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Do Students Make Money In The Mentor Program?
Joe: Hey, it’s Joe, another question. This one’s from Jeffery Nelson. Hey, Jeffery. “I hope all is well with you and your family.” Yes, thank you, it’s, I’ve got a great family, couple of good kids and, the question is, “Would it be accurate to say that a majority of your students make money in the mentor program?” This cut off, so I think that’s what you’re asking.
Joe: So, the answer is I’m guessing that it’s somewhere between 20% and 40% of my mentor students actually make money. Now, of the people that are actually using the Automarketer I’d say it’s probably closer to 20% and it fluctuates depending on the year and the people and you know, a lot of things that can have an impact. I can also tell you that 100% of the people who do the work that I teach them to do in my mentor program make money.
Joe: The people that don’t make money are the people that don’t do the work. I ask them to commit to me that they’re going to put in eight to ten hours a week in this program and do the work that I teach them to do at the beginning. That’s going to be making phone calls and making offers and that can be uncomfortable for people. And life can get in the way. And you can get discouraged and you can give up. So you have to come at it with a little bit of internal fortitude and make sure you do the work.
Joe: So, if you do the work, yes, I guarantee you’ll make money. If you don’t do that work, I guarantee you won’t make any money. And what’s frustrating for me and I think the reason that my conversion rate – and by the way, if you look at this industry in general of teaching real estate, the conversion rate, or the success rate is typically 5%. So even for the people that I’m not working with personally, it’s four times that, you know, 400% better. If you look at my mentor students it’s substantially more than that that are succeeding. And the reason their succeeding is because we spend a lot of time learning how to talk to sellers, learning how to approach this process, learning how to be an entrepreneur and not just in the way you’re thinking about the deals, but in the way you’re approaching the process. The way you’re approaching people, you know, how you treat people, you know, what’s important to you.
Joe: Because being an entrepreneur in my opinion is not just about making a pile of money. It’s also about having a sustainable lifestyle that gives you freedom. I’m more interested in buying experiences than I am in buying junk, or buying stuff, you know? I don’t need a bigger house, I don’t need a more expensive car. I want to go, you know, travel, I want to go make a movie. I want to go spend, you know, send my kids to college. I want to, I want to do things. I want for myself and the people that I love and make sure that we have the ability to do that.
Joe: Now, I probably work, you know, 40 hours a week, all the different things that I do. But I’ve got a bunch of different businesses that keep me going. And you know, I have, you know, as an entrepreneur, and you’re probably the same way as I am, you probably like to do different things and you’re always looking at the next shiny thing, the grass is always greener. So you’re always looking at what the next thing could be. But you don’t want to move on to the next thing until you get this thing working. You know, get this think working first. You know, get the, you’re the plate spinner at the circus, so you’ve got your stick, you’ve got your plate and you start spinning it and you get that thing balanced. And once you get it you have income coming in, right?
Joe: And then you put the next stick on, you put the next plate on, you get that spinning. And you get that one going and then you get the next one and the next one. It’s a blast, because you’re not doing all the grunt work, you’re just doing the oversight to make sure that it’s getting done. And you’re setting up the systems to make sure that all these things interact properly. And some people you know, this person over here we’re in this business, also works in this business over here for me you know, because their jobs overlap. So I don’t have to pay for two different people. I pay for one. So your economy of scale gets better and you can do more and more as you go through the process.
Joe: So, does everybody succeed? No. But everybody who does the work succeeds. And if you’ll do the work, if you’ll follow through you will succeed. If you’re not in the mentor program, if you don’t have my help personally, you can still succeed. You don’t have to have my help. It’s easier with me, you know, if I were trying to change the oil in a diesel engine, you know, I’d be looking at that thing and saying, “Well, what do I do now?” I could get out a book and I could read through the book and you know, I could figure out okay, now I do this, now I turn this, and okay, maybe this, but it kind of looks like that, you know? I could figure out what it is and that’s okay, that works, and I’ve done a lot of things that I’ve been successful with that I’ve just got the stuff out of a book.
Joe: But if I had the professional master diesel mechanic sitting next to me he could say, “Grab that wrench, turn that bolt,” or nut, whatever – I’m not sure what it is – I don’t do diesel mechanic stuff. Anyway, you know, “Move that lever, move this here, do that,” you know, and you’re done in ten minutes rather than ten hours. And that’s kind of the beauty of working with a mentor who can take you through the process, keep you on track, and kind of keep kicking you in the butt and saying, “You know, you’re not doing this. This is what I told you to do. Why aren’t you doing that?” and “This is what you promised me? Do you remember promising me this?” And it kind of keeps people moving forward.
Joe: Not everybody. Sometimes they just disappear and I don’t, I’m not a babysitter, I don’t try to track you down. This is, I treat this the same way that I’d treat a college class if I was teaching a university class. I expect you to show up. I expect you to do the work. I expect you to follow through and your grade, instead of getting an A for the test, you make money. And you make thousands of dollars. And that’s so much better than making an A.
Joe: All right. Hope that helps.