Starting a real estate investing business doesn’t mean that you need to be confined to a single area. Expand into other areas! This video shows you how to scale your real estate investing to multiple cities.
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How To Scale Your Real Estate Investing To Multiple Cities
Joe: Hey, it’s Joe Crump. I this video I’m going to show you how to scale your real estate investing business into multiple cities so you can work as many cities as you like and you can do it all remotely from the comfort of your home. And the way that we do it is by being able to have a central system that makes all that happen.
Joe: The Automarketer is set up so that it can hit as many cities as you like and you can have as many campaigns in as many cities as you want to. So, if I want to work in Indianapolis I can set up a campaign for Indianapolis. And I can use a 317 Area Code in Indianapolis to make that happen. If I want to work in Los Angeles, I can set up a 213 Area Code and I can send out the text messages that go out to Los Angeles to say, “Hey, I’m interested in buying your home rent to buy,” to all the FSBO’s. And it’ll go out to Los Angeles.
Joe: I can do one in Tennessee. I can do one in Georgia. I can do one in Florida. I can have as many of these set up as I want. Or, if I’m working in one specific state, and I want to stay in that state I can say, okay, I’m in Indianapolis and I’m going to also do Terre Haute and I’m going to do Greenwood and I’m going to do Kokomo and I’m going to do, you know, any different place that I want to. I can expand out to those areas.
Joe: And one of the things that I try to teach my mentor students is work multiple states. Even when you’re just getting started – especially if you’re in a high end market. If you’re in Los Angeles, for example, or New York and you’re in a market that’s, you know, $400K or $500K, $600K average price range. It might make sense for you to also work in another state or in another area in that state where you can get a property for $100K. And it’s not because it’s easier to find properties or deals in those areas, it’s just because it’s a little bit easier for a beginner to talk to sellers in those areas, in those price ranges. Sometimes it’ll intimidate you to talk to somebody who’s got a million-dollar home.
Joe: We’ve been able to do these deals with anything from, you know, $5,000 to $5M properties and it works for all of them and it’s worked in every market that I’ve ever seen. It’s worked in appreciating markets, it’s worked in depreciating markets. It’s worked in high end markets, low end markets, rural markets, urban markets. It’s worked in all the different markets that I’ve had students in all over the country. I’ve even had people in the UK, in Australia and Canada. I’ve had people in Europe. I had somebody in Dubai and Kazakhstan. So, we’ve had people all over the world do this here in the country and even overseas. As long as you’re in a free market this could typically work for you.
Joe: But it’s designed for United States real estate, and Canada. So, it’ll work in those areas mainly. And I think that those are going to be the ways that you can make this happen the best. And I’ve even had people from out of the country who were working at buying properties here in the United States.
Joe: The other thing this does is allows you to work remotely by hiring a team. So, you can hire people, boots on the ground, let’s say I’ve got a deal that I’m doing in Nashville, Tennessee. So, I can hire somebody through craigslist by simply running an ad in craigslist that says I’m looking for somebody who will go out and post signs for me and put a lockbox on the door and take pictures for me for real estate that I’m selling in that area, and maybe do some showings for me every once in a while. I can hire that person from anywhere from $8 to $15 an hour depending on the market that I’m working in, you know, maybe $10 or $12 an hour. I try not to be too cheap.
Joe: I’ve done deals where I’ve had people work really inexpensively and maybe I start them a little bit lower and then I start to gradually pay them a little bit more over time where, you know, people eventually get $15 or $20 or $25 an hour. And it still makes sense for me because I make money off of what they do. If you look at the amount of time that it takes to, let’s say, my buyer finder to find a buyer for a specific property that we have, if it takes that buyer finder ten hours to find that person and I pay them $20 an hour, that costs me $200 to do that.
Joe: If I had hired a realtor to find that person for me, and, you know, to find a lease option tenant, typically they would charge me one month’s rent, let’s say the rent, one month’s rent was $1,000. It would have cost me $1,000 versus $200. So, we’re talking five to ten times more expensive to hire this out to someone else than it costs this way. So, it makes it really easy to outsource this work and get somebody else to do this work for you because you can manage them inside the system using the Team Management system that’s in this program. And that makes it possible for you to do this stuff remotely.
Joe: You’re also able to make phone calls out through this, whether that person is in Indiana calling to Tennessee, or in California and calling to Georgia. You can that an Area Code in the area that you’re working, a phone number with an Area Code in the area that you’re working so that when they call it’ll show up on the Caller ID of the seller as local. And it’ll make that person look local whether they’re from the Philippines, whether the caller is from the Philippines or they are from down the street. So it makes it possible to this stuff remotely and that makes all the difference.
Joe: It also gives you websites. You don’t need to have brick and mortar stores anymore. You can work at home. I’m at home right now. And I work almost exclusively at home. So if you’re worried about a pandemic, you don’t have to leave. And it’ll, everything will be fine.
Joe: All right. So, this is the basic concept of doing everything remotely and being able to work in as many areas as you want. Now, let me just also say how this system, how we pay for this system. Because the Automarketer typically costs $199 a month. There’s some discounts if you buy multiple months of it, but if you, the billing of it, you have to pay for scraped ads and you have to pay for phone minutes as well, phone and text minutes as well. And I’m not going to get into the details of this, but I’m going to pull up a screen capture real quickly so you can take a look and you can see what those numbers are.
Joe: If you want to read this document, I’ll just have this screen capture here so you can see how the billing works in the system and how you can add money to it if you want to expand it into multiple areas. You get $20 of credits every month, which is enough to do a small to medium sized city most months, and then if you expand it, just figure it’s going to cost you between $20 and $30 or $40 a month per city that you add to the system to cover your phone minutes and your scraped ads, to be able to market to that particular area.
Joe: Here are the charges for phone numbers, $3.00 per phone number per month. The voice to text is 5.5¢ per voice to text. This is just for email messages that come in, they come in I think an email to you with an mp.3 file plus a transcription of the message that is sent so you never have to check your voice mail again. It’s a wonderful thing. Your recordings you keep, they’re a third of one cent per minute, so it’s very cheap to keep recordings. And then your scraped leads cost 8¢ each and then your inbound phone calls cost 1.5¢, your outbound calls cost 2.5¢ and your text messages cost 2.5¢ to send out. So it’s really cheap per message to send them out. You only pay for what you use. And, again, you get $20 credit every month that will be applied. And any money you spend over that you have to put money in to cover those extra costs.
Joe: All right. So, that’s how you can do this remotely, and do it in as many cities as you want. If you like this video, don’t forget to subscribe down there in the – let’s see – where is that corner? Down there somewhere. And subscribe – you can go to my website JoeCrumBlog.com and sign up for my free newsletter for more details.
Joe: All right – thanks.