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The 6 Month Plan For Building An Automated Real Estate Investing Business
Joe: Hey, it’s Joe. This is the 6 Month Plan For Building An Automated Real Estate Investing Business. The first thing you have to do, and this is the plan that I take my mentor students through. And if you got involved in that program, that’s the plan that I would take you through. This is the process that I would take you through.
Joe: The first step is you learn how to make an offer that can get accepted. That’s maybe the most important part of this process. If you can’t make an offer that somebody will accept that makes you money, then you can’t be a real estate investor. And that takes time and it takes practice and it takes a little bit of internal fortitude. It takes a little bit of guts to get through that process and learn it. Because when you first get on the phone with the leads that you’ve got, it’s going to be a little nerve wracking. You’re going to feel like an idiot, and you’re probably going to sound like an idiot at the beginning.
Joe: So, you need to take the time to learn how to do it. But once you’ve learned how to do it, now you’ve made money. Because as soon as you can put a deal together with a seller, they’re easy to sell. Finding a buyer is the simple part. People are always asking me how am I going to find buyers for these deals? That’s the easy part. If you put a deal together properly, buyers are a dime a dozen. And it sometimes takes a little bit longer. Once you learn how to put a deal together with a seller because you can do those in minutes, once you learn how to do it. Sometimes it takes a little bit longer to sell them because you have to wait for the right person to come along.
Joe: But usually within two, three, four weeks at the most, you can sell a property either lease option or any of the types of terms that we’ve got if you’re doing it on, you know, on craigslist or on Zillow, you know, for sale by owner, basically. You can sell for sale by owner if you sell two ways, either on terms or dramatically under market value. We don’t usually sell dramatically under market value. We sell on terms or we sell for cash. And if we sell for cash we’re going to use a real estate agent to sell it for cash. Most of the time I don’t every mess with for sale by owner if I’m selling for cash, only if I’m doing it for terms.
Joe: So, that’s the next process. Now, you’ve made money in the deal. So, once you’ve, and this hopefully can happen in a fairly short period of time. I find that it takes most of my mentor students three to four months to get their first deal together. They need to make a hundred phone conversations, serious, real, full conversations with sellers to learn how to do it and learn how to get them to comply. And, you know, come on my calls, and I walk them through the process and do some role play with them and help them get better at it. And within that period of time they’re able to put a deal together.
Joe: Because once you can make an offer that can get accepted, then you want to be able to sell that property and you want to automate the process of finding your buyers. So, you, that’s the first thing you’re going to automate. You’re going to find, either automate it, or you’re going to find a buyer finder. You’re going to find an outsourced person that you can pay $10 or $15 an hour and maybe they’re going to cost maybe ten hours of their time to be able to sell a property. So it’s going to cost maybe $150 to sell that property using an hourly person and your time in that process, instead of putting ten hours in it, you’re going to put twenty minutes talking to the seller, talking to your buyer finder, and then maybe doing the final negotiation until your buyer finder knows how to do that to get as much money as you can on that deal.
Joe: Now, so that reduced your amount of time on that deal by ten hours. You know, the first deal you do, if you do, talk to your buyers yourself, you put ten hours into, you know, maybe twenty minutes on the phone talking to the seller, and then you talk ten hours on the phone to buyers. And you can reduce that ten hours down to another twenty minutes or half an hour if you pay the $150 to somebody to get them to do it for you. So that’s the next step.
Joe: The next step is you want to be able to have that process happen over and over and over again. And that’s where the automation comes in, that’s where the outsourcing comes in, that’s where you get an admin person, maybe you get a seller finder, you get boots on the ground to take your stuff around for you. You don’t have to do all that work. All you have to do is do the rainmaker job. The rainmaker job is talking to the sellers and putting the deals together. That’s the hardest one to teach, that’s the hardest one to outsources and it’s the one you’re going to outsource at the very last.
Joe: But eventually you’re going to do that, took, because you’re going to build such credibility that whenever you bring somebody in, they’re going to see, hey, I see how he’s doing it, I see that he can do it, there’s no reason I can’t do it, too, as long as you stick with that person. And I go through a whole process to teach my mentor students how to find people to do this work for them. At the buying event we’re going to be covering that information as well. So, that’s the process that you get into an automated system.
Joe: Next, you’re going to want to also start keeping some of these properties. Once you start keeping these properties, then you’re going to build a portfolio. And that’s where you build wealth. The income comes from flipping the deals. And that’s wonderful, but having the portfolio, that’s going to give you a long term wealth that you can, that’ll serve you the rest of your life, and you can pass on to your kids. And that’s when things start getting really exciting.
Joe: All right. So, that’s how you do it. And hopefully you can get a good start on it within the first six months. All right. Good luck to you.