Epic Real Estate Investing - 3 More Big Mistakes Matt Has Made in Real Estate | Episode 219

Episode Date: August 29, 2016

Missed opportunities are some of the biggest mistakes we make as real estate investors. If you are thinking small in the face of big possibilities, or hesitating out of the gates, learn how to push aside the fear and act now to achieve your potential. Share Matt’s wealth of knowledge and depth of experience so that you don’t have to make the same errors on your journey. Matt did it and you can too. Try, fail, learn, grow, try again.  Enjoy! ------- The free course is new and improved!  To access to the two fastest and easiest strategies to a paycheck in real estate, go to FreeRealEstateInvestingCourse.com or text “FreeCourse” to 55678. What interests you most? E.ducation P.roperties I.ncome C.oaching Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terrio Media. Broadcasting from Terrio Studios in Glendale, California, it's time for Epic Real Estate Investing with Matt Terrio. Hello, and welcome to Epic Real Estate Investing, the place where I show people how to escape the rat race using real estate. Just got to shift your focus from making piles of money to making streams of money. Change that one thing just one time, and you are on your own. your way to financial freedom. It's not the most exciting path, but it is the fastest. And once you get there, life then becomes exciting. All righty. A little fired up. Can you tell? Yes, I'm very fired up. The epic intensive, it's just a, uh, just shy of a month away,

September 22nd and 23rd. We gave two free tickets away last week. And I gave you the task this, this past week, to give out one more just to make sure that we didn't forget anything. or miss anything or skip anything here in the office. And I asked you all to just go over to our Facebook page, Facebook.com forward slash epic real estate investing and vote for your favorite entry by clicking the like button. And I got to say, it was really no contest. You voted overwhelmingly for Reese O'Brien.

And so congratulations, Reese. You are the winner. And I'm going to go ahead. I'm going to read Reese's entry to you. And the question that the contestants had to answer was, why do you think working with me for two days, unmotivated seller lead generation, marketing automation, creative deal structuring, and leveraging other people's money can help you create a thriving real estate investing business? That was the question. And Reese's answer was, I would first like to thank you for sharing the wealth of knowledge that you do on your podcast at no cost.

I have consumed every episode that you have put out and the information that I have learned is invaluable. If I am granted the opportunity to learn from you firsthand at the Epic Intensive, then I assure you that there will be nobody there more motivated to learn as I am. Three years ago, on Halloween, 2013, I was involved in a car accident. About a mile from my house, a tree had fallen in the road. I am told it was stormy, really bad that night. Combined that with coming over a small hill, and it isn't surprising that I didn't even have a chance to hit my brakes. the tree hit the top of the car, broke off, and impaled me through the left side of my head. I survived.

My vision and senses of smell and taste did not. Yes, I am now totally blind. Bear in mind that I tell you this for context, not seeking sympathy. We have all faced adversity. Mine is just different than yours. Even though I survived the accident, this could have been the end of my story. I could have sat home and just collected a social security check. This would have been acceptable, even expected by those around me.

What else can a blind man with two senses accomplish? No, I did not seek to play the piano, nor did I aspire to work in a sewing factory. I sought to learn how to invest in real estate. In 2014, one year after my wreck, I taught myself to use an iPhone again using a setting called voiceover. Believe me, it's not as easy as it sounds when you can. can't see the touchscreen. It's, yes, I believe you, Reese, because sometimes it's not, it's not easy to do that, even when you can see it. I proceeded to absorb any information that I can find on real estate investing. I soaked in every blog, book, or podcast I could find. At the time,

I had no knowledge of Braille. In fact, I didn't even have training with a white cane. So as I sat at home restricted from the world, I devised a plan to get my first property. I started saving every penny I could through 2015. Well, as much as possible with my disability check. Then I applied and received multiple secured credit cards. I maintained small balances and made every payment on time and began to build credit. In February of this year, after six months of hassling with the mortgage broker, I was able to close on my first property. Still with no training of the white cane, I held the arm of a friend to be guided while looking at properties.

At the time of me writing this, I am now 21 years old. I finally got mobility training with the cane, but I've still hit a roadblock with real estate that I haven't been able to overcome like I have both. blindness. Banks won't give me another loan with my DTI being so high from my first property. I am unable to use rental income due to not being a landlord long enough. This has now pushed me into wholesaling so that I can receive enough income to acquire more rental properties. At your Epic Intensive, I would be able to learn where I am falling short with generating leads. Your knowledge of automation would not only give me a better chance of success, but also allow me to

focus my time on other aspects of real estate investing. I would also be able to learn more from you about subject to and seller financing, two additional avenues that I believe could get me through the roadblock I am stuck at. Lastly, if I could master the leverage of OPM, other people's money, I could accelerate my investing career and have my second property without the issues I'm currently facing. It would be an honor to be able to come learn from you. Thank you for the consideration. So, Reese, thank you.

Thank you for sharing that with this. It's inspiring. You are the winner. And I'd absolutely be honored if you'd be my guest. Melissa, she's going to reach out to you to get you all set up. All righty. So if you'd like to attend, if you'd like to attend, I'd be honored to have you too. You can go to Epicintensive.com for all the details, September 22nd, 23rd.

Redondo Beach, California. You can attend the biggest real estate investing event of the year. And you can come out and. hang out with me, my team, Academy members, Rockstar clients, and Reese, right? And the VIP upgrade tickets are going fast. And by the way, Reese, I'm going to throw in a VIP ticket upgrade. So you can have one of those. I believe there are less than 10 left. VIP tickets, they get you closer access. They let you cut in line. They get you a seat at a private dinner with me, with my business partners, all the Rockstar Academy members and the Epic team and a whole lot more.

And normally you'd never hear about this because we only open it up to an existing list of ticket holders. Well, those seats are almost gone. So if you want in, you need to get your seat now. All right? And you'll notice when you go to the page, epicintensive.com, you won't see anything about the VIP upgrade. You won't see it on the page. That's because it's only available to existing ticket holders. But after you secure your standard seat, you will be given the opportunity to upgrade to that VIP ticket on the very next.

page. All right. So that's how it works. And, uh, but if you don't see the VIP upgrade page after you buy your standard ticket, that means we have sold out of those VIP tickets. So if you want to be a VIP, then secure your tickets now before they are all gone. Go to epicintensive. com.

All right. So let's get on with today's show. I know that took a minute to get there, but I did want to read to you Reese's contest entry. I found it inspiring and I thought you might as well. All right. So last week, I shared. the three biggest mistakes I've made in real estate.

And it was a very popular episode. I don't know what to make of that, whether you were curious or you just wanted to hear about the times where I've fallen on my face. I'm not sure. But very popular episode. And I want to say thank you to Mr. Rob Mason, who actually requested that topic. Rob lives in England. And he's serving in the U.S. Air Force.

So thank you, Rob, for your service. And Rob's going to be back stateside in October. So hurry back home, Rob. And thanks again. Now, that episode had me thinking all week about the mountain of other mistakes I've made. Yes, there were more than three. And there's certainly enough there to probably fill a few more episodes. Certainly one more episodes.

So that's what we're going to do to cover. We're going to cover that right now. We're going to cover three more of my biggest mistakes investing in real estate. and, you know, those, the ones from last week were very much of a financial nature, the giant financial mistakes. This week are more of, I guess, you know, missed opportunity mistakes. And the first mistake would be thinking small. Just thinking small.

And what I mean by that is, I got started, like so many people, wholesaling properties. But I got started so small. I wasn't even wholesaling my own properties. I guess they'd call it co-wholesaling now. They didn't call that then. They didn't even call it wholesaling then. I was just finding buyers. But I got started wholesaling other people's properties for referral fees.

I get $1,000 here, $2,000 there. Maybe on a good day, I got $3,500, $3,500. And that was a lot of work. That took some hustle to go out and wholesale other people's properties like that. And a decade later, here I am. You can add another zero to those numbers at least. And in some cases, two zeros. And you know what?

It's no more work now than it was then. And it's 10 times, sometimes 100 times the paydays I was receiving then. I mean, in fact, in many respects, it's less work. It's easier. I mean, the higher you climb up that socioeconomic ladder, I mean, the cleaner, the air you're going to find, the better, the view that you're going to find. find and the less crowded it is, the less competition you're going to find.

So I wish I would have started in this business thinking big, or at the very least not waiting so long to think big. And I guess it's kind of like, it's kind of like that everywhere, really. I mean, there's a family friend of ours. He employs thousands of people. And I remember him telling me one time that he gets 10 times the job applications for the low-paying jobs than the high paying ones. Ten times.

I'm telling you, the air is cleaner. The view is better and it's less crowded at the top. So I want you to think big, okay? Don't make that mistake. Don't make the mistake I did by thinking small. And even if you're starting small, that's fine. Just don't stay there, right? Move your way up.

It's no more difficult. All right? It's just another zero or two on the paper. But the work is the same. And when you move up that ladder and you move up that pay scale, so to speak, I guess we can call it, it's actually easy. The people are nicer. They're smarter.

They're easier to get along with. It's easier to close deals up there. All right. So think big. Number two, undervaluing what I brought to the table, undervaluing myself. Specifically, thinking because I had very little money when I got started. I had the credit score.

Like, I was just embarrassed. I didn't even know they could go that low. I mean, after my record label went bankrupt. And after a divorce, I mean, credit was. devastated. And so because I had very little money, very little credit, my value was less in the transaction. That's how I felt. And for a long time, I routinely undersold myself. It took me a long time to actually think more of myself. My self-worth and what I thought of myself was very closely tied to my financial situation. And so for a very long time, I routinely undersold myself.

I mean, I was just, I was just grateful to be a part of the transaction. And, and, and I was just, I was just, I was just grateful to be a part of the transaction. And looking back, what I actually brought to the table, the ability to find deals and negotiate, looking back, that was the most, and it still is the most valuable piece of the puzzle. It's why I now teach people to find the deal first. I know that's what you got to do first. You got to find the deal first. Worry about the money second.

People don't get started in real estate because they don't think they have the money to do it. Don't worry about the money. Go out and learn how to find deals. because if you find deals, the money's going to find you. You don't even have to look for it if you're good at finding deals. In fact, look at this way. Rather than asking your next lender what they charge, whether that's personal lender, a hard money lender, institutional lender,

whatever it is, rather than asking them what they charge, I want you to tell them for your deals, this is what I pay. If you want my deals, this is what I pay. Do you want in or not? Try that. Try that and see what happens. The guy or the girl that finds the deals, they run the show. Stop undervaluing yourself if you feel like you're bringing little to the table,

especially if your pockets are a little light and your bank accounts a little light and your credit scores a little damaged. You have the ability to bring the most valuable piece of the puzzle to the table, and that is learning how to find deals. Number three, waiting too long to get started. I mean, I kick myself every time I think of this one. I mean, I was a real estate agent for four years before I ever purchased my first property. And it wasn't, I didn't start one in my 20s.

I had been around the world a couple times. I have some life experience under my belt. I think I was 35 years old. 35? Yeah, 35 years old when I got my real estate license. And it was, I was 39 years old before I even started looking at investment property because I was scared. I didn't think I could do it. Sitting there representing people all day, every day, doing very well as a real estate agent,

representing people in their own real estate transactions, but scared to death to do it myself. I was so stuck in that real estate agent box. And a lot of, even if people that don't have real estate licenses and don't have that experience, a lot of people live in this same box thinking because of my credit score, what was so low, I could never get a loan. And if I were to ever buy a property, I'd have to pay cash for it. I'd have to save a bunch of money and pay cash for that was the only way I was ever going to buy a property because my credit score was so low. I thought that was the only way to do it.

And you know what's funny? That wasn't that long ago. I mean, we're talking 10 years, maybe 11. And by just investing in a little bit of education, no, 11 is less than that, like eight years ago. Yeah. And just by investing in a little bit of education, I learned how to acquire real estate and other creative ways. and a decade later, eight years later, with almost 100 rental units to my name. And you know what?

I don't have a bank loan on one of them. In fact, I'm buying seven properties this month and still using zero of my own money. And it's not the bank's money either. And you know what? I've got money now. I could go out and buy these properties, but I don't have to. I've got money. I don't have to use it because I learned how to do it without it.

So why would I start now, right? That's one that just gives me some confidence and comfort moving into the shifting market as well. Don't wait to get started because you don't think you have the resources. You don't think you have the talent. You don't think you have the finances, whatever it may be. Don't wait. Once I learned how to do it and we're moving into the shifting market, you know, I've got more ways of purchasing property than just using bank loans.

And I have multiple ways of profiting from properties than just wholesaling. Somehow that's what real estate investing has become over the last few years. wholesaling. It's what every guru is teaching. And that's why I wasn't even going to do any more live events. I mean, who needs one more person out there teaching people how to wholesale or how to flip properties? I mean, there's only so many ways that you can teach that, right? Who needs one more person out there teaching it? But then, as this market is shifting and as inventory is shrinking, as response rates from direct mail are plummeting, I felt inspired to put this epic intensive back on the calendar because it wasn't there for a while. Because now I can share something,

that no one else is talking about, how to survive and thrive in a different type of market, the type of market that we're moving into, because we've been in the exact same market for about eight, nine years, seven years or so. So we're moving into something different. And if you've just been investing for the last two, three years, you just got started, you're going to have a whole new education coming your way. So if that resonates with you, I want you to be there at the Epic Intensive on September 22nd, 23rd. And with your ticket, you get a free annual platinum membership to the Epic Pro Academy. And the reason I'm doing that, the reason I'm giving away a one year's membership with each ticket is I want you to be coached up by the time you get there. I want you to be

prepared for the type of advanced techniques that I'm going to be sharing with you. The type of techniques that has this month, the month of August being our best month in the last 12 months. So I think there are only 20 or so tickets left and just 10 of those, less than 10 or right at 10, have the VIP upgrades. And I'm sure they'll be gone this week. So what I'm going to be doing, I'll be resuming normal episodes next week because the tickets are going to be gone by next Monday anyway. And so you won't be hearing so much promotion for a while, actually a very long while. So take the lessons from today, though. Don't be afraid to think bigger.

It's actually easier to think bigger. Don't undervalue yourself. You bring more to the table than you think. And don't wait so long to get started or even get restarted. Don't wait so long to take your investing up to that next level. Don't take so long. And join me at the Epic Intensive. Go to Epicintensive.

Go to Epicintensive.com, get your tickets. All right. That's it. Promotions here on the podcast are over. So until next week, God bless. And to your success, I'm Matt Terrio, living the dream. Come to Redondo Beach next month and live the dream with me. You've been listening to Epic Real Estate Investing, the world's foremost authority on separating the facts from the BS in real estate investing education. If you enjoyed this show, please take a minute to visit iTunes and share your thoughts. Thanks for listening. We'll see you next time. here at Epic Real Estate Investing with Matt Terry O. This podcast is a part of the C-suite Radio Network.

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