post about being a real estate bird dog for college students. It got my brain churning about where I’d be now if I’d begun my involvement in real estate when I was of college age.
But while I think it’s a positive step for college students to be focused on ways to make real money while they’re still in college, I really don’t think bird dogging is the right answer for each of them. Some of them may be fully capable of actual wholesaling.
For any of you college students who are interested, wholesaling is really pretty simple. Just like with bird-dogging, you find properties that appear to be good investment opportunities. But unlike bird-dogging, where you get a few bucks for every property you point out to another investor, with wholesaling you stand to make thousands of dollars on each transaction.
I won’t explain it all to you here, but the process is this:
- Find a good property
- Get it under contract (use the famous Monster Purchase & Sale Agreement - it’s free)
- Sell the contract to a 3rd party investor
Where do you find good properties? Obviously you have some idea about that, or you wouldn’t be interested in bird-dogging. How do you get it under contract? Use the Monster Purchase & Sale Agreement. How do you sell the contract to a 3rd party investor? Look in your local newspaper in the “real estate wanted” section, and you’ll see a lot of investors seeking properties. You can also visit your local real estate investment club.
This is clearly a simple overview, but I suspect that some students may actually be capable of pulling off this process and can therefore collect paychecks of $3,000 to $10,000 rather than a few bucks at the time.
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