Epic Real Estate Investing - 3 Easy Steps to Cash Flow| 1114

Episode Date: January 13, 2021

In today’s episode, Mercedes, the Turnkey Girl, shares the 3 little yet crucial steps that will allow you to create the BEST FINANCIAL VERSION of YOU! Thus, creating CASH FLOW and PASSIVE INCOME in YOUR WORLD! Tune in and learn these 3 key ingredients to make the most out of your real estate investing! Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terrio Media. So you want to be a real estate investor, but you don't want to do the work. If there were only a way where someone else could do it for you, now there is. Tune in here each and every Tuesday on the Epic Real Estate Investing show for Turnkey Tuesdays with your host, Mercedes-Torres. Hello and welcome, welcome to Turnkey Tuesdays brought to you by Epic Real Estate Investing. My name is Mercedes-Torres, the Turnkey. key girl and I am lucky enough to be partners in crime with Mr. Matt Terrio, the guy who created

the epic real estate empire. I help busy professionals create passive income through real estate investing so they don't have to work so hard and maybe even retire sooner. So this show was created to give you tips and real life experiences so that you too can create cash flow in your world. That said, for our repeat listeners, welcome back, my friends. Good to see you again. And for those who are just turning in to Turnkey Tuesdays, a very warm welcome to you. Happy New Year. Happy 2021 to everybody. It is the beginning of the year. And I'm going to share a few wise words of Plato. Plato said, the beginning is the most important part of the work. True. Very, very true.

We are at the beginning of the year. And while I'm not a big fan of resolutions, I do like establishing a few things that I will do different from what I did in previous years. And when I say a few things, I say a few, because I'm a few. they want them to be tangible. Now, in the past, I have set huge, unrealistic goals in a really short time frame, and I just set myself up for disappointment because I was unable to achieve these monstrous goals. So now, in my older and wiser years, I set realistic, more tangible goals because I find that they do so much more. And over time, they create that big goal that I was trying to get at.

That said, what I've learned in life is people remember the beginning of something and the end of something. The journey sometimes gets lost. But the beginning is essential because it lays the foundation to what you're trying to achieve. what you're trying to accomplish. It helps with the vision of which in turn helps create the momentum that over time will build ultimately what you're trying to build. It's a chance to start over. And what many have just experienced this crazy last year, some of us, many of us, need a fresh start, a chance to reevaluate, reassess, if you will, and start creating what we have

not been able to create yet. So, this is a chance to start creating new achievable goals, new habits, so we could create what we've not been able to create thus far. We may have gotten a bit derailed last year. So if you did not meet your financial, cash flow goal last year, and you want to create that passive income that you know is possible, you need to set yourself up from the get-go in such a manner where regardless of what life throws your way, you can make this year the best financial year ever and start creating that cash flow that you know can make a difference in your world. So, I'm I want to share just three little steps that will allow you to create the best version,

the best financial version of you so that you can start creating cash flow, passive income and wealth in your world. So let's dive in to number one. Number one is you must prepare yourself and prepare yourself for high performance in that specific field. So what does that mean? So that means you really want to dive into the strategy that you've chosen. Now, for example, if you are choosing to create passive income with creative financing, then you really need to dive into the world of creative financing and dive into it that you become an expert. Now, you're not going to become an expert overnight, but you can

really dig into the world of creative financing by looking into specific mentors or specific people that are doing it and copying it. Same thing goes for fixing and flipping. If you decided that you wanted to make money with fixing and flipping, dive into that particular flipper that you want to become and dissect it and work it backwards. Focus and prepare yourself accordingly. Now, study it and create an automated system that will allow you to submit offers for the criteria and the end goal of achieving that creative finance house or achieving that fix and flip. You want to create it so that it happens automatically in your mind. So it's going to take a lot of studying, a lot of preparing. You really want to take the time to dive in and learn it for yourself.

This can mean that you can, you know, take an online course or it can mean that you join a local media. Whatever it is that you choose to do to help prepare you, you need to exercise it consistently. And more importantly, you must believe that you can do it. You know that old saying that Ford said, whether you think you can or you think you can't. You're actually right. So you really have to prepare yourself so that it creates the confidence in you that allows you to believe in yourself. Letting go of old habits is critical because they're not serving you. and diving into the preparation of whatever you're taking on is going to mean that you might have to

sacrifice your downtime. You're sitting in front of the TV eating Cheetos. That time is now going to be directed to preparing yourself and diving into that new endeavor. Cool. Number two, choose the most realistic goal pertaining to cash flow and focus on. What I have found with people that I've worked with is those people that have really specific goals and timeframes, those are the ones that achieve success. The individuals that come across my world that don't have a set realistic goals are the ones that are setting themselves up for failure. So when you're making this goal for yourself, be very specific. as specific as you can possibly be and be realistic. So let's just say that, you know, you want to

retire yourself and you make $5,000 a month. And your goal is to replace that salary. Start small. Start with saying instead of making $5,000, let's just make $2,500 and let's make it this year in passive income. that's a little bit more realistic than saying I want to make $5,000 in passive income in three months. So being ambitious is great. Don't get me wrong. But you can't achieve a goal if, number one, it isn't clear. Number two, you have too much on your plates that you cannot possibly add on another thing. And number three, if it's so big that it just can't happen in a short, allotted time,

It's not great. So if you're new, don't be afraid to ask for help. Don't do it yourself. There's no need to reinvent the wheel because trust me, there are many people out there that have done what you want to do. Go learn from them. Go learn from their mistakes. Now, long-term financial goals are good, but short-term, smaller goals are more tangible and

they're going to help build momentum. Achieving these smaller goals do so much for you, not only for your psyche, but at the end of the day for your bottom line and ultimately will help you achieve that goal. Oftentimes, we look at just closing the deal, for example, but we forget that along the way, Along the journey to cash flow, there are a whole lot of stops. There are stops like sellers and escrows and turnkey companies, insurance carriers, lenders, I mean the gamut. And the beauty of these stops is cash flow or the creation of cash flow. It's a long-term strategy that will be around for as long as you nurture it.

So while you travel the journey of the deal or the journey of the creation of your wealth, celebrate the wins, celebrate the connections, because building cash flow and building wealth, it doesn't happen overnight. And I assure you, you will need all of these people, all of these people during the stops of your journey, you're going to need them again. Number three, systems. Create systems to achieve your goal. It is really hard to accomplish anything if you do not have any systems in place to help you achieve your goals. Now, creating cash flow is something that requires four elements. You're going to need time, knowledge, credit, and money. And although you need these four components to make real estate happen, to make cash flow happen,

these four components don't all need to be yours. In other words, you don't need to have all four. You'll need all four of them, but they don't all need to come from you. For example, you may be new and you may not have time to find a deal and to rehab. it. It would be smart to start with a turnkey provider, for example, a turnkey provider that does all the work for you, because that's what a turnkey provider does. Or you may not have a lot of money, but you have a lot of time and you have the knowledge. You've done a couple of deals. So in this case, you'll find a money partner where you do the work and the partner brings in the money.

I read a book called Atomic Habits by James Clear, who says, you do not rise to the level of your goals. You fall to the level of your systems. And I couldn't agree more. Your systems will show you if you're performing and if you're not performing, why you're not performing. It'll absolutely help you meet your goals. And when I say a system, I don't necessarily mean, a computer program of some sort. I mean, it could be. But what I mean by a system is, if you're new, it could be like a mentor or a coach that guides you and supports you. Or it could be an accountability

partner that makes you do the studying at a certain allotted time because that accountability partner is also in for the same program. Or it could be a program that you follow. You buy a program online and you consistently work that program every night for 30 minutes. It could even be a community of people like a real estate investing group, a RIA group, where everyone holds each other accountable. It's important that when you set a cash flow goal that you have something to keep you on track and something tangible to keep you on track. At the beginning of something, You're always kind of full of excitement and motivation to achieve the goal. And your systems will help you stay on top of your goal.

Because when things get tough, you'll need accountability or something to bring you back on track. So I decided to do something a little bit different. And I reached out to several class clients to kind of ask them a question of about what cash flow has done for them. Now, I reached out to my clients via email, and I'm going to read a couple of responses for you because these clients that I'm about to share what they've said, I had conversations with them very early on in their endeavor,

and they started with zero properties. So I reached out to Enrique of Redondo Beach, California, asking him, what has cash flow and the creation of cash flow done for you? And Enrique writes, cash flow has made me a horrible employee. Ever since I started growing my passive income, I've had much less incentive to go above and beyond at work. I call myself the bare minimum employee. My company recently underwent massive layoffs, like most of us, have never seen before

in our lives and never really expected. And I saw a lot of people with sweet, secure jobs making over $150,000 per year, suddenly having to reapply for their jobs and so many were let go. Some were offered packages for early retirements, but others got nothing. I saw so many people nervous and stressed out. And it was actually really sad to see. Fortunately, for me, I, I wasn't stressed at all. I was actually hoping they would offer me a package. We would have easily invested the package into more cash flow real estate and move right along with our lives.

Rental cash flow has made me financially comfortable. Now, that is Rike, and Rike and his wife work for a big company in. in Redondo Beach. And he came on board and had just huge visions of retiring himself. And what I did with Enrique was I narrowed it down and I said, let's just start with a couple. Enrique now has, I believe, and I may be wrong. So Enrique, if you're listening, please forgive me. I believe he has 16 properties. So my congratulations to Enrique. And I love what it's created for you. By the way, Enrique is still employed. He's still a W-2 employee, and his goal is to retire at the end of this year. So he just had a baby. Congratulations to Enrique and his baby. One thing that I learned is in California,

you get a nice paternity package. He was able to exercise his paternity package and them some because of his cash flow. So congratulations to Enrique. And then one more client by the name of Omar in Pasadena. He wrote to me, When we first spoke Mercedes, I only had one rental in Southern California after making the mistake of selling the rest of my portfolio a few years earlier. Since then, I've picked up seven properties in Birmingham with your help and expect to keep picking up properties until I'm able to retire myself. It's a rewarding experience watching the cash flow continue to continue to keep picking up properties until I'm able to retire myself. It's a rewarding experience watching the cash flow continue to grow and see myself inching closer in closer to financial freedom. Omar, congratulations. That makes me so, so happy. Omar originally

came to me with a partner. They bought their first property together and then they started branching out on their own and I'm happy to report that both Omar and his partners are continuing to add to their real estate portfolio getting closer and closer to financial freedom. So just like my clients, Omar and Enrique, you too can create passive income in your world. And it starts with one property and the desire to do something different. So get going. Here are the three components that you need to start creating cash flow in your life. Number one, you must prepare yourself. Decide on what the goal is and create a plan to make it happen.

There's nothing better than preparing yourself. And if you are not going to prepare yourself, jump on the bandwagon of someone or something else, like a turnkey operation. Number two, choose the most important, realistic goal. Remember, when setting goals, you've got to be. want to have an actual number and an actual time frame that's tangible within your reach, within the next year. Realistic goals are key to creating the momentum that leads to success. And finally, number three, rely on a system. Again, the system could be a coach. It could be a community. It could be a turnkey provider. Anything that will help you start

preparing that cash flow in motion. And if you need our help, do not hesitate to reach out to me and our cash flow savvy team. We will be happy to hold your hand through the entire process, because our goal is to help you achieve your goal. Ladies and gentlemen, that is it for today. I look forward to hearing from you and seeing you on our next episode of Turnkey Tuesday, where cash flow is keen. If waiting for your investments to grow feels like waiting for pink to drive, there's a powerful secret

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and double, triple, or even quadruple their returns. And it's yours for free. For the secret your financial planner doesn't want you to know, go to cashflow savvy.com. That's cashflow savvy.com. This podcast is a part of the C-suite Radio Network. For more top business podcasts, visit c-sweetradio.com.