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“How to Make Six Figures Working 20 Hours a Week”
Joe: Hey, it’s Joe Crump. Here’s a question that I’ve got from somebody who’s doing very well. They’re saying, “I work sixty hours a week and I make $100,000 a year investing using your techniques. I want to work less. I don’t need to make a lot more money. I’m happy with what I’ve got. But I’d like to work less and outsource some of this work. Which task should I outsource first and how can that increase my time off and keep my income stable?”
Joe: Okay. First of all, congratulations. That’s great news that you’ve got money coming in, you’re doing a couple of deals a month. Once you have this money coming in you don’t want to put those kind of hours in and there’s no reason for you to put those hours in. You’re doing stuff that you don’t need to do. The first thing you want to do is eliminate all the junk that you’re doing that you don’t need to do. What is it that you’re wasting your time on? If you’re in my mentor program, you could give me a call and say, “Hey, Joe, what, here’s what I’m doing. What can I get rid of?” and I’ll tell you first, throw all this stuff away. Because probably eighty percent of the stuff you’re doing right now you can just eliminate and it won’t really impact your income at all.
Joe: Remember, eighty percent of your income comes from twenty percent of your work. If you’ll just do that twenty percent of the work, you’ll still get $80,000 a year. And if you do a few more tweaks and outsource a few things, then you can still keep your income and you could probably grow your income and not do any more of that work. So you could take that, that sixty hours a week and drop it down, knock off down to maybe – what – twelve hours a week. It’s ten, twelve hours a week and you could still make the same income doing it that way. The goal is to get rid of the junk.
Joe: After you’ve eliminated everything you can do, then you want to automate and that’s where the Automarketer comes in. I know you’re already using it. The Automarketer comes in and then using the automation, the clone sites, all that stuff, really helps this process. Using a good CRM which is in the Automarketer, so you can keep track of your leads and all that stuff. That’s the second part. Eliminate, automate, and then the third is outsource.
Joe: Once you start outsourcing then you have to decide, “What do I outsource first?” which is your question here. My opinion is that you first outsource the admin work. That’s the lowest paid work to outsource, it’s the easiest to get somebody who’s going to be competent in. It doesn’t take much training. They can look at the videos on the Automarketer to learn how to use that thing. You don’t even have to train them to do it. And they can get it up and running. You just need to give them a few instructions about how often and when and all that stuff. Then they can go in and do that and then you can kind of keep track of how many hours they’re doing based on what they’re doing because you know how long it takes you to do that work already. So outsource that first.
Joe: You can get somebody for seven to ten dollars an hour to do that work for you on ODesk (now Upwork.com) or on Elance or on a bunch of other freelancer-type websites. Those are two that I use pretty frequently.
Joe: The next thing that you want to outsource is your buyers. Someone who talks to your buyers. I call them your buyer/finder. This is not an agent that you’re hiring. This is somebody who’s going to, when you get, somebody calls on one of your properties, they’re going to call that person back immediately and get me the information you need on the property, try to find out if the person qualifies, put that person on your buyers list so you can build your buyers list which is very important and I’m going to talk about that in a later video. Build your buyers list and also learn, eventually, to close those deals and collect money.
Joe: You may want them, at the beginning, just to get the people into the property, get them to say, “Okay, have you got enough money, do you like the property, do you want to close it? I’m going to have you now talk to Joe and he’s going to tell you what you need to do to make it all happen.” And then you get on the phone and you negotiate the down payment and make sure they go through, jump through all their hoops and qualify and all that stuff. But that doesn’t take much of your time. You can do that in fifteen minutes. And then you can put it back in the lap of the buyer/finder to get all the paperwork done and then the buyer will wire you the funds and then take care of your seller for you. So you don’t have to do very much when you’re working with buyers. Buyers are much easier to find than sellers.
Joe: They take much less skill, the take much less practice to learn how to do it. They almost always will come in in thirty days and usually if they don’t come in in thirty days, it’s because you either didn’t do the simple tasks that you need to do in order to find a buyer, or, more likely, ninety percent of the time it’s your monthly payment is too high and you can’t sell the property because of that reason. And then you just have to lower the monthly payment, get the seller to agree to that in order to get the property sold.
Joe: The last the thing that you’re going to outsource, and you might add another admin person depending on, sometimes I like to have an admin person for the buyer and the seller and another person, you know, you can have several admin people. They’re not very expensive and once you start making money it’s not going to be a big strain on you to do that. So, it probably makes sense to make some money before you start outsourcing. The last thing you’re going to outsource is your sellers. And I’ve talked about that in some of the other videos that have come before this one.
Joe: You want to outsource somebody who’s going to call your sellers and put the deals together. You’re going to start them out as a two-step process where they call and get all the information, make sure this is a real seller and if they are, then you call and close the deal and get the lease option memo signed. Eventually you’re going to find a seller/finder who’s going to be able to close the deal and do it in a one-step process. And that person’s going to be golden to you and they’re going to hire other people underneath them and they’re going to make the two-step calls and then the good person is going to close the deal and you’re just going to call them and say, “How many did you do this week? How many people did you talk to? How did the other telemarketers do? Are you getting all the leads that you need?” You’re just going to make sure everything’s happening. If you’ll notice the way I’ve set up all these processes, all these systems, is that one job is, can’t get done unless the other job is done.
Joe: That way, you’ll know that your outsource people are doing their work all the time. Because if the admin person doesn’t do their work, they’re not going to have leads to give to the telemarketer. If the telemarketer doesn’t do the work they’re doing, they’re not going to have leads to give to the person who’s closing the deal. If the person who’s closing the deal doesn’t do their work, they’re not going to have leads to give to the buyer/finder who’s going to be talking to those people. If the ads don’t get run, no buyers call in and the buyer/finder can’t do his work. So everybody is integrated and interconnected and nothing will get done unless everybody does their job. Which means, you know, I know that sounds complicated, but what it actually means is that if one person drops the ball, everybody’s going to know who that person is and they’re going to say, “Hey, I didn’t get my leads,” or “I didn’t – this person didn’t make his calls,” or whatever, and you’re going to find out about it immediately rather than three months down the line after you pay them for hours and hours of work. Because they’re supposed to do everything.
Joe: So don’t get into a position where you give one person all the work. Break up the tasks so that they’re easier to replace. This is how McDonald’s works. McDonald’s has a 200% employee turnover annually in each of their stores. That means that the average person who works for McDonald’s works there for six months and then they’re gone. And they’re able to produce a consistent product over and over and over again, millions of places, you know, in the world. And they’re able to do it because of the systems that are in place. So they bring that person in, they teach them one thing, that person gets good at that one thing and then if they leave, that’s okay. They can get somebody else in there who can learn that one thing. I mean, how hard is it to flip a burger? How hard is it to take an order, you know, in the drive through?
Joe: You know, you get one person that can do one thing competently, it’s easy to replace that person. But they also can do it competently because it’s all they have to do and they’re getting paid hourly so they have the hourly mindset that says, “All I have to do is do my work and I’ll get paid,” and when they don’t do their work, the other people find out about it, you find out about it, you ask them, “Why aren’t you doing the work?” they say, “I’ll get on it.” And if they don’t get on it, then you get rid of them and you put somebody else in that place so you keep everything going. And that’s how the optimal way of outsourcing works. It has to be a system.
Joe: All right – hope that helps.