Heat a large skillet on medium heat and add olive oil.
To the pan, add bell pepper and onion. Stir together.
To the pan, add the ground beef and stir. With a heat resistant spatula, break up the ground beef so that the pieces are all about the same size.
Continue to cook until the ground beef starts to brown and is cooked through.
Once the ground beef is done, remove it from the skillet onto a paper towel-lined plate to drain off any excess grease.
Add the ground beef mixture back into the hot skillet.
To the pan, add ketchup, hot sauce and water. Stir. Turn the heat down to low and let simmer while stirring occasionally until the sloppy joe mixture thickens (about 20 minutes).
Do a taste test and add more salt and, or hot sauce if needed.