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Read transcript:
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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