Systems Fill The Gaps When You're Flipping Houses For Profit
So now what do you do? Now that the fires burning and you want to get started
, what do you do? You want to turn your business into a money machine, a turnkey operation. Small business owners must make the leap; you must step back from your business as it is today and decide what it must look like when its where you want it.
That means you need to fill in the gaps on how youre going to go about finding, funding, fixing and flipping houses for profit. Youve got to fill them in and then determine the gap to where you are and where you need to be in order to make your dream of a successful business a reality.
Those gaps will tell you exactly what needs to be done to achieve the business of your dreams. Its that gap that Im dealing with. Its the ugly part of the business. Its the ones that the other instructors dont cover because they want to talk about the sexier topics. Thats fine. That leaves me to tell you how to do the ugly part.
What youll discover is when you look at your business that gap between where you are and where you want to be is always created by the absence of a proprietary way of doing business. That means Im going to share with you my proprietary way of doing business and you can plug 100 percent of that, or 99 percent, or 80 percent, but the rest of it, whatever you dont use youre going to have to come up with.
So if I talk about yellow pages ads and you decide you dont want to do that. Thats your proprietary way of doing business that will successfully differentiate your business from everyone elses business. You might decide not use yellow pages, its up to you.
What I need to do is get you out of the doing, doing, doing stage and get you into the place to where youre working on your business not in your business.
Two things are going to change your life, who you meet and what you read. I learned that from my dad. My dad was of doctor and was broke. He actually reached a point where he thought he was going to have to quit being a doctor. We always think of doctors as having tons of money. Well, we were in a small Ohio town and he just wasnt making any money. There werent a lot of people and there wasnt a lot of money in town.
One day another doctor told my dad that he needed to go to a doctor boot camp. There are doctor boot camps, just like there are real estate boot camps. So this other doctor said there is a phenomenal boot camp for us. We need to go but my dad couldnt afford it. The other doctor was kind enough to pay for my dads train ticket to this Texas boot camp.
I remember distinctly seeing my mom crying on the steps when my dad was gone. I was just a little kid and didnt understand the full significance of this. But she was crying because we were going broke. After a while I realized what was going on. But when my dad came back from the doctor boot camp, things changed. Something magical had happened. He learned that there were two things that will change your life. As I said earlier, they are the people you meet and what you read.
The reason Im bringing that point up one of the things that changed my life a real estate was that the e-myth academy. I met Michael Gerber and spent a couple of days with him on a cliff overlooking the Pacific Ocean. I went into their coaching program. It changed my life. Ive got five or six different books that have changed my life and Im going to give you the name of the books.
As far as the what you read part of that quote, I highly recommend the e-Myth Revisited. I read the book and started fixing things for my business.
So what do you do now? Well you have a lot to get going on. Youve got to find new lenders. Youve got to purchase new property. You have to find renters and orchestrate contractors. Youve got home buyers, rehabs, collecting rent, locating properties, paying mortgages, interest payments, payroll, utilities, keeping lenders happy, advertising, selling properties, office bills, paperwork, paperwork, paperwork, paperwork, and thats just part of whats on your plate now.
90 percent of all new businesses fail in five years. They get overwhelmed and its because the owners havent created systems. I am going to show you how to set up systems.
There was a time when I was trying to set up a system to where I could buy REO properties. I was working on setting it up but I had a terrible realtor trying to show me the properties. She was frustrating me to tears.
She would take me out and show me properties that I never told her I wanted to buy. I had no way of buying them and no intention of buying them. Another thing she did was set up appointments and then didn't show up over and over again. It burned me up.
One day she set up an appointment and no showed. That was it. Later I was sitting across a table, buying a house and across from me is this realtor named Brad. He had just gotten out of rookie realtor school. He said, Hey Im new and can I show you some bank repo houses? I was still angry about the other realtor, so I took Brad up on his offer.
I explained my system. Brad did what I asked him to do. We continued working with each other. After working with Brad for a while I reached a point where I could have zero marketing costs. Thats not a misprint, zero marketing costs.
We buy five to seven houses a month. Again, that is not a misprint, five to seven houses a month. Brad did all the work. On a Friday Id get in his car and hed have mapped out the different properties to go look at. Wed check them out. Id make offers on around six to 10 properties every week. Brad did all the work. All I had to do is look and make offers. That took three hours a week. It turned into where I bought 5 to 7 houses a month. That was the system another of my staffers, Kevin, used when he came on board.
He reached a point where he could buy 23 houses spending my money. Roll the clock forward. I didnt have to pay Brad a dime. Remember I said zero marketing costs? I could buy all these houses and somebody else would pay Brad.
On top of that, because of the volume of houses that I bought, Brad made a lot of money. Brad then became my private lender. Remember private lenders bring you more. You learned that from my other books that you undoubtedly read right?
by: Alan Cowgill
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