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Double your income with this one tweak.
I’m going to show you how to double your income with one small tweak.
This is something we started doing a decade or so ago because one of my students tried it and it worked.
I remember him telling me he was going to do it and I didn’t think it would be effective. He did it anyway and it worked like a charm.
He did it again and it worked again.
I shut up and implemented it into my “For Rent Method” system. Now all of my mentor students use it and our income from these deals has effectively doubled.
Most of you know how my “For Rent Method” works. I’ve talked about it in my training in the past. This is only one of the systems I teach, but I find it’s one of the best ways to get started in this business.
So for those of you who don’t know how it works, let me give you a quick explanation…
We contact “for sale by owners” (FSBOs) and ask them if they would be willing to sell their home “rent to buy.” If they say yes, we have them fill out a one-page lease option agreement memo that makes us a principal in the transaction.
That makes it legal for us (without a license) to turn around and sell the property at a profit.
We raise the price of the property by about 10% and advertise the home for sale as a lease option.
For example, we find a property advertised for sale by owner for $300,000. The seller agrees to do a lease option sale and signs our memo.
We raise the price by $30,000 and put it back on the market at $330,000.
We then ask a lease option buyer to come up with $30,000 down payment. That’s our profit.
But it’s sometimes difficult to find buyers with 10% down in cash. Before we implemented this technique we were typically able to get 5% down on average.
So – here is the tweak we used to double that 5% and start getting 10% instead.
We only require 5% down in cash and allow the buyer to pay the second 5% over time – typically over 2 to 3 years. We use a promissory note to do this.
This gives us a chunk of cash up front (in this case $15,000), plus monthly income over the next few years (typically $400-$500 per month).
It also gets the seller 100% of their asking price if the buyer exercises the option. And the buyer gets into a house they would not have been able to qualify for if they had to go through a conventional lender.
So it’s a win-win-win deal and we just doubled our income. And of course, we had no money in the deal, it didn’t require our credit and it took less than a month to put it together from start to finish (maybe 10 hours of actual work).
If you’d like me to walk you through how to get all this done, you should consider getting into my mentor program.
If you want to work with me personally (not a hired hand), you can find out all about my Six Month Mentor program here:
This website will show you how my program works, what is included, what it costs, what you can expect from me and what I expect from you if you sign up.
There are 3 training videos on the site that go into great detail about what you need to do to build a profitable real estate investing business.
They add up to about 2 hours of education. I call them my “Advanced Training” because that is exactly what they are. If you know nothing about real estate, they may be a bit over your head.
The techniques I teach in these videos come from my personal experience and you won’t find this information anywhere else.
If you aren’t interested in working with me personally or can’t afford to join my mentor program, these 3 videos will still be worth your while.
They will give you an overview of my entire business and show you how to model YOUR business after the step-by-step systems I’ve created.
Even if you ultimately decide not to join my mentor program, I can safely say this Advanced Training Program can completely transform your thinking about building a real estate investing business.
I think these ‘Advanced Training’ videos are one of the best training programs I’ve ever created – and they won’t cost you a dime.
They distill my 35 years as an investor and 20+ years as a coach and give you a complete outline of how we build a powerful, profitable, consistent, reliable, ethical, PEACEFUL business.
They give you the milestones, benchmarks, and SOPs (standard operating procedures) you need to succeed.
That’s it for today!
Good deals are not that hard to find if you have the skill to craft an offer that MAKES SENSE.
I hope you will join me.
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I put out a lot of free information there that you can’t find anywhere else.