How To Create A $100,000 Annual Income In Six Months Or Less
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“How To Create A $100,000 Annual Income In Six Months Or Less”
Joe: Hey, it’s Joe Crump. In the process of doing a series of outrageous claims videos. Here’s another outrageous claim. How to create a $100,000 income in six months or less. And this really isn’t that difficult. This is a matter of flipping two simple For Rent Method deals per month. That means one every two weeks. And if you can do that, that’s going to tent to make you about $4,000, $4,500, $5,000 on average per deal. So all you need is about $8,000. $8,000 a month is just under $100,000. So if you make $8,500 a month you’re going to be at the $100,000 mark.
Joe: So it doesn’t take that much to do it. Simply by putting together deals that you flip. And this is the way that I suggest that you start your business. Rather than building a portfolio I would suggest that you flip properties at the beginning, where you just take control of the property, redo a method that I teach my mentor students call the For Rent Method. We go to people who have their homes for rent and we go to people who have their homes For Sale By Owner and we ask them, “Would you consider selling your home rent to buy rather than selling it outright, or rather than renting it?”
Joe: A few of those people say yes, typically one in three. If you use the Automarketer, you’re going to be able to send out a text blast and you’re going to get a really nice response rate from that and you’re going to get leads that say yes without you having to call everybody. It keeps you from having to do the cold call. You’re just going to be responding to calls rather than making the cold call.
Joe: So they call you back or they email you back and say, “Yeah, I’d consider doing that, but I don’t really understand it.” So you get on the phone with them, you explain how it works, and you put the deal together and you get control of the property simply with a piece of paper that we call the Lease Option Memo. It’s an assignable lease option deal that you then go out and find a buyer for a lease option. A lease option buyer.
Joe: Now you’re only able to do this legally if you have that document because that makes you a principal. That makes you the owner of that property so that you can turn around and sell it. Now, it gives you a very limited ownership but it gives you the ownership that you need in order to make it legal. So, you get that document signed and you go out and you advertise Rent to Buy and you find a rent to buy buyer.
Joe: The first month’s rent goes to the seller and they get the property sold for full price. They don’t have to pay any realtor fees, they don’t have to pay any expenses, they don’t pay you anything. You go out there and you’re paid by the buyer, the new buyer, the lease option buyer. So they come up with maybe $5,000 down on a property. You keep the $5,000. They also come up with the first month’s rent. You pass the first month’s rent on to the seller. You’re in and out of the deal. You’re done with the deal and the lease option deal is between the seller and the new buyer after all is said and done. All you’re doing is assigning your right to buy it. You just need to do that a couple of times a month to make that consistent.
Joe: I tell all my mentor students when they get started, give yourself three or four months before you can expect to make any money at all. I’ve got people that make money in a week or two, but they’re the exception not the rule. So give yourself time because thing that’s most important, the thing you have to learn as you’re going through this process is how to talk to these sellers and speak to them in a way that you have credibility, that they believe you can do what you say you can do, and most importantly, that they believe that what you’re offering will benefit them.
Joe: If you can show them what their other options are, you can show them that it does make sense, what we’re offering does make sense for a high percentage of people that are selling For Sale By Owner. So this is a great way to get started and to start making money and within six months or a year, you can be in a position where you’re bringing in $8,000, $9,000, or $10,000 a month just by doing two deals.
Joe: If you’ll look at the actual amount of time that it takes to do two deals, most deals will take us five to fifteen hours, depending on if we have help, if we have outsourcing. I’m going to talk a little bit about outsourcing in some of the later videos.
Joe: If it takes you ten hours to make $5,000 you’ve just made $500 an hour for that time. Now if you have to also put some time into infrastructure and to learning and to practice and things like that, and you still, you’re working ten hours a week, and I think it’s realistic to think you can work ten hours a week, and I tell my mentor students when they come work with me in the six month Mentor Program, I tell them they have to commit to me that they’re going to work eight to ten hours a week specifically doing the tasks that I give them at the beginning.
Joe: That task is making offers. You just make offers. An hour and a half, two hours a day, four or five days a week. And if you do that, the likelihood that you’re going to get into a position where you can do a deal or two a month is very high within a reasonable period of time.
Joe: Everybody comes in with a different level of skill. Some people are better on the phone than others. Some people are better technologically than others so they can get the Automarketer up and running faster. Or they just decide they’re going to do this manually. You don’t have to use the Automarketer. You can do the same thing simply by going into Craigslist and calling everybody that has their home for sale and asking them that question, “Would you consider selling your home rent to buy rather than selling it outright?” Or, you can send them an email or give them a call and leave them a message and you’ll start getting responses. The Automarketer just keeps you from having to do that manually.
Joe: All right. So that’s how you get to $100,000. And it is possible, and I’ve seen so many of my students do this. And once you get to a point where you’re doing it three months in a row, where you have consistent income that replaces your income that you’re currently making, three months in a row, you can probably quit your job at that point and feel that you’re going to be able to be consistent with that from now on. Three months in a row is a pretty good litmus test for that process.
Joe: All right. Hope that helps.