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How to Get Rich if you are Willing to Commit 8 to 10 Hours a Week to Real Estate Investing
Joe: How to get rich if you’re willing to commit 8 to 10 hours a week to real estate investing. First of all, make offers. Make the calls. If you don’t make the calls you’re not going to get good at it. If you’re not any good at it you’re not going to put together good deals. So make offers on properties. And learn how to do it in a way that people can accept. It’s a process that you can go through. Learn to put those deals together. That’s what’s going to make you the most money.
Joe: Once you learn how to put deals together and you start making money, the next thing you’re going to want to do is automate your business. You’re going to want to get rid of a lot of the tasks that you’re doing so that you have leads coming in automatically so that so much of your business is taken care of by software. You can automate 90% of your business. That’s what I do and that’s what I built the Automarketer for. I wanted to automate my business. And that’s why I have that system.
Joe: That other 10% of your business, 9% of it you can outsource. You’re going to have other people do 9% of that work for you. They can work with the Automarketer and all you have to do is watch that money come in. Now that’s the 1%. You have to pay attention. You have to watch the business. You have to make sure that things are going smoothly. You have to make sure that you have the right people doing the right tasks. It doesn’t take a lot of work, but it does take your attention. It does take you being aware of what’s going on. And in order to do that you have to have the knowledge of what a good business looks like and what the people working for you should be doing. So make sure that you pay attention.
Joe: After you’ve learned to put deals together, after you’ve learned to automate, after you’ve learned to outsource and systematize your business the next thing you want to do is to start building your portfolio, your long term portfolio. That’s the thing that’s going to make you wealthy. And once you start building that portfolio it won’t take you long to have a million or two million or three million dollars’ worth of properties that you own all of them that will have positive cash flow, that will be making you money every month and bringing you in an income. That’s where you get to that passive wealth.
Joe: And then over time, over the next decade, over the next two decades, over the next three decades you’re going to build an empire. And those values are going to up after five years, after ten years, those values of those properties are going to double and you’re going to put substantial equity into them. You’re going to buy down those notes. You’re going to get the tax benefits. You’re going to get the cash flow from them. So it just takes time but those portfolio properties are going to be the thing that make you wealthy.
Joe: Then as you keep these portfolio properties and you buy more of them make sure you start getting better deals on the properties that you’re buying. And by that I’m talking mainly about the financing structure. Yeah, we all know about getting a better price on the property. But if you get the financing structure where it’s supposed to be you’re going to make a lot more money a lot faster. So doing zero interest loans will make all the difference in the world. So if I’m going to pick the type of deals that I want for my portfolio the first thing I want is properties that have zero interest loans. Where I put no money down on them and every payment that I make on them has positive, I have positive cash flow because the income is coming in, but every payment that I make on them is going to pay 100% towards principal.
Joe: The second type of financing structure that I would use is multi-mortgage where you’ve got first is subject to the existing loan and then if there’s equity in that property because they won’t give it to you at a discount, you can make those payments on that equity with zero interest loans as well. You’re still having to pay interest on the first but on the second is zero interest. So you’ll build your equity position a lot quicker.
Joe: And then the third is buying properties subject to. And if you can get them under market value then those are going to be a better deal than the multi-mortgage but if you don’t then you’re going to have to pay interest on those probably over, you know, 25 or 30 years depending on how much time is left on the original 30 year mortgage that you’re taking over subject to. Because typically you’re going to pay closer to market value for those types of properties. But they still make sense as long as they have positive cash flow.
Joe: If you have positive cash flow from those deals plus you’re selling them on a lease option and you’re getting chunks of cash for the lease option fee, you’re going to do all right. And the values are going to go up, the mortgage is going to go down, you’re going to get your tax benefits, you’re going to get your cash flow – all those things are going to be income that’s going to come in on those properties.
Joe: Now all of this work that I’m talking about here can be done on 8 to 10 hours a week. It’ll take several years to get to this position that I’m talking about here. You know, you’re looking at probably three or four or five years before you get to a position where you have a nice portfolio or you have system in place where you have work that is automated and work that is outsourced and that you can extract yourself and put yourself in a position where you’re only doing 1% of the work.
Joe: If you’re doing 1% of the work you’re not putting in 8 or 10 hours a week anymore. But when you’re starting, you’re probably going to need to put in 8 to 10 hours a week on the phone talking to sellers, making offers just to learn how to put those deals together. But once you learn how to do it then you’re going to be able to start gradually extracting yourself from that business and putting in less and less and less hours. Now I put in very little time in my business even though I’ve got a much, much bigger business and a much bigger portfolio than when I started.
Joe: I had to put a lot more effort in when I started than I do now because now so much of the income that I have is passive. But I’m still actively involved in buying properties and selling properties as well. And since I have other people working with me to help me do that and I have automation in place to make that happen I have to put very little effort into it.
Joe: So what I’m suggesting is commit to putting in 8 to 10 hours a week on the phone talking to sellers, making offers using the zero down structure hierarchy that I teach which means subject to, multi-mortgage, land contract/contract for deed, assignable cash deals and lease options. If you learn those structures and you put together deals and learn how to talk to sellers and put those deals together with leads from Craigslist, with leads from Zillow, with leads from Facebook, with leads from absentee owners or expired listings. If you will put those types of deals together it’ll build your business very, very quickly.
Joe: All right. I hope that helps. If you like this channel hit subscribe, hit the thumbs up button for me, or the like button, and if you’re interested in learning more about what I teach you can go to my blog, JoeCrumpBlog.com. I also have a six-month mentor program. It costs $10,000, not cheap, but it’s the only program I’ve got where you can work with me personally and I walk you through the minefield of putting together your own business. And then I’ve also got automation and you can got to PushButtonAutomarketer.com and find out more about my automation system.
Joe: All right. I hope that helps. Good luck.