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Make $5,000 In 2 Weeks With This Simple Real Estate Investing Technique
Joe: Hey, it’s Joe Crump. “Hey, Joe, I need to make $5,000 in two weeks. Can you show me how to do that?” There’s a lot of ways to make money quickly in real estate, and if you have experience you can do it in two weeks. You can probably do it in less than two weeks. And if you have a pipeline of deals going, it’s going to be less than that. You may end up doing a deal every week. So you’ve got another property closing every week. I’ve been at times in my business where we were closing 10 or 25 properties a week consistently over months and months at a time. And when you do that, it makes you a lot of money. And it doesn’t take very long to make that happen. You’ve got other people in place, you’ve got systems in place, you’ve got that consistently going.
Joe: But let’s say that you’re just getting started and you want to make some money right away. You’ve got to pay your rent at the end of the month and you’re trying to make this stuff happen. I would say that the best way to do it is using the For Rent Method. I’ve never seen a system that works faster than using the For Rent Method. Essentially what you’re going to do is, you’re going to call all the for sale by owners on craigslist or Zillow or Tulia and you’re going to say, “Hey, would you consider selling your home rent to buy rather than just selling it outright?” Or, you could call the for rents and say, “Would you consider selling your home rent to buy rather than renting it?” And a certain percentage of those people are going to say, yeah, I’d consider that.
Joe: And then you just have them sign a lease option memo, and let’s say you get that property for $200K. You raise the price up to $220K and you put it back on the market as a lease option. The likelihood is that you’ll get it sold in a fairly short period of time, usually within two weeks, sometimes four weeks to get that property sold, and make your $10K or $20K of spread between the amount that you paid for it and the amount you sold it for. Because you’re going to ask them for a down payment. You’re going to ask the new buyer for a down payment. They’re going to give you $10K or $20K down. Maybe they give you $10K down and you carry another $10K as a note. And you can do it that way.
Joe: So, that’s how you make it, and it can happen very quickly. I’ve seen people close a deal in a matter of hours. One of my students told me about a deal they did the other day where they called a guy up on the phone, he said, yeah, I would do it. And this particular student had a list of buyers and he had one of those buyers that he knew was looking in this particular area and he called that buyer up on the way over to get that lease option memo signed, said, hey, I’ve got this property. Do you want to come over and take a look at it? Don’t come for another 20 minutes, I’ve got to get the memo signed on it.
Joe: So he went in, he got the memo signed from the seller, the buyer came in, liked the property, bought it, and by the next day he had an extra $5,000 in his bank account from that person. The seller had a new buyer, the buyer got a new property, it was a win win win for everybody. So it’s not hard to make these things happen very quickly, but it does take some skill. The skill is what takes time to learn, not doing the deals. The deals don’t take long at all once you know how to do them. So, if you’re willing to put in the time, if you have the stamina to get through all the rejections so that you can learn how to make this stuff work, how you can learn how to talk to people so that they will actually comply with your wishes, to actually do what you are asking them to do, where they can actually trust you to solve their problem, once you get to that point, then it won’t be hard to do this in a very short period of time and make money consistently whenever you want to.
Joe: And, if you put it into a system, then it’ll be consistent and reliable on top of that.
Joe: All right. Hope that helps.