How To Become A Millionaire In Two Years Buying One House Per Month - Real Estate Investing
Read Joe Crumps Blog:
Read the Transcription:
Joe: Hey, it's Joe Crump. I've got another video here for you. This one is from Karen Smith in Columbus, Indiana.
Karen: "Joe, can you explain the millionaire matrix? Does it really work and can you do it without down payments or using your credit?"
Joe: Absolutely, it works. The Millionaire Matrix is a structure that I teach that shows people how they can actually make a million dollars in equity and in cash within 2 years by buying just one property per month using no credit and no down payment. And instead of just me explaining it in this video with a talking head, I'm going to pull up a little power point here and show you exactly how this process works.
Joe: I created this little power point to show you what the Millionaire Matrix is and how and why it works.
Joe: Before you can understand how it works, you need to understand the principles behind it and why it works. That brings us to the idea of businesses in general. 90% of all of the businesses that start up fail in the first year, whereas 90% of all new franchises succeed. Why is that? Why would franchises succeed and businesses in general, not succeed? And the big answer is -- systems. Franchises have step by step systems to show the business owner (the person who's implementing the tactics in the strategy of the business) how to do each little system in the business.
Joe: Let's take the ultimate systematization -- McDonald's. If you go to a McDonald's, everything is done the same at every McDonald's that you go to because each of their processes is spelled out in a specific system. They have a system for making a Big Mac. They have a button to press when it's time to flip the burger. They know how many burgers to put on there, they know what order to have with a picture of a hamburger, and how to put it together where it shows you that that's where the bun goes and that's where the hamburger goes and that's where the lettuce goes and that's where the special sauce goes. And it makes it very easy for people that are not very skilled to put together a hamburger consistently all over the world. Whether it's here in Indianapolis or whether it's in Wisconsin or California or Berlin or Paris or Ireland -- it doesn't matter -- wherever you go to a McDonald's, you're going to get the same burger -- it's going to be put together the same way by the same skill level of people. Now, McDonald's has a 200% employee turnover every year. That means that they're constantly trying to train new people. For them to get that consistency, they have to have a system in place to make that business work.
Joe: And that's what I've created in the Push Button Method and the mentor program. I've created systems so that I can take new people (people that have never been real estate investors before) and give them a system and say, 'Step 1, do this. Step 2, do this. Step 3, do this.'
Joe: That takes us to the next question in the process here, which is what types of deals make you money. You need to understand that as well. In real estate, there's only two types of deal that'll make you money. One is properties that you buy substantially under market value, either for cash or as an assignable cash offer. And two is properties that you can buy at market value or below but you can buy them on terms. Now, by terms we're talking about zero down structures that I teach; subject-to, multi-mortgage, land contract, contract for deed, lease option, assignable cash deals. Those are terms and if you can buy properties on terms like that, then you can make money even if you buy them very close to market value.
Joe: That's going to take us to the next step which is the beginners Millionaire Matrix. Now here's what we want to do with the Millionaire Matrix and the goal of each system. We want to be able to make $5,000 per deal. We want to be able to do one deal per month. We want to be able to work 10 hours per month. That means 2.5 hours per week. We want to be able to have $200 residual income per deal. That residual income I'm talking means every month you're going to get $200. We want to buy 10% under market value; it doesn't have to be dramatically under market value because you're buying on terms, and I'm going to show you why that makes the difference....
To read the rest of the transcript, click here: http://joecrumpblog.com/the-millionaire-matrix-how-to-become-a-millionaire-in-two-years-buying-one-house-per-month/ ?utm_source=Youtube&utm_medium=EndLink&utm_campaign=Youtube130808
Published 2 years ago
Tagsreal estate investing real estate investment no money down Money (magazine) Real Estate (Industry) foreclosure investing short sale investing how to buy foreclosures how to invest in real estate flipping houses quit your job work at home buy short sales real estate agent realtor invest in foreclosures invest in reo