It wouldn’t be a healthy Friday without Cinco Bala. This weeks top 5 lessons, hacks and quotes I’ve been pondering, applying and battling.
For those of you who are new, this is a concept I took from Tim Ferriss. (This is just focused on MLM and online marketing) If you don’t subscribe to his newsletter. You should do it.
Lesson in Network Marketing: Get Leverage – This campaign ran for 12 hours and brought in 356 leads WITH PHONE NUMBERS for a grand total of $200…
Do you see what I see?
Quick math lesson professor Zach gave himself one day…
Back in the old days (building the business like a dinosaur) I’d spent $10 in gas per day to meet 5-15 people and get 2 “yes’s” on average.
Which means I’d spend $10 for 2 phone numbers. (not to mention get a ton of rejection and spend 4 hours doing it)
Time to get 356 phone numbers = 178 days
Money to get 356 phone numbers = $3,560
Rejected by 1,424 people
With the campaign I just mentioned, I produced more leads in 12 hours than one of the most diligent and skilled recruiters could in almost half a year,
From my phone…
With ZERO rejection.
The leads from my online funnel actually wanted to talk with me, instead of having the awkward guy asking for his phone number at a gas station.
The podcast episode titled “How to Get 200+ BRAND NEW Leads in 12 Hours…” has even more details about this kind of campaign and how you can use it for yourself. You can click here to listen.
(Btw, there’s a BIG incentive for you if you leave a review and rating on the podcast. Listen or check the podcast description for deets.)
Lesson in Online Marketing: Scaling is Safer (sometimes) – One of my misconceptions in real estate investing was that I could limit my risk early on by purchasing smaller properties – either single family homes or small duplexes etc.
If I only risked $300k, if I screwed it all up, the fall isn’t that big. Makes sense.
Here’s the problem – If your income after expenses is $200 per month on that SFR (single family residence) and your tenant moves out. You’re screwed. Plus, that Mickey mouse income doesn’t leave you any revenue to pay a legitimate property manager. Thus you either have a hack working for you or you’re doing it yourself. Big binas man huh?
Flip side – You have a 30 unit complex. Operating income is quite high and actual income is $2k+ – You can afford multiple vacancies with no issues and have a professional management company run it for you.
Sometimes, scale is safer.
Now again, if your ads don’t turn $1 into $1.01 at $500 per week. Scaling to $5k per week is suicide. Don’t be stupid. And don’t scale without knowing what you’re doing.
But if you’ve proven your concept, hit the gas. Why?
More money does equal more problems. Yes. But guess what you now have to solve problems?
And the leftover is now your profit.
Historically, I’ve been extremely conservative with my scaling because I’ve always wanted to be able to “touch the bottom” if you will. Just like when you’re in the ocean, it’s comforting to touch the sand.
But you can only go so far if you’re right by the shore…
As I write this, we’re scaling certain parts of our business that I’m not exactly ready for. Numerically, it makes sense. Emotionally, I’m scared. But one of the benefits of having teachers in other industries is being able to apply their lessons to yours when applicable.
Book I’m Reading: The ABC’s of Real Estate Investing – I just finished Grant Cardone’s new book on REI, which is very informative but leaves a bit to be desired and honestly seems like a pitch for Cardone Capital. (His buy in program) – Regardless, I admire him as a trainer, RE professional and businessman.
After getting my real estate fire re-ignited by a recent interview I did, I dove back into the world. The learning world that is…
And this book by Ken McElroy is very good. It’s not all encompassing as I don’t think any material is, but it’s a great start. I’ve been studying REI passively for about 5 years. I’ve never actually made an investment though. But I’m glad I didn’t. My previous knowledge of how I thought the game worked would have landed me in either financial or emotional trouble. I would have gone about it all wrong…
Weirdly enough, it wasn’t the book specifically that pointed out my mental shortcomings, it was just putting together a bunch of information that I found separately.
Recently, Ashley and I have become extremely clear on our financial goals and how we intend to hit them. I always knew REI would play a part in producing or protecting our wealth, but now it’s legitimately time to move the ball.
An Honor: Interviewing my Dad – My dad is a literal boss. Not just because I said so (although that holds weight right 😉 But because in 2013, he ran across the United States of America.
Yea, you can reread that if needed.
Across the U.S. of A.
That’s 26+ miles per day, 5 days a week for 5 months straight for you numbers junkies out there…
To create awareness and raise money for one of the most, if not the most important issue plaguing our world today…
Well, just a few months ago, I had the opportunity to have a sit down with my papa and ask him all the gorey details.
He had over 400 media placements during those 5 months, so it was a little tricky pulling stuff out that hadn’t been shared before. Plus, I mean, he’s my dad…
So many people want to raise money, start a business or influence people to buy something but they’re missing one major component…
They have no story. And if you don’t have one, you must create one.
This is how you create one.
(P.S. – There is also a HUGE incentive for you to leave a rating & review on this podcast too. Like HUGE.)
Funny Quote: “I never lose the love of arriving, but I’m born to leave.” (Great depiction of the exact opposite of me. I hate arriving in new places, but I quickly adapt and never want to leave.)
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