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How to Set the Right Expectations for Yourself as a Real Estate Investor
Joe: Hey, it’s Joe. How to set the right expectations for yourself as an investor. People send me emails and ask me questions all the time and say, “Joe, I want to be a millionaire. I’d like to do that in the next two weeks and I really want to make this happen for my life. I want to quit my job, I want to have complete control over my life. I want to have those things.”
Joe: It’s possible. It’s possible to be wealthy. It’s possible to have control over your life, at least to the extent that money gives you control. It’s possible and time and freedom. It’s possible to be able to be home with your kids and watch them grow up and be at home whenever they come home from school and to be able to go on vacation with them and take them places that they wouldn’t have been able to go to if you didn’t have the money to take them there. To be able to take them to Europe or to Japan or to India, or whatever is interesting to you. To be able to work with them and give them the opportunities that they deserve. To be able to put them through college without them going into deep debt to do that. You want to be able to do all those things.
Joe: And the way to get there is building a business that is fully automated and, at least 90% automated, and the other 9% is outsourced and the 1% is you. You do 1% of the work and everything else comes from that. But it takes time to build that. Give yourself that time. I tell my mentor students give yourself 3 or 4 months before you can expect to make any money at all. I’ve got people that make money in a week or two. But they’re the exception not the rule. And it’s usually because they got lucky not because they were smart. Not because they were skilled.
Joe: And then the second deal they do takes them longer because they have to learn the process. Eventually you’re going to run into that brick wall of skill and knowledge. So you need to get past that. You need to learn these things. You need to develop those skills. It’s like learning how to play the piano. Real estate’s a lot easier to learn than how to play piano – because I can’t play the piano. But I always wanted to.
Joe: And I would sit down and I discovered jazz. I discovered chord progressions. I discovered how to play scales. I discovered how to learn riffs. And I knew the more that I did that the better that I got with it. I would develop that muscle memory and I’d get better and better at it. And it’s my concept, and I don’t know this for sure, but it’s my understanding that if you want to learn how to play jazz you’ve got to learn how to make all these things come together and be so good at them all that you can improvise from one thing to the next to the next and lay it all together without ever having to think about it.
Joe: And that’s what you want to happen in your real estate business. You want that to all come together. But that takes time and if you’ll put the time in, if you’ll put in that 3 or 4 months of learning how to talk on the phone and make offers and put your deals together, by that time you’ll start making money. And you’ll start seeing income coming in. Thousands of dollars will be coming in. It’ll be enough to start supporting you if you start doing this consistently and you take the things that you learn and do it consistently.
Joe: After that you’re going to want to automate your business and you’re going to get rid of 90% of the work that you did. And the only thing you’re going to have to do is talk to sellers on the phone and put deals together. And then after you’ve automated your system, that may take a few months, then you start outsourcing the work. And you’re going to find somebody to find your buyers for you. You’re going to find somebody to do your admin work. You’re going to find somebody to be your boots on the ground to put your signs in the yard and take your pictures for you.
Joe: And then the very last person you’re probably going to outsource is someone to replace you talking to sellers. Because you’re going to have to find somebody who’s a little bit more skilled to that. You’re going to have to train them to do that for you. It’s very difficult to train somebody to do that for you until you know how to do it yourself or find anybody that knows how to do that. So, you’ll have to train them. And there’s certain ways that make more sense to train them but it’s going to take some time to do that.
Joe: So maybe now you’re a year. Maybe you’re two years. Maybe you’re five years into your business before you get to that point. Now, also during that time you’re going to start learning how to buy your properties and keep them for the long term. And then you can start building your portfolio. And that portfolio is the thing that leads you to wealth. So that will take time as well.
Joe: And then once you build that portfolio, and that’s going to be a never ending, constant process where you’re going to keep adding new properties. But as you build it it’s going to start paying itself off. And that’s going to take 5 years, 10 years, 15 years, 20 years, 30 years. You know, hopefully you’ll keep those properties until you die. And then you’ll be able to give those properties to the people you love so that they can continue to reap the benefits that you built for them during your lifetime.
Joe: Those are expectations that are realistic and the expectations that you can move forward on.
Joe: All right. I hope that helps.
Joe: Subscribe to the channel. Go to ZeroDownInvesting.com and find out about my six month personal mentor program. Go to PushButtonAutomarketer.com and find out about the automation processes that I use in my business and that I designed the software for that you can also use. And go to JoeCrumpBlog.com and get about 700 free training videos. You can also sign up for my free newsletter there.
Joe: All right. Good luck to you.