Definition - What does Bird Dog mean?
Bird dog is a term that is used in the real estate industry to describe a person who tracks down potential investment properties in the real estate market. In the context of the law, bird dogs often look for properties that are being foreclosed upon, or that are under other legal or financial distress. This is because such properties can often be bought at lower prices.
Justipedia explains Bird Dog
The term "bird dog" comes from hunting dogs who go out and retrieve birds that have been shot down by hunters. So, in this context, bird dogs are basically people who go and seek out and retrieve real estate investment opportunities. Being a bird dog can come with its own financial and legal risks, however. For example, if a person tries to invest in a property, and if the property doesn't sell, then he or she could lose a lot of money on the investment.