If You Had To Start Over From Scratch With No Money Or Credit, What Would You Do?
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If You Had to Start Over From Scratch With No Money or Credit, What Would You Do?
Joe: Hey, it’s Joe. Another video here. “Here’s a hypothetical question for you, Joe. You have a lot of experience putting deals together and you do a good job converting leads when you get them. If you found yourself out on the street tomorrow with nothing but a phone and the Automarketer to work with, and you needed to eat tonight, but you didn’t have any money, what would you do?”
Joe: I get this question so often. First of all, if I want to eat tonight, I’d probably, and I’ve got no food, I probably go out and I’d try to bum some change from somebody so I could get a burger or something because I probably am not going to make money on real estate in one day. I might. I’ve done it before and I think it’s possible, but I think I’d first worry about you know, making sure that I’ve got a place to stay that’s warm and that I’ve got some food in my belly, that I’m taken care of. And this is assuming that it’s only me that I have to take care of and not my family that I have to take care of as well.
Joe: So, you know, a good bridge to sleep under, you know, and I need a cellphone, too. I need to be able to talk to somebody so, if I have a phone, then that’s helpful, too. You know, I may have to go get a burger phone from Walmart you know, and I have to bum you know, $30 or $40 from somebody to do that. And once I do that you know, get some minutes, you know, charge the thing up and then go to the library, get on Craig’s List and I’d start making calls and doing the for rent method.
Joe: The for rent method is the fastest, easiest way to get going in this business that I’ve ever seen. Even for people that are brand new, you know, wet behind the years, newbies, you know, green as possible. They can get started doing this faster than anybody. And when we do the buying events this is what we do at the buying events. We spend the first day of the buying even explaining how the for rent method works, learning how to talk to sellers and then actually getting on the phone to try to put deals together. And a lot of people at those deals actually put those deals together. Now, they’re not making cash at that place. They’re making, they’re making offers remotely, not, even though we’re meeting in Indiana, they’re making offers wherever they happen to come from or whatever area they’re working in and these are people that are brand new that have never done it before and we’ve got people there that are, that have done it before as well.
Joe: But they’re making calls, they’re making offers, they’re getting people to sign the memo while we’re there, and then they go home and they put those properties you know, up for sale and they sell them, sometimes within a few days, sometimes within a few weeks and they make money pretty darn quickly.
Joe: Now, most of the people as they’re getting started, it takes them three or four months before they get good enough on the phone to be able to put these deals together properly because sometimes you can get a memo signed, but you didn’t put the deal together properly. Maybe your monthly payment was over you know, over market rent. If it goes over market rent, it’s just not going to sell. You’ve got to make sure that it comes under market rent. And you may say, well, it is, it’s under market rent, but if it’s not selling, it’s over market rent. Because that’s the sensitive place. So always look at that and fix that problem first.
Joe: If it smells like a dog, we can deal with that. If it looks terrible, it’s okay as along it’s habitable, you can do these with a lease option. If they’re in terrible condition and they’re not habitable, then you could do a land contract with them. You don’t do a lease option. It’s a different method.
Joe: Anyway, I’m getting off course there. I’d be making these calls, I’d be putting together some lease options. I would try to get some food in my stomach so that I have enough energy to make these calls, and then I would you know, I would get these deals put together without spending any money. Literally, you don’t need any money at all to make this stuff happen unless you figure the phone as the cost. I suppose you could go knock on these peoples’ doors, you could hitch a ride and go knock on these peoples’ doors and to it that way if you had to.
Joe: But before long, if you’ve got the skill to do this, you can lose everything. And I was in a position you know, back in 1991 when I had a you know, $17 million business that got ripped out from under me because the market crashed and because of my own bad choices about using loans. And it didn’t take me very long to get back up and running. Now, I didn’t build a $17 million business up very fast, but it, but I was able to get back on my feet, I was able to start making money, I was able to you know, support my wife and we had a new baby at the time, you know, we moved in with my parents. It was deeply embarrassing and deeply humiliating and it took me a while to get back on my feet and you know, emotionally.
Joe: And I found that the thing that I had to do, I guess I’m going all over the place here, but the thing I had to do when I got into that situation, because I know some of you are in that situation, is, take my eyes off myself and stop feeling sorry for myself. Because, you know, you just get glum and you just feel like oh, I just screwed up and I’m not any good, and look how terrible, oh, woe is me.
Joe: And you know, when I started looking outside myself and looking at who can I help, who have I, you know, what have I got to be thankful for? If I can look at those things first it’s going to make, it’s going to make it easier for me to grow and to change and to get things back on my feet again. So if I ever go through that again, I’ll try to do that as quickly as I can and I think that I’ll be able to accomplish that turn around in even a shorter time than I did before because I’ve got the knowledge. The knowledge is what makes all the difference. Learn this stuff, get good at it, build the skill of talking to people and putting deals together and no matter what you do you’ll be able to go out there and you’ll make money almost immediately.
Joe: All right. Hope that helps. Good luck to you.