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What’s The Fastest Way To Make Money In Real Estate?
Joe: Hey, it’s Joe Crump and welcome to my new series of video blogs on real estate investing. I’m taking a bunch of questions that I sent out an email to my list and I said, “Send me your questions,” and I’ve got a ton of questions that came in. I’m going to try to answer as many of them as I can. Some of them I consolidated into one questions, so if I don’t get to yours, I apologize. I tried to pick the one that I felt were most pertinent in the situation. So, let’s get started.
Joe: The first one is from Yvette Simmons. Yvette says, “What’s the fastest way to make money in real estate?” Well, I think that’s the question that most people have when they first get into this program. And it depends a little bit on whether you have money to invest or whether you don’t have money to invest. If you have money to invest and you have knowledge on how to invest it, and you’re competent at it, then investing money, you can go out and buy a house and turn around and flip and have somebody do the rehab for you and you have a team that does that work for you, and you can make some money on that in pretty short order, within three or four months you’ve got money in your pocket.
Joe: But if you’re looking for a way to make money in weeks, and you have the knowledge, then using something like the For Rent method, which is one of the main things that I teach my mentor students, is a great way to do it. It doesn’t require cash. Doesn’t require credit. But the problem with doing any type of real estate investing is the learning curve. You’ve got to learn and know what you’re doing.
Joe: They say you need money to make money, but I say if you can’t make money with no money, you probably can’t make money with money. So if you have money to invest and you invest it without the knowledge, then it’s a very good chance that you’ll screw it up and you’ll either lose money, or you won’t make much money, or you’ll put a lot of work into it and have a lot of headache into it without being successful. So if you go through these processes the way I teach my mentor students, which is to learn how to do it without cash, without credit, without even really having to go to the house, but actually just trading your right to buy it. If you’ll do it that way, then you can learn all the ins and outs of putting a deal together, of working with sellers and working with buyers and learn how to do it and make it happen very quickly. And before long, once you learn how to do this, then you can put together money in a week, in two weeks and it doesn’t take long to do.
Joe: But when you’re starting with zero, it’s going to take longer. Whenever I talk to my mentor students, when they sign up I say, “Give yourself time to succeed. Give yourself three or four months before you can expect to make any money at all in this program.” I’ve got people, like I said, make money in a week or two. But they’re the exception — not the rule. Sometimes you just get lucky and you put a deal together. But you really need the knowledge if you want to do this consistently. So going through the process and learning how to do it takes a little bit of time.
Joe: I also ask them when they sign up for my mentor program that they commit to me that they’re going to put in eight to ten hours a week devoted to the tasks of this business. And at the beginning, the tasks are going to be all about making calls to sellers and making offers. You can’t be an entrepreneur unless you know how to talk, unless you know how to speak with people. Maybe the most important part of talking is listening. If you listen to people and figure out what it is they need and you help them solve that problem, you’ll make money from that process if you use the techniques that I’m giving you. So the more people you help, the more money you make.
Joe: You can get to money very quickly in this business if you know what you’re doing. If you don’t know what you’re doing, you could still get there a lot faster than most businesses if you follow the steps that I give you in the different programs that I teach on these videos and hopefully you can give it a try for yourself and get going.
Joe: One of the biggest problems that I see is that people get discouraged and give up way before they learn how to do this business. And that’s a shame, because sometimes they get very close to being able to being able to be successful with it, but then they decide, “Oh, this is too much,” or, “I don’t like this,” or, “This isn’t any fun. I don’t want to talk to people.” And they forget that eventually, if you’ll just put yourself through that pain at the beginning, that eventually you won’t have to talk to very many people at all.
Joe: All right. I hope that helps.