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When New Investors Can Quit Their Old Job Without Fear
Joe: Hey, it’s Joe Crump. I got a question from one of my students saying, “Joe, how soon can I quit my job? When is it going to be safe for me? When can I expect to be able to make a regular income from this?”
Joe: And my answer is always well, make sure that you’re making enough income to support yourself. Don’t quit your day job until you know you can do that. You can learn how to do this business in eight to ten hours a week. That’s what I require from my mentor students to help them learn this process. If they’ll put that amount of time in while they’re working a full time job, that’s typically enough to make that happen.
Joe: I’ve got some people that come to me, they’ve already lost their job, where they don’t have a job or they’ve quit their job and they want to do this and they’re going to spend a lot more time on it. Well, those people could probably do this faster if they’ll put more time in on the phone. Because the key is in being able to do this work on the phone and putting deals together working with sellers.
Joe: So, the goal here is, once you start making money, which typically if you’re putting eight to ten hours a week in, you can expect to start making money within three to four months on average. Some people do it faster, some people take longer. But, so after that first three or four months you start making money.
Joe: Now, the question is are you going to make money again the following month or maybe it’ll take you a month or two months before you make another chunk of money. So, maybe you make five grand the first, after the first three months. And then it takes another month before you make another five grand. And then two months later you make ten grand. Well, what you want to do, before you quit your job, in my opinion, is to make three months in a row enough money that you can support yourself.
Joe: So, let’s say it takes, you need $5,000 a month to live on. So, if you need that you want to make, the first month you make $5,000, second month you made $5,000, third month you made $5,000. If you’ve done that three months in a row consistently, that means you understand systems, that means you understand how to put a deal together. That means that it’s going to be reliable and sustainable. And it’s likely that you’ll be able to continue to do that for the rest of your life.
Joe: Now, the other question is, well, is it possible that you’re teaching or the kind of work that we’re doing, this For Rent Method, is it possible that that won’t be viable a year from now, or five years from now or ten years from now? All I can tell you is we’ve been doing it for almost twenty years, using this same technique and it’s worked for us. In down markets it’s worked for us. In up markets, it’s working in high end markets, and low end markets. It’s worked in the United States, it’s worked outside the United States, Canada, Australia, the UK, Europe, Kazakhstan – we’ve had this system used just about anywhere in the world and it’s stayed evergreen over these twenty years.
Joe: The only thing that’s changed is the way we market and the way we systematize our business and we’ve been able to do that a lot more because of technology. Technology has been a wonderful boon. We used to have to use classified ads. We used to have to you know, put out more signs. We had to do a lot of things that I still teach how to do and they can still be effective in certain areas. But most of the time if we just use the Automarketer and we use text blasts to bring leads, that’s going to bring us enough leads to create a sustainable business.
Joe: All right. It doesn’t take that long to change your life and to be able to quit the job that you’re in and be able to move forward. But don’t jump the gun and put yourself at risk. You know, make sure you have enough money to pay the rent and to you know, feed yourself and your family and take care of your obligations. And then the rest of the stuff will come if you’ll put the effort in.
Joe: All right. Hope that helps.