How I Did 40 Deals Part Time Working A Full Time Job…and how this year I plan to quit that job
My 6 month mentor program:
A few Case Study Video Interviews with my Students:
Tom: My name is Tom Parris. I’m from the Dallas, Texas area in the suburbs. I’ve been working with Joe for 2 years now.
Interviewer: How’d you find him?
Tom: Through the internet. We were talking downstairs a little while ago about how people will spend anywhere from $10,000 to $60,000 on other real estate teachers, and we were all dissatisfied with them. You spend the money and you go to their 4 day boot camp. Then when you try to get help afterwards, nobody’s there to answer your questions or it’s a 19 year old kid who’s on a call answering them. So I found Joe and I’d done some lease options prior to meeting him, but I just liked the way he presented it and the materials that he had, so I made the choice to join the mentoring program and it’s been very, very good since then. I’ve got a little bit of experience, but I took his copy and the way he presents the rent to own (that’s what we started with – the for-rent program) and had the first deal within a week to 10 days. We just ran the ad on Craig’s List to find the buyers. They said yes. It was the mother and daughter who owned the home and so then once I got the lease option agreement memo signed, I started advertising on Craig’s List and very quickly found some people that wanted to do it. I met her and her parents and it was for the girl to live in. We met her and her parents at the Jack In The Box, we signed the contracts, and she moved in a couple of days later. That was only $2,000 for that one. She was supposed to pay me later but she didn’t fulfill the contract. So those things happen. I never got the $1,000. So $1,000 an hour was what we put in on that one there.
Tom: I’m still working full time for the time being. I’m a big fan of automation and Joe has what he calls the Push Button Method. The interesting story here is that yesterday during this buying event, we broke up and went and made calls to people in our home towns. I found this gentleman, and I can’t remember where I found him (he wasn’t in the classifieds) but I called him, sent him over to the sellers website, and he read about what we did. We talked on the phone while he was looking at the website. He said, ‘What do we do next?’ I said, ‘You can fill out this lease option memo agreement online,’ which he did. I said, ‘I’m actually in Indiana right now. I’m not going to be home for the next couple of days.’ I said, ‘Do you have any photographs of the property?’ He said, ‘Yes we do’. He said, ’I’ve got to take some new ones anyway since I’ve remodeled the house.’ He went and took the photographs yesterday afternoon, sent them to me last night, and I went on to Joe’s web site where people can see the houses that we have. I sent out an email blast to our 700 prospects, and at 6:15 this morning, one of the prospects emailed me and said, ‘When can I see the house today?’ So when I went back downstairs, we were trying to arrange for the owner to show the house to the prospect. It’s all been automated. We have the websites and the response websites as well, so with the buyers list that we have, sometimes with our lease option homes it takes one or two days, but more often about one or two weeks. So we’ve got a pretty good group. And we keep adding more people to it after each house that we get.
Tom: I probably put in about 10 hours a week right now.
Interviewer: How many deals do you think you’re putting together?
Tom: I would think we’ve done about 40 contracts in the last 2 years. Some of them we bought ourselves. About 20 to 25 of those, we’ve actually converted into money, and about a third of those we’ve kept. The other two thirds are for other owners. Texas has some very unusual lease option laws that they passed 5 years ago, so that’s one thing we’re going to start doing – more land contracts since that complies with their regulations; we’ll do it that way. I learned a lot of things this weekend so I don’t know how much longer I’ll be working. I think it’ll supplement my income from what I’ve learned this weekend.
Tom: A lot of the things that the other real estate teachers are teaching are just not working. Money is hard to come by, and with Joe’s program you don’t need that. You don’t need your credit. You don’t need any money to put down. Maybe 10 dollars to earn all this money is all I usually put down. And so again – just follow his plans. He’s got it well thought out. When you call him, as opposed to some of the other bigger teachers, he answers or he’ll return the phone call. We do a lot more emails than telephone calls. But he’ll have the answer there or he’ll say, ‘It’s already in our material – go right there and that’ll explain it 1-2-3.’ So I’m a big fan now, and I don’t have to go to any of those big expensive seminars any more. He gives you so many resources. He doesn’t charge for after you finish the mentoring program. These days, people can’t get financing to do what they want to do. But it didn’t affect us hardly at all last year.