Hey, it’s Joe.
I have a lot of people ask me, “How can I make money as a real estate investor working
only 10 hours a week?”
I probably put in 3 to 4 hours a week as a real estate investor.
I have a lot of other things that I do so I’m not sitting around all day.
But, that’s the amount of time that I need to spend in order to buy and sell properties
on a regular basis.
And you could do the same thing.
And that could support me alone, without doing any of the other things that I do.
I just like to do other things, and I want to build my business in different ways.
And I also have things that I love to do that I go out and focus on as well.
I love making films, and that’s another thing that I can spend my time doing because
I have enough money coming in from real estate investing to make the happen.
So, what you need to ask yourself, if you’re just getting started as a real estate investor
is how much time do you have?
If you’re working an 80 hour a week job, you’re probably not going to have time to
learn how to be a real estate investor.
And you’re not going to have the energy to do it.
But if you’re working 40 hours a week, even 50 maybe, you could probably do this.
You need 8 to 10 hours a week to be able to devote to this to be able to make that happen.
And I’ve seen people that they work long hours during the week and then they come home
and they do this on weekends and they do okay.
Or, they work during the day and then they come home in the evening and do it, or they
work evenings and they do it in the mornings, or during the day they’re able to take a
break, a coffee break or a lunch break, and go out for an hour and make phone calls and
do the deals and try to put things together during those times as well.
You can find the time to make this happen if you make that choice to do so.
It doesn’t take that much effort or time to make it happen.
What it does take is, we get so ingrained in our habits that we forget.
We say, okay, I’m going to do this and this and this, and I’m going to make this amount
of calls and I’m going to make this many offers on properties every week.
And then at the end of the week you look at well, how many offers did I make?
Zero.
How many people did I talk to?
Zero.
And it’s because you didn’t actually set aside time to do it.
So, set aside time to do it.
Go and make the calls.
It’s not hard to find the people to call if you’re using the For Rent Method.
You can go right into craigslist, you can go into Zillow, go to the For Sale By Owners
in the area that you’re looking at and just start making phone calls and talking to the
For Sale By Owners and say, “Hey, would you consider selling your home rent to buy
rather than selling it outright?” and using the For Rent Method technique that I teach.
And we can use all these other techniques as well, but that’s a good one to get started
with, and especially if you want to do this in a short period of time.
That’s not a bad way to start making enough income to be able to quit your job and do
this full time.
So, you need to ask yourself how much money do you need to live on?
If you can live on $2,000 a month, it’s not going to take you long to get to the point
where you can do this full time.
If you need $4,000 a month, that’s a different story.
If it’s $8,000 a month you need, I’ve had plenty of people that have replaced six-figure
incomes in a matter of four, five, six months before.
It’s not that unusual to be able to do that.
So, it just takes some practice and some skill to make it happen.
A typical deal depends on what you consider to be typical, but, anywhere from $5,000 to
$50K of income, depending on how you’re doing it and what type of risks you’re doing
and whether you’ve got money into the deal or not.
It’s very simple to get started using the For Rent Method and start making chunks of
$5,000 or $10,000.
The highest I’ve ever seen anybody make on any for rent deal is $100K. And that’s
rare.
To get $10,000 or $20,000 on every deal that you do as a for rent deal, that’s not so
unusual.
Especially in higher end markets above $300K and $400K markets.
If you’re down in the $50K to $100K, $150K, market to be able to make $5,000, $4,000,
$8,000, $10,000 – that’s pretty normal for that market as well.
And it doesn’t take that long to make that happen.
Once you can put a deal together with a seller, then going out and finding a buyer for that
typically will take you less than 30 days if you use the techniques that I teach to
make that happen.
So, the big strategy, and the reason that I’m able to work so few hours is because
I’ve automated and outsourced most of the work.
At this point, I don’t even talk to sellers and buyers anymore.
I have somebody else who does that for me.
They’ll call and they’ll put deals together and then they’ll bring it to me and I’ll
look at them, say, yeah, that makes sense.
Let’s go ahead and put that deal together.
And then we’ll flip that property.
So, I’ve got somebody who’s finding the properties for me.
I’ve got somebody who’s selling the properties, someone I call a buyer finder.
I’ve got an admin person who kind of keeps track of everything and makes sure that everything
gets done, and I have systems in place to monitor what’s supposed to get done and
what actually gets done, and different people checking to make sure that that happens.
We’ve got boots on the ground who work in the areas that we’re working, because we
work in multiple areas because I don’t want to leave my house.
Every time I leave my house I lose three hours of my day.
So if I can avoid leaving my house I won’t lose that time and I can have somebody else
do that work.
So, I’m going to automate as much as I can.
And the Automarketer automates about 90% of our jobs.
And then the other 10% probably 9% of it is done by outsourced workers.
And then 1% of it I do personally.
And that’s why I still put in 3 or 4 hours a week in my real estate investing business.
Because there’s still things that I need to pay attention to.
I need to sign the checks, I need to make sure that, you know, I need to look over the
deals before we accept them.
I also invest my own cash in deals, so before I do that I want to make sure that that property
makes sense.
And sometimes I’ll go and look at properties that I’m paying cash for.
Not all the time.
It depends on who’s working with me and who’s finding those properties and how much
I trust them and whether or not I’ve worked with them before.
It’s not always a matter of trust.
Sometimes it’s just a matter of do they have the experience to make this happen in
a way that’s going to be profitable to me?
And that’s why I only work with people who have been through my mentor program in those
types of deals because I know that they have an understanding of how I do business and
what I expect from a business, and what I think proper practices are in order to make
a deal work.
So it is possible to set up a deal, set up a business so that you’re working very few
hours and you know, it might be possible where you work a solid week and then you take off
a couple weeks.
It might be possible for you to go to a different country and travel.
I’ve got one of my students who I get postcards and emails from on a regular basis.
I’m in a different area right now and I’m traveling and I’m still doing deals.
And I’m still making money remotely because I have access to the internet.
I may be staying in a hostel in India, or in Thailand, but I can still do deals from
that place because I’m using the Automarketer which has phone numbers which allow me to
make phone calls to sellers and buyers, you know, in Indiana even though I could be Thailand.
And I could be making calls from that area.
I was in India last year and I was still able to do deals.
And my people were still able to send me stuff.
And at night when I got back to the hotel I’d check my emails and see if there was
anything I needed to deal with.
Mostly, there wasn’t.
They knew I was on vacation and trying to have some fun, so they didn’t bother me.
But if there had been an emergency I would have been there, I’d have been able to handle
it.
I’d been able to make phone calls.
If I wanted to do that as an extended vacation, if I wanted to live there, if I wanted to
move to Hawaii, or if I wanted to move to Fiji, I could do those things and I could
work from those areas without having a local phone number.
I could have – as long as I have access to Wi-Fi, which you can get almost anywhere
these days, as long as I can get access to Wi-Fi, I can make phone calls from a phone
number in the Automarketer that I create just for myself that has an Area Code in Indiana,
if I’m working in Indiana, or, if I decide I’m going to do some deals in California,
maybe I’ve got a 213 Area Code and I’ll work in Los Angeles.
So, it gives me the ability to do this in a short period of time, from a remote distance,
and be able to put these deals together and have a great life at the same time.
Because it’s really not about the money.
It’s about the time.
All right.
I hope that helps.
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Go check out my mentor program ZeroDownInvesting.com.
Check out PushButtonAutomarketer.com which is my automation system which allows you to
do this from anywhere in the world, or even from your own home, which is where I’m sitting
right now.