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Hey, it’s Joe Crump, and welcome back to the series of outrageous claims that I’ve been making over the last decade. This next claim is how to make a year’s salary with one deal. This is a pretty simple process, doing a rehab and flipping a deal. I’ll give you an example of one that we’re working on right now.
We bought it for ,000. It’s worth 0,000 after resale value. We’ve put about ,000 into it. There’s going to be ,000 or ,000 worth of cost in it, so after all is said and done, we’re going to have about ,000 to ,000 of income from that particular property.
It’s not that difficult to do and if you’re goal is to just to have a good lifestyle, to be able to spend time with your family, one deal, which takes very little of your time. The cost of rehab is the cost of having somebody else do the work. I don’t do any of the work.
I hired and paid a real estate agent to find the property for me and it was brought to me as a deal. We put the deal together and we turned around and we’re going to sell it on the MLS. I’m just selling it for cash. We’re going to walk away with ,000 or ,000 in my pocket after all is said and done.
If you just did one deal a year like this you’d have a livable income. If you did one deal a month like this, that changes the game. Now you’ve got a half a million dollars a year coming in in profits and it’s not that difficult to do using some of the techniques, especially if you’re flipping properties.
You have to have some cash to do this. I suggest you work with cash or work with investors and if you learn how to do the zero down deal structures, it’s easier to find investors who will work with you because you’ll have credibility, you’ll have experience, you’ll have knowledge, you’ll have deals that are coming in and you’ll be able to say, “Hey, let’s do it this way.”
If you’ll look at all the deals that are out there, you may have a hundred deals out there that you can do on seller financing where you only have three or four or five of those deals you can do with cash or with new loans. That’s why I think using the for rent method is so much better than doing wholesaling.
All of the stuff that you can do in the Automarketer you can do manually, but one of the things we’ve been doing is working with absentee owners and expired listings. And by doing that we can upload a list of addresses from either of those sources and we can press another button and our absentee owner module will find the phone numbers and it finds 30% 40% of the phone numbers of those addresses based on, you know, how many people are actually in the phone book.
When you work in cheaper areas, you can get more dramatically under market value. But if you work in more affluent areas where you’re working with three, four, five hundred thousand dollar properties, you can get some great deals on those, too. You can buy those a hundred, two hundred thousand dollars under market value and you can turn around and make a hundred thousand dollars with one deal, or two hundred thousand dollars with one deal.
You can make these offers and when people say no you can put them in a follow-up system that automatically contacts them by email, and does it consistently so you don’t have to think about it again. They’re still getting the emails from you saying, “Hey, I’m still interested if you haven’t sold it yet,” and at some point some of those people will call you and say, “Hey, you know, I’m ready. I’m ready. Let’s go.”
To read this transcript and more of Joe Crump’s articles, click here: http://joecrumpblog.com/how-to-make-a-years-salary-with-one-deal/
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http://www.JoeCrumpBlog.com – Real estate investing expert, Joe Crump, teaches zero down investing techniques. Learn foreclosures, short sales, subject to, land contracts, multi-mortgage and other creative real estate financing structures. Get lots of free training materials on Joe’s blog.
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Transcript of the video:
Terry: My name’s Terry Nation. I’m from Columbia South Carolina. It’s been between three and four years since the first real estate transaction I did. I don’t remember the exact dates. But just from reading Joe’s newsletter I was able to do my first deal and what I did is I just put out ‘We Buy Houses’ signs. From those signs, I picked up a lease option deal which I explained in another video. A guy’s son responded to me, and I ended up having to talk to his dad. His dad was interested. His house had been on the market for 8 months if I recall correctly. They were barely showing the house and he had gotten frustrated with them, and had gotten rid of his realtor and wanted to know if I could help him. Within two weeks I had sold the house and had a tenant buyer in the property. It was very easy work.
Terry: I think I put out 8 to 10 signs on that one house. And what had happened is that I put them out one week and then the next week I got a call from the police and they said that I needed to pick my signs up. So I called the police back and said, ‘Look, I’m out of town. I can’t pick them up right now.’ So the officer said, ‘As long as they’re up by the weekend, I don’t come back in until Monday so if they’re up by Monday, everything will be fine.’ I actually sold that house that weekend before I picked them up. On that first day I made ,000. I probably spent 2 hours on it.
Terry: I found out about Joe’s program just by searching ‘real estate investors’ or ‘real estate investing’ through Google. I got involved with him. First of all, he seemed a little more sincere. He didn’t seem like the other gurus out there. Don’t get me wrong – I had been through a few courses of the other gurus but there was just something different about Joe. And I do recall I was searching for no money down real estate investing because I didn’t have a penny to put into real estate and I guess something just struck a chord with Joe, so I signed up for his newsletter at that point.
Interviewer: What techniques do you use?
Terry: I use everything. I’m using stuff right now that Joe doesn’t even teach. I’m trying to think of all the things that I do. We have the auto responders. I’ve got greeting cards that I actually send to owners and buyers when I buy and sell the houses, just for the marketing. I’ve had an app built, and in fact me and Joe were just talking about that. Within the last 60 to 75 days, I’ve had 600 people download my app. We’re using QR codes to do virtual tours of the houses. If you go through the house, you can actually scan our QR code on our sign and walk through the house whenever you go into it — everything that gets the buyer one step further without us being involved. I mean, we are doing everything. I actually have an internet marketing mentor as well that I just paid dividends on the real estate side.
Terry: I’ve got so many things going on. Last year I did right around a half a million, but it isn’t just from Joe’s stuff. Because of the leads we’re receiving, we’re building houses, I’m doing wholesales, and I’m doing lease options, so there’s so many things going on. But it all started from just doing rent-to-owns, and then just building from there.
Interviewer: What are your ultimate goals as an investor?
Terry: To find more things to do. This is what I love. Residential real estate has always been my passion so it’s just a matter of growing more of what I’m doing now.
Terry: I can’t even put into words the impact this had. I’ve spoken in the past about this. I had an ill son. That was my first video. My son just had a double lung transplant six months ago. I’m able to spend all the time in the world with him. We’re doing everything we’ve never been able to do and we’re doing that as a family.
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