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“How to Make a Year’s Salary With One Deal”
“How to Make a Year’s Salary With One Deal”
Joe: Hey, it’s Joe Crump, and welcome back to the series of outrageous claims that I’ve been making over the last decade, you know, teaching real estate investing. This next claim is how to make a year’s salary with one deal. And this is a pretty simple process. This is simply by flipping a deal, doing a rehab and flipping a deal. And I’ll give you an example of one that we’re working on right now.
Joe: We bought it for $70,000. It’s worth $150,000 after resale value. We’ve put about $10,000 into it. There’s going to be $10,000 or $15,000 worth of cost in it, so after all is said and done, we’re going to have about $40,000 to $50,000 of income from that particular property.
Joe: Now, that may not be enough to pay your lifestyle for a year, but for the average person out there they could live for a year, on, you know, $40,000 or $50,000. It’s not that difficult to do and if you’re goal is to, just to have a good lifestyle, to be able to spend time with your family, you know, one deal, which takes very little of your time, and, by the way, this cost of rehab is the cost of having somebody else do the work. I don’t do any of the work.
Joe: I hired and paid a real estate agent to find the property for me and, you know, it was brought to me as a deal. We put the deal together and we turned around and we’re going to sell it on the MLS. I’m not selling it through, I’m not selling it on special financing, I’m just selling it for cash. So, we’re going to walk away with $40,000 or $50,000 in my pocket after all is said and done.
Joe: Now, I’m going this with my retirement account money, so it’s not really, it doesn’t really have an impact on my day-to-day life, but you can have, if you just did one deal a month or one deal a year like this you’d have a, you know, a livable income. If you did one deal a month like this, now that changes the game. Now you’ve got a half a million dollars a year coming in in profits and it’s not that difficult to do using some of the techniques, especially if you’re flipping properties.
Joe: Now, you have to have some cash to do this, or you have to get loans, which I hate loans, so I suggest you work with cash or work with investors and if you learn how to do the zero down deal structures first then you can, it’s easier to find investors who will work with you because you’ll have credibility, you’ll have experience, you’ll have knowledge, you’ll have deals that are coming in and you’ll be able to say, “Hey, let’s do it this way,” because a lot of the times, when you’re going to the for rent method or doing subject to’s or those types of deals, there’s going to be properties that come along that are really great deals, you know, if you just buy them under market value.
Joe: If you’ll look at all the deals that are out there, you may have a hundred deals out there that you can do on seller financing where you only have three or four or five of those deals you can do with cash or with new loans. That’s why I think using the for rent method is so much better than doing wholesaling because there’s, the quantity of leads that are available is just so much higher if you develop a little bit of skill in this process.
Joe: And if you’re going to develop the skill to learn how to make offers on under market value properties you might as well be able to do something with all of those other leads that you can’t work with as under market value deals, but you could do as a terms deal and make five, ten, twenty thousand dollars on those deals instead, and do those on a regular basis.
Joe: And that’s kind of the basis of the Automarketer. It brings in just a ton of leads and all of them are designed, you know, the, it’s, the process is designed to get seller financed leads, but out of all of those that come in, you know, some of them are going to be deals that are going to, you’ll be able to buy under market value.
Joe: The other thing that we’ve designed for the Automarketer, and you can do this manually as well. All of the stuff that you can do in the Automarketer you can do manually, but one of the things we’ve been doing is working with absentee owners and expired listings. And by doing that we can upload a list of addresses from either of those sources and we can press another button and our absentee owner module will find the phone numbers and it finds 30% 40% of the phone numbers of those addresses based on, you know, how many people are actually in the phone book.
Joe: So it finds those people and then it can send out a voice broadcast to those people with a message from you and the message is typically, you know, “I’m interested in buying your property if you’re,” you know, “I’m a serious investor. If you’d like to sell, I’ll make you a cash offer on your property. Please give me a call.” And then you’ll get a response from a certain percentage of those people, you call them back and you put deals together.
Joe: A lot of those types of deals are dramatically under market value. And depending on which area you’re working in, sometimes some areas will yield better returns than others. Sometimes when you work in cheaper areas, you can get more dramatically under market value. But if you work in more affluent areas where you’re working with three, four, five hundred thousand dollar properties, you can get some great deals on those, too. You can buy those a hundred, two hundred thousand dollars under market value and you can turn around and make, you know, a hundred thousand dollars with one deal, or two hundred thousand dollars with one deal.
Joe: So that’s another way that you can use this lead process to make that happen. And, you can make these offers and when people say no you can put them in a follow-up system that automatically contacts them by email, you know, three months later or three weeks later, and does it consistently so you don’t have to think about it again. So after three months, four months, a year goes by, they’re still getting the emails from you saying, “Hey, I’m still interested if you haven’t sold it yet,” and then at some point some of those people will call you and say, “Hey, you know, I’m ready. I’m ready. Let’s go.” And then you can put those deals together that way.
Joe: So that’s how to make an income, an entire year’s income with just one deal. And when you start learning how to do this, you’re not going to want to stop at one deal a year.
Joe: All right. Hope that helps.