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Read Transcript:
Hey, it’s Joe Crump. Welcome to my new video series for the blog about how to create a fully automated real estate investing business. This first video, I want to go into and overview of what I teach my mentor students, how I take them through this process and to show you that we teach more than just one thing. I know a lot of you ask me, “Do all you teach is lease options?” And that’s not the case.
What I teach at the beginning, is first we learn how to make offers to sellers, zero down and no credit offers to sellers and get them accepted, get a contract, get control of the property so you become a principal in the transaction. Once you do that, it makes it legal for you, if you’re not an agent, to be able to go out and sell that property without a license.
So the next step in the process is to go out and find buyers. Typically finding a lease option buyer is an easy way to do that. If you structure these deals the way that I teach with the zero down structure hierarchy that I teach, you can sell these properties pretty easily doing that. Once you’ve done step on and step two, that’s when you start making money. And that’s when you can say, I’ve got a business that’s starting to happen now. Now I’m officially in business.
After that, you want to learn how to stop doing the things that aren’t productive. Because as you’re learning the process, you do a lot of stuff that’s not productive. Things that it’s just junk time. Eighty percent of your income is going to come from twenty percent of your effort. So you want to do just that twenty percent so that you’re the most productive. You want to eliminate, that’s the second step. First you learn how to do a deal, then you eliminate all the junk and then you want to automate everything you can’t eliminate.
So you’re going to use software, you’re going to use different automated processes to keep your business running without your doing anything. Once you automate using something like the Automarketer or other types of software, the next thing you want to do is look at your business and say, well, what still needs to be done in my business that I can’t automate or eliminate? With those things, you outsource.
You find someone else to do that work. When you do that, you can extract yourself from the business or at least partially or mostly, extract yourself from the business and you can look over the business. You can look at your business instead of working in the business all the time. And that’s when you have a true business. That’s when it’s fully automated.
Once you have your life back then you can start thinking about doing other things and expanding your life in other ways. So, the next step that I suggest is that you increase your business so that you double your previous income. Because once you have your business and once you have it automated and you’re able to quit your regular job and now you’re able to do this full time, the next step is you want to increase the income that you’ve got coming in, at least for many people it is. Some people are just happy with, look Joe, let me just replace the income that I’ve got and I’ll be happy. But a lot of people, it’s not that much more difficult to actually double your income. Because if you’ve been doing this for eight to ten hours a week while you’re working a full time job, and you’re able to replace your income, which is the way most of my students do it, then when you do this full time, and you only work twenty or thirty hours a week, then you can probably double the income that you made and you can become more efficient and you can get your systems up and running in a better way so you have double the income.
Now, that’s kind of the path that I’m trying to take my mentor students through. First of all, let’s just do a deal. Let’s just make a little bit of money. Then automate the process. Then start keeping properties for the long term and then start using the cash that you’re making to build a long-term, large size investment portfolio. A lot of that can be done inside a Roth or an IRA and it can be very profitable so when you finally retire you can pull that money out without paying…
To read this transcript and more of Joe Crump’s articles, click here: http://joecrumpblog.com/the-path-to-a-fully-automated-real-estate-investing-business/