My 1st year as a full-time investor, I did over a dozen deals. I worked like a dog, made more $ in that year then I ever had previously, but was SO busy I felt like my head was spinning. I would buy buy buy, but nothing got sold… then I would sell sell sell, and my buying would suffer. Sound familiar?
Fast forward a handful of years… and I find that I work MUCH less, and make MUCH more…
Unless you are a very casual investor who has no intentions of becoming a full time real estate investor or retiring from your “J.O.B.”, you should be leveraging in your business, and one of the things you should leverage, is manpower. For the record, I am NOT talking about simply having a few bird dogs, I am referring to a regular, ongoing system that has other people working for you, doing the tasks that may keep you from marketing and the other more important tasks at hand,
…and freeing you up so you can have a life!
We average 4-10 contracts a month, (some more, some less), and I rarely look at houses, talk to sellers or buyers, hang signs, or do any of the day to day tasks that many investors do on their own. The reason? I have new and beginning investors who are my project managers and ground partners. When they close a deal, they earn a % of the net proceeds… and it’s a “win-win” for all involved!
In a prior job, over a couple years time, I implemented a system where I took the company from $600,000.00 in yearly sales to over 2 million. Lot’s of “dollars”? No… but on a percentage scale, it was amazing. I was the hero, lol, and all I did was use a system to bring in people to do some of the work, rather than trying to have a small amount “do it all.”
Around a year ago, after feeling pretty dang burned out in my investing, I thought “DOH… why not adapt the system I used for all those years to my investing!?” I started small, by bringing in one or two investors to work for me, and as I fine-tuned the program, found that not only could I get my deals done without looking at the houses myself, but after a period of training, without talking to the sellers or buyers either.
In fact, I’m now to a point where I don’t even see the leads as they come in. They come in, someone assigns them to my ground partners and project managers, they get posted online, my people call the sellers, they get the properties under contract, then market the properties to sell… my partner and I train and coach the group online and through weekly conference calls, and the deals close.
Yes, we have to find the project managers, (all independent contractors, NOT employees!) work with and train them, have the right contracts, setup the websites, and make sure the leads are being generated… but I could literally run the business from anywhere in the world, with a phone and a laptop.
The nice part, is even though the project managers don’t get paid until a deal closes, they are absolutely thrilled to be working with us, because they’re making money AND learning the business. The only thing they pay for, are their own comps… I pay for ALL the marketing, sign all of the contracts, put up all the $, and take all of the risks.
In any case, here’s a rough outline of the process… feel free to adapt and use it in your own business!
- Recruit newer investors through your local REIA, real estate investor forums, seminars, or by placing ads
- Screen the ground partners out to fit your own criteria
- Have a meeting or conversation where you explain how the program works, what you expect, and how you pay
- Put it in writing
- Have a training day, followed by phone and in-field training (just let them watch and listen to you)
- Begin giving them leads on a limited basis
- Meet with them by tele-seminar weekly
- Coach them through your deals
- Create and manage an online website that lets them and you track the deal-flow
- Prepare contracts when they need them
- Have them market the properties with your guidance
- Get buying contract signed
- Arrange closing and get the check
- PAY your ground partner/project manager
- Promote your best to a management/partner, and let them help train your new recruits
- Triple your deals
- Wash and Repeat
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Yes yes… it’s more complicated than the above, lol… but you have to start somewhere! As I said on the video, (you DID watch the video, right?) I’m going to create a report about this, spelling it out in more details so you can have a checklist and do it yourself.
Keep your eyes peeled… and of course, as long as you’re a member (it’s FREE silly, sign up!) I’ll give you the report “fer nuttin”.
