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My Tenants Aren’t Paying And My Cash Flow Is Terrible
Joe: Hey everyone, Joe Crump. Gizmo’s with me today. This next letter is from Cory Hickling. Cory says, “I love the CD featuring Ozoman, his ideas of making all aspects of finding buyers and sellers beneficial without doing anything.” He’s just talking about the Pushbutton Method audio. “I’m a new investor, and have just come back from a rental property where a tenant has not paid rent and I’m totally fed up with the lies that some people tell. Right now, we’re in a cash crunch so your ideas of not outlaying any money are really sinking in. Someday I’d love to go to your mentor class, but it isn’t in the cards immediately. I live in Florida, and I’ve tried to get people to use your lease option memo. However, the market here is really fast and even FSBOs go quickly, it seems. I would appreciate your input on this.”
Joe: Well, on the stuff down in Florida, by the way, I’ve got a buy, Bob Bowman’s down there in West Palm Beach, and he’s doing these rent-to-own programs all day long. He’s doing a lot of them. And since the property values are so much higher, he’s making more money per deal. So, he’s making $10,000, $15,000, $20,000. I know he’s made $50,000 on some of the deals that he’s done. So there’s no reason you can’t do it. You just need to learn how to do it. You need to get good at it. You need to learn how to talk to people.
Joe: There’s a learning curve in this and the only way you learn is by doing it. So, use the script that I gave you, you know, use the script when you’re talking to people. And listen to some of the audios we’ve got, again, on how to talk to sellers and how to communicate your ideas and I think that’ll help you quite a bit.
Joe: This thing about dealing with tenants and not having them pay their rent, and God, it’s a nightmare. And you don’t want to put yourself in that situation unless you’re prepared for it, unless you’ve got the resources and the cash flow to make that happen. You’ve got to have two parts to your business. One of them is long term investment, and the second one is cash flow.
Joe: The cash flow is the stuff you need to start with. You need to be starting with cash flow deals. And most people start with long term investment deals and they don’t have enough money when somebody stops paying their rent to go after that person, to get them out of the property and to get a new tenant in there and to continue to make the payments. It puts too much stress on them. So, do it the way I teach and start with doing flip deals that are going to make you immediate cash flow and then as soon as you have the cash flow coming in on a regular basis, you’re style of living will go up, and then it’ll make sense for you to start investing in these long term investment properties which you’re going to need in order to save money on your taxes and put into a self-directed retirement account and things like that.
Joe: So, but, good luck with it, Cory. You’re doing a good job. You’ve just got to follow through and you’ve got to learn this process. And I agree with you – Ozoman’s stuff. The guy is awesome. He’s thinking on a whole different level with his stuff, and he also talks about three times faster than normal human beings talk and you’ve got to listen to his material because he understands marketing on a very deep level.
Joe: Anyway. Good luck, and enjoy the materials.