The Basics of Bird-Dogging
Bird-dogging, more commonly referred to as flipping, is the practice of buying run down real estate properties, below the real value and making improvements and renovations to resell at a higher rate to earn profit.
Wholesaling, which is also a type of flip, is the practice of reselling the asset to other investors at a low price, without making any repairs. The second investor then re-sells the property at the market value, after renovating it.
The person who takes advantage of a good real estate opportunity and invests in it, with the intention of repairing it and reselling it to make profit, is called a bird-dog.
The basic rule of bird-dogging is that the flipper must be able to recover the original and incurred costs of the property, to sell it at a higher rate. A bird-dog usually takes advantage of cases, where a person may be forced to sell the property at a low cost due to reasons like inability to make repairs or pay the mortgage.
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