May 28 • Discussion
What Does It Take To Make Your First $10k in Real Estate?
I had accumulated well over a million dollars in equity before the GFC in 07-09 when it all went away.
(And that was when a million buckaroonies meant more than they do today!)
Today there are a lot more players in the game, and the competition is fierce. But there are folks who are winning, to the tune of millions in CASH FLOW (not just "paper") per year, with very little overhead.
Seeking to learn the secret of one, a friend of a friend, who works primarily with agents, I listened to a recording to a talk he gave and pulled the following:
- 800 texts to a warm list of agents (10k in list)
- 200 responses (25% response rate)
- 20-30 off market leads (10-15%)
- 10-15 offers per day (50%)
- 5-8 hot leads per day ≈ 2 out of 30 per week (5-10%)
- 50-75 phone convos
- 35-40 agents added to CRM
- 2 week touch cadence: once every other week
- $25k/deal avg ≈ $50k/week ≈ $200k/mo ≈ $2.4M/yr
- 200 texts per phone number per day max to prevent being blocked
- 10k agent list
- 2 Text message carriers, in case one shuts you down
Now that may or may not work for you. Especially if you're not a beast at this stuff like he is. But last I heard he'd hit over $5M/yr, with just himself and a very small team.
Point being, most aspiring real estate entrepreneurs, and entrepreneurs in general, have no idea how much it can take of this little thing called "work".
If you're not willing to put in the hours, might be best to stick with that W-2 for a while.
What's your life's dream that would cause you to do the work needed to achieve it?
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What Does It Take To Make Your First $10k in Real Estate?
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