Epic Real Estate Investing - 10 Principles Your New Business Won't Survive Without | 1073

Episode Date: July 8, 2020

In today’s episode, Matt continues the Freedom Possible series discussing the 10 key principles that your new Internet business won't survive without. Tune in and find out more! Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terrio Media. Success in real estate has nothing to do with shiny objects. It has everything to do with mastering the basics. The three pillars of real estate investing. Attract, convert, exit. Matt Terrio has been helping real estate investors do just that for more than a decade now. If you want to make money in real estate, keep listening. If you want it faster, visit R-E-I-Aase.com.

Here's Matt. Hey, Matt here. Welcome to another episode of the epic real estate investing show. It is way back Wednesday. This is the day where we reach back into the archives and pull out old classic episodes. And we've been reaching back into the archives of the Doover podcast, the podcast that started it all. And I got another great one for you today. Enjoy it.

From the Tellio Studios in Glendale, California. It's time for your duo. With Matt Terrio. Territory. It's time for your do-over. Hello and welcome to the new podcast, the brand-new podcast, where we discuss, create, and shape your do-over. And to help you start your do-over in a strong and solid way, I've created a special audio program just for you, laying out three essential ingredients that every do-over needs. And you can download that free program at free do-over.com.

When you get there, look for the program titled, The Three Pillars of the Ultimate Do-Over, and that's yours for free at freedover.com. All righty? So, as you can tell, we've started something new, yes? We've got a new introduction to the show. Sounds very different. And I've just opened up a new multimedia studio

where I'm recording this new episode. And today is the first day of the new release schedule. You know what? A lot of you've been asking for it. So from this point forward, you can expect weekly episodes, just like it was in the beginning when we started, you know, almost, God, almost three years ago. Can you believe it? I mean, I certainly can't believe it's been that long. I mean, time flies when you're having fun. It time flies, you know, when you're focused on

your life and when you're focused on producing results, when you actually are producing results. And I guess those are essentially all the same thing. Producing results is fun. Now, I had intended to release this episode a couple of weeks ago as, you know, I had something super, super, super special plan for you, but I've been unable to pull it all together in time. So, you know, what I've been trying to do, I've been trying to line up a really awesome

guest to kick off this new era of the Your Do-Over show, but for some reason, we've been unable to reach a meeting of the minds. And it's been a rather unique experience to where from my perspective, I thought I was doing them a favor by having them on and introducing them to you,

an audience that, you know, first of all, the greatest audience in the world. And I think probably an audience that might not be familiar with who they are. So I thought that was going to be a big favor to them. And they apparently think that they're doing me a favor to even talk to you. They obviously have no idea who you are. So to the point where, you know, they want me to actually pay them to come on the show. And I was like, uh, no.

We don't do that here. And so I won't reveal the name as I think this has been a big misunderstanding that will work itself out. I'm fairly confident something has been lost in the trend. of the written word and in a real quick conversation, we'll remedy the entire thing, and we'll get them on the show. And I'm really looking forward to it, and I'm confident that's going to happen. So rather than making you wait any longer for that to get worked out, I wanted to jump on the air and check in with you to see how things are going since the last episode with regard to

you setting up your passive income business, your internet business. As, you know, we're right smack dab in the middle of our freedom possible series. I mean, we're right in the middle. We're just getting started. And then I wanted to share with you as you're setting up your internet business, some of the more valuable lessons that I've learned over the last few years and building my own business. And then the following several episodes,

I have some great interviews lined up for you of people that are very successful entrepreneurs and some very successful advisors to successful entrepreneurs. And they're all delighted to come on the show and talk to you. And ironically, I think you'll find that their names are probably more recognizable than the person that wants to be paid for their appearance. But I'm going to leave that alone as I'm confident we're going to work it out. But I do share that with you because I think you'll be pleasantly surprised by who I have coming on the show over the next several episodes to discuss the subject of starting a business,

of being a business owner and what it takes to achieve financial freedom and imparting their general due over wisdom to you so you can learn from more than just me. And, you know, more than from more than just, you know, one or two perspectives. because there is more than one way to approach building a business. But there are some critical commonalities among all successful business owners that I want you to recognize as they're shared from multiple sources and multiple people, unrelated people. And I want you to hear it from just different perspectives

because there are some absolutes that you cannot avoid. And I'm confident you'll be able to detect those and we'll go over those commonalities after we conclude this series of, or this next run of interviews. and I'm not sure exactly what order they're going to come on, so I'm just going to save the names for a later date, but you're going to dig it, I promise. So today I'm going to share with you 10 key business principles or practices,

if you will, that I have learned, some from other people, some from books, and some from my very own experiences that I've never read in a book before, or at least it's never been expressed to me with such importance that I think it's vital. So those are some of my own experiences, and they're principles that I'm confident, that I would not be where I am today without their adoption.

And they're really in no particular order. I started off putting them in order, and then I just realized, you know what, these are all important. So let's just go over them. Number one, environment. And we've definitely touched on this in episodes before. I believe your environment is the biggest single factor to your success. You know, they say you're an average of the five people you hang around with the most.

And I couldn't agree more. I mean, if you want more, hang around people that have more. It's a very, very simple concept. And, you know, specifically what you're going to find when you interact and spend time with groups of successful people, whether those are large groups or small groups, but what you're going to find is that you're almost forced to succeed. Simply just, you just don't want to be the odd person out. You know, you're going to think differently by hanging around a group of successful people. You're going to speak differently. You're going to act differently.

and, you know, therefore, when you think differently, speak differently, and act differently, you're going to produce different results. So where do you find successful environments? Well, you know, the first place I'd recommend. And this isn't necessarily where you're going to find it, but it's a good starting point. It is a place called meetup.com. Meetup.com. M-E-E-T-U-P dot com.

It's a social networking site where people meet online, but then they get together and get to know each other offline. And I've met a lot of amazing people using that website. And so I'd recommend that. And the second place I'd try are trade organizations or conferences of businesses in your industry. Okay. You can actually type in trade shows in your industry or conferences or seminars

in your industry into Google. and you're going to get it, you'll come up with all kinds of stuff. You know, Google's the answer to everything, isn't it? I don't know what we did without it before. Life is so much more efficient when you're trying to find some information with Google. And then third, I kind of already said this.

Look for seminars. Look for seminars that relate to your business. And my opinion, I got this from Robert Kiyosaki and he said he looks for very expensive seminars. And typically the more successful, the people are that attend those seminars because it takes some means, it takes some resources to get to those seminars. And those are the type of people that you want to be around.

And, you know, for people that you meet there that might not have the income or the resources that it would take to get there that you would think, they have the desire. They figured out a way to get there, which that makes them good people to be associated with as well. And I've adopted that over the last probably 18 months or so, and I'm certainly not sorry for doing so. So I highly recommend that. And then once you get there, you just start making it. making friends.

Okay, start creating those relationships, relationships, get in the environment of the doers and the shakers and the movers and of the people that are, you know, of like mind and of like mind inside the industry or the endeavor that you want to participate. Okay. Number two, a mentor or role model. You know, this is probably no surprise to you either. We've discussed the importance of a mentor or a role model in great lengths on this show. And to find one, look within the environment that you create for yourself.

So back to number one is all about environment. So start looking for a role model or a mentor within that environment. And I would really recommend you go to great lengths to find mentors and find role models. Just the first place to really notice is start looking around. The people have the stature, the people that have the appearance, the people that have the confidence, the people that have the results that you're looking for. That's a great place to start. It's not a foolproof system, but it's a great place to start if you have no ideas.

Once you identify those people, Twitter is a great vehicle that can give you access to mentors and role models. I intend to have my latest role model on the show within the next couple of months. And I've gone to great lengths to adopt this person as my role model, even though they might not know they're my mentor yet. And maybe they won't be, but they're certainly my role model. And I've been watching them from afar. I've been researching and I've already met them and they'll probably be on the show here very shortly. and if you must, if you can't find one in a natural way like that, then hire one. I absolutely recommend hiring one, the right one for you.

And, you know, you'll know when you find the right one. You'll know that's the person I want to be like or that's the person that has what I want. And, you know, next week I'm going to introduce you to my business coach as he'll impart his wisdom on how to start a business. And I went out and I hired one too, a very expensive one. He wasn't cheap. And he just finished his book. His book is titled Launch. It's coming out later this year.

The guy rocks. And, you know, like I said, he was expensive. But he rocks. He was worth it. So try not to worry about that too much, though. It's about the price point. If you find the right person, make it happen. The right coach is not going to cost you a thing.

You know, regardless of their price tag of their coaching, it's not going to cost you a thing. The right coach is actually going to make you a ton. And once you've got the knowledge from your coach, you know, no one can ever take it away from you. I'm so much of a wiser businessman already in just the six months of our time together, and nobody can ever take that away from me. And here's one piece of advice I'd give to you. If you think hiring a coach is going to make sense for you in your situation right now, don't hire them until you've committed to yourself that you're ready to do whatever they suggest.

Got it? Don't hire them until you've committed to yourself till you are confident that you are ready to do whatever they suggest. Now, that it's, let's see, just know that it's you that will have to do the work. It's you that's going to have to do the work and you're going to have to make it happen. The coach isn't going to do it for you. So if you think the coach is some sort of magic sauce or magic ingredient in your recipe for success, and it's just going to magically happen by the nature of hiring owner, by the nature of hanging out with successful people,

just understand that they're not going to do it for you. Okay, you're still going to have to do the work. So I see people go in and into mentor relationships. And they just kind of, you know, like, okay, so when is the magic going to happen? Well, there's no real magic. There's still, you know, sweat and effort involved. So I wouldn't make a giant investment into your coach until you,

know you are committed and you're ready to take action. And once you're ready to commit and your commitment meets your coaches, experience and wisdom, you know, the sky is the limit. All right. So that's number two, mentor or a role model. You got to get one or maybe multiple ones. Number three, honoring your word. Honoring your word.

And, you know, I just can't think of a better practice to propel your business forward than honoring your word. And there's very different, it's a very different, there's a little, distinction there than keeping your word. I mean honoring your word. Understand how powerful your word actually is. You know, it's your words that precede your actions. You know, if you declare to the world what you're going to do, do it. And I would recommend that you do do that on a regular basis. Declare to the world what you're going to do, even if you don't know how it's going to get done, but declare it and then do it. And do it for no other reason than you gave your word to it. That's honoring your word. You're not going to do it to go achieve something. You're not going to do it

to make somebody happy. You're not going to do it to produce a certain result or produce a certain payday or anything like that. You're going to do it for no other reason than you gave your word to it. That's honoring your word. You know, it's another way to say, to put your word on steroids. A way to even elevate this is number four. I want you to adopt the practice of under-promising and over-delivering. Under-promising and over-delivering. And this has been a biggie of mine over the last year or so. I've adopted this practice inside my real estate business, but not only adopted it,

I make it a point to use it to its fullest. And what this has done is that it has virtually eliminated the needs. for me to prospect and find new business. I mean, this practice, it generates business. It generates contacts. It generates resources. And it generates capital through referrals from those that do business with you. The concept of underpromising and over delivering, I know each and everyone you've even heard

it. And I know there's probably not one person listening to my voice right now that would disagree that that was a good practice. But I think you might be underestimating how good of a practice it is. Or maybe you forgot how good of a practice it is. So I'm going to reintroduce that into your brainwaves there. And hopefully you adopt that and embrace it and start using it as your own because it's a really powerful way to honor your word. Now, number five, be generous.

I think this is really important. Be generous. Be a giver. Think abundance. And I want you to give in a way that you're not expecting to receive anything back. Expecting to receive back. That's the key word. You've got to give without expecting to receive back, without conditions.

And give without fear. Give without fear. This can be a tough one for some people to understand in the beginning. You know, especially when you may be a little under the gun to earn some money, or when you're afraid you may be taken advantage of, or when you're afraid there may not be enough to go around, or when you're afraid that your ideas may be stolen, just give.

All of those fears come from you expecting something in return. or fear that you won't expect something in return. I promise you, it will come back to you. It will come back to you. But here's the real secret to this. Actually, there are two secrets now that I'm thinking about it. One, it won't always, in fact, it will rarely come back to you right away. So don't put a time limit on this.

Just give and trust. Just give and have faith that it's going to work out for you. Number two, it won't always. and it often doesn't come back directly from the person you gave to. You get that? So it doesn't always come back immediately. It actually rarely comes back immediately. And two, it doesn't always come back,

and it often doesn't come back directly from the person that you gave to. So as you give, here's the secret. As you give, be open to receiving regardless of when and where your blessings come to you. You got that? Be open to receiving regardless of, when and where your blessings and when the universe starts to return the favor. And here's the biggie. Give and then be open to receiving.

But here's part where a lot of people have a challenge with this. Be open to receiving, especially when you don't think you deserve it. A lot of people get in the way of their own gifts. They get in the way of their own blessings because they don't think they're deserving. if giving is such a powerful a powerful aspect of your business, just a powerful way to be, then don't rob somebody else from doing the same thing.

Does that make sense? So be open to receiving regardless of whether you think you deserve it or not. Be a giver and be open to receiving whatever comes back to you, regardless of when and regardless from who delivers it. Don't block your blessings. Don't get in the way of the world, the universe, community returning your favors. Okay?

Let's get a little bit, I guess a little bit more tangible, a little more practical. Hire a CPA or a bookkeeper. Hire a CPA or bookkeeper, money manager, something like that. And this sounds a little boring. Sounds a little obvious.

Sounds like this might have come from, you know, first year of business school. And, you know, it sounds like, you know, a little bit like maybe it can wait until you actually start making money. or you can wait to do this until your business is thriving. Might not sound like an urgent thing. And it might not be urgent.

I agree with you there. It doesn't sound like an urgent thing. But in hindsight, I would just, I can't recommend or can't convey how important this could have this was. And so keep your records. Keep your books straight from day one. Okay, you got to keep them from day one. And here I am on year four of my business. and I'm just getting my books together, believe it or not.

I'd love to say I've been perfect in this category or this area, but I have not. And it has been such a pain in the ass, I'm telling you. And it has been very expensive. And the longer you wait, the worse it's going to get. So do that from day one. Start keeping really good records. I know some of you, this might be just in your nature and you already have that and you didn't even need to hear this one.

But from someone like me, I really needed to hear this. And I need to hear it well. And I wish someone would have smacks me up the head with it when in the beginning. And so that's number of six, hire a CPA or bookkeeper. And here's one that I've adopted in the last two years or so.

And I really, really love this one. The higher tech your business gets, the lower tech your values and customer service needs to get. You get that? The higher tech your business gets, the lower tech your customer service and your values need to get.

And here's what I mean. And it's particularly important for this conversation because right now we're starting an internet business, correct? That's a high-tech business. And the intent of creating an internet business is that it creates a passive income for you. That business transactions happen, whether you're there or not, you are there or not, whether you are awake, whether you're asleep, that's very high-tech, and that's the whole intent of this business. And I want you to maintain that.

But the better you get at that and the higher tech your business gets, then the lower tech your values in your customer service gets. Meaning, what's a low-tech value? Say service with a smile, right? That might be one. Or a handshake or a pat on the back. Going the extra mile for your customers even after the transaction is closed, after the sale has been completed.

That can be a low-tech gift. could be, you know, a thank you card. It could be a phone call. And this is something I've adopted and embraced over the last couple years. And it's, for example, when people join the Epic Pro Academy, we try to call them right away and welcome them to the Academy. And we say, welcome. And here's our office phone number.

If you have any questions or anything, give us a call. We'd be glad to help. And that has done so much for our business because we have a monthly service. It's a monthly billing. and our customer retention is so much higher than the industry average. And I'd like to think that it's because of that. Because when we call people, they can't believe they're getting a phone call right now. And you have no idea how much that makes you stand out.

Not just amongst internet businesses or another real estate investor academy like mine. It makes you stand out amongst all society because very few people do that. And everybody's trying to go high tech. Everybody's trying to separate themselves from their business and create an automated business. just produces money and does it without them, of which we want. But if you want to keep it going, it is still a business and you have to treat it like one. And it's such an easy thing to do. Since all of the hard work is done, it generates the leads and it does the selling for you

and it collects the money for you and it deposits the money in your bank, like all those hard things, the things that make traditional business hard before the internet, now you get to do the fun stuff. You get to have a relationship with your customer. You get to go the extra mile and do fun things. It's fun to call people and listen to them, be excited about your phone call. They're excited to hear from you. It's not like you're calling them trying to sell them something,

which no one ever seems to want to receive those calls. But now you're calling just to say thank you. And they're like, that's it. You're not going to try and sell me anything else? No, no, no. Just calling to say thank you. And we appreciate you. And if you need help, here's our phone number.

I mean, just think, like right now when you go through, say you're calling the cable company, or calling the phone company, or you're a bank, and you've got to go through that phone tree. And it takes you 20 minutes to navigate that phone tree before you even get to a person.

And I don't know if you're like me, but sometimes I get rather irritated and I scream at those phone trees when they're talking to me, they're saying, you know, either say what you're trying to accomplish or press three. And you try and say it,

and they'll respond, I'm sorry, we did not understand. Please say that again. and you just, oh my God, my temperature is rising, just thinking about it and how irritating that is. But how much more business would you give, if you just knew, if you called the phone company or you called the cable company or you called your bank, wherever it may be, and an actual person responded and answered the phone again.

In today's time, in today's day and age when everything is automated and computerized, it would be so refreshing that you could talk to somebody and just get it done. and get it done efficiently without having to, you know, just that personal feeling. It's still people that we're doing business with. Understand that. Even though you may just be connecting over the internet, it's still people that you're dealing with. And it really sets you apart and it's worked for us. And our business is actually booming, has grown so much that this is part of the reason for this expansion, part of the reason for me creating this new studio and part of me creating for creating office space and making room to bring.

other people on is because in the last six months or so, the business has been growing so much, we haven't been able to keep up with checking in with the people. And I have to get back to that. And that's part of this. And that starts again today. And we're starting to implement that again. So I really recommend that because I've seen a significant difference in my business. And I look at my numbers.

I look at my statistics, my conversion rates and my retention rates, so much higher than the industry and industry standards. And I owe it all to our customer service, a really low-tech customer service. Okay? So I went a little bit long on that one, but that's one I'm really excited about because it has really boosted my business.

And if you want to read more about that, this is where this actually came from. Gary Vaynerchuk, I don't know if you've heard of him or not, but he has a book called the thank you economy. The thank you economy. And he's a really big advocate of this type of business, and he has a very successful business because of it.

I mean, if you follow him on Twitter, You'll see how he interacts with his Twitter followers, and very different than probably other people that you, or other companies or businesses that you're following. And so it's a good practice to just follow him and watch how he interacts. He's got another book. His first book was called Crush It, and it was actually about creating an internet business.

So I would recommend that one as well. So if you have the means or the time, the resources, try and get those books. Crush it and the Thank You Economy. They've done wonders for my business. All right, number eight, take risks. I think this is really, really important. You know, risk, the word risk gets kind of a bad rap.

It has somewhat of a gambling type nature or gambling connotation to it. And that's not the type of risks I'm talking about. I want you to take risks. I want you to keep on taking them. And in today's world, the biggest risk of all is not to take any. I mean, not reckless risks. Okay, that's not what I'm speaking of. I'm speaking of responsible, calculated risks.

those that risk nothing, in my opinion, they risk everything. Think about it. And if it makes sense, go for it. Think about what you want. Think about what the risk. And if it makes sense, if it's going to propel you for it, it's for the greater good, just go for it. And then stay in motion.

Stay in motion after you make your decision, after you've taken the risk. Because it's not always what you decide to do that makes it a good decision. It's not always what you decided to risk that made it a good risk. Oftentimes, it's what you do after you made that decision that made it a good decision. Oftentimes what you did after you took the risk is what made it a good risk. But you got to stay in motion. You can't just take a risk and boom and let's see what happens. And a lot of people do that and they say, see, I told you I shouldn't have done that.

Don't do that. You got to stay in motion. You got to keep moving. It's impossible to steer a parked car. I love that saying. It's impossible to steer a parked car. So you've got to put your foot on the gas, leave it on the gas, and now manage the obstacles of the road. That's how you take risks.

Think about what you want. Calculate the risks. Think of how you can manage the risks and then take action and keep your foot on the gas and just manage the obstacles. Okay? Make your tiny little adjustments and stay in the center of the road. Right? Take risks. Big deal as an entrepreneur.

Number nine, invest in your development. invest in yourself. Never stop learning, never stop reading, keep investing in your environments, keep looking to, once you have a role model or a mentor, once you have that and you feel you've made a certain amount of progress, hey, keep your eye open for the next role model, the next mentor, because there is no ceiling.

And there's always someone that's accomplished more, that's achieved more. And if you aspire to achieve a whole bunch, then that's going to be a path for you. It's certainly one from me. I've had a habit of, you know, I find a mentor or I find a role model or I just make a friend that's doing something that I want to do. And I assimilate rather quickly. And once I achieve that or I've assimilated and I'm doing what I set out to do, I have often found that the person that I was modeling has then looked to me for advice and look to me for guidance and look to me for the tips. and the experience and stuff like that.

And that's happened. And that's going to happen for you, too, if you adopt that practice. But once you get there, you know, there's more to do. It's time to look for the next role model. It's time to read the next book. It's time to attend the next seminar.

It's time to just keep on developing yourself. Don't ever stop doing that. And, you know, if you don't, I mean, let's see. Should I say, as you're learning, make sure you actually implement what you learn as well, though. That's really important. You got to do. If you don't, there really is no development.

Because a lot of us can get trapped into seminars, trapped into books, trapped into consuming podcasts and learning all this great stuff, but never actually doing anything with it. So you've got to implement what you learn, because if you don't, there is no development. So you kind of miss the boat on this one. Don't waste your valuable time by just merely consuming information.

By assimilating in communities and environments and attending these workshops and seminars and clubs, and meetings and, you know, make it worth your time. Make it worth your time by implementing the information and then start producing yourself, okay? You have to have a nice balance of consuming information and producing your results. That's number nine.

Number 10, this is a biggie, and this is one that's just starting to work on. Don't try to do everything yourself. Don't try to do everything yourself. Start removing yourself from the menial tasks as soon as possible. You want to get to a point where you are working more on your business than you are in your business. You want to work on your business more than you're working in your business.

With the ultimate goal being you're not working in your business at all. And that goal, with your focus on that goal, gets you much closer to that place of passive income or of the financial freedom that we're all after in this series. You know, you want to always be working on your business, but it's not dependent on your presence to work. If those envelopes aren't getting stuffed, then that means you're working in your business. If they're not getting stuffed without you,

then that means you're working in your business. That's something that somebody else can do for you. If someone's not working on the website unless you're there, then, you know, that's working in your business. You want to work on your business. You want to give plans or guidance to the person that's developing your website and say,

this is the direction we want to go and then let them run with it. Those are examples of working on your business. And one thing I would go back to number seven is one thing I'd recommend is you never stop interacting with your customers, never stop interacting with your clients. That is essentially, I mean, I guess that could be defined as working in your business, but that really is working on your business. It's staying in touch, and it's just being different. It's really standing out. It's being remarkable.

And in today's world where there's so much noise, you've got to be noisier. and the way you're noisier is you are different. And remember that we're all still dealing with people in our businesses. And that's one great way to be different. And it's just the way people should treat people anyway, in my opinion. But number 10, don't try and do everything yourself. Okay? So that's it for today.

I'm going to see you next week with a very special guest. He's an amazing person that has talked about a little bit, has catapulted my business to a place where I have more business than I can handle right now. I have more business than I can handle. And the next phase in our relationship is restructuring my business so that I can handle all of the opportunity that is coming my way. All the opportunity that is essentially, it's already here. I just don't know what to do with it.

I don't have the manpower to deal with it. But first things first. What we're going to do is we're going to begin by discussing what there is for you to do so you too can create more business than you can handle. It's a good problem to have, but it's still a problem. But I'd rather you have that problem than not enough business to, yeah, you have too much time, too much handling for the business, if that makes sense. So that's what's up for next episode deal.

Good. All right. God loves you. And so do I. I am Matt the Doover Guy Terrio. And I will see you on the next episode of your doover. That's it for today. If you enjoyed this episode of your doover, please take a moment to visit iTunes and leave a comment about the show.

Thanks for listening. and see you next time at your do-over. Do-over. This podcast is a part of the C-suite Radio Network. For more top business podcasts, visit c-sweetradio.com.