Epic Real Estate Investing - 5 Steps to Starting from Scratch | 905

Episode Date: January 22, 2020

Regardless of what goals you want to accomplish, there are 4 steps that cannot be avoided, and there's a fifth step if you want to achieve them FAST! Stay tuned as Matt shares the 5 steps that will accelerate your progress when starting from scratch. 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-Ase.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.

During an era where countless people, businesses, and organizations are feeling the pinch, running out of of time, running out of money, losing confidence, feeling as if life is unfair, praying for another chance, and unless something is done, life is going to pass them by. Fortunately, in the nick of time, there is now a place where the ignored, underestimated, and unknown steps to producing results, and making life work are revealed, save your career, Save your business, save your health, save your relationships, save your life. Get from where you are to where you want to be, faster, and with greater ease than you ever thought possible. Say hello to your do-over.

Welcome to your do-over, the place where I show people who want more out of life, people dissatisfied with their current situation, how to start over and begin a new life, setting goals and objectives so they can create wealth and live. life to the fullest. How's your 2012 working out so far? Because this is the year, the year to jumpstart your do-over and download the three pillars of creating the ultimate do-over for free at free do-over.com. It's a 55-minute MP3 audio program that I made just for you with three specific steps on how to get success as you start over.

And it's yours for free at free do-over.com. Okay, so on today's episode, I want to share with you what I've been up to all month. As you know, I had Jay and Sterling from the Internet Business Mastery podcast on the last episode, and coincidentally, the day I recorded their interview was the day that I launched my real estate membership website, the Epic Pro Academy. And I don't know if you knew this or not. Not sure if I even ever shared this in such detail, but the Internet business thing is a completely new realm for me. I mean, just a little over a year ago, I knew nothing, absolutely nothing about Internet business or making money online. I certainly wanted to create a secondary stream of passive income for myself,

as I had heard about countless others that had done it before, but I really had no idea where to start. I was very much in the same place with it as I was when I was moving from grocery bagger to real estate investor. I knew I wanted to be in real estate, but I knew nothing about it, nor did I know where to begin. I mean, it took me a while to figure out what part of real estate I wanted to be in.

I mean, I spent four years as a real estate agent before realizing that I was sitting on the wrong side of the desk. But it did begin as I want to be in real estate. And that is the first step of anything, knowing what you want. I mean, a couple of years ago when I finished my book, I knew I would be self-publishing it. And if I were going to sell any of these books, the Internet was going to be my best outlet for doing that. So I knew I wanted to be involved in Internet business somehow. I mean, as you're contemplating right now, what your own do-over is going to consist of. The first step is just clarity, knowing what you want.

Now, the Internet business wasn't a do-over for me, so to speak, but it was an endeavor that I was starting from scratch. So it had all of the aspects of doing over. I mean, less the emotional distress, I suppose, that can accompany a do-over. But the steps to succeed are the same. So first step, you got to know what you want. the second step you got to know why you want it and i wanted real estate primarily for the income opportunity but it wasn't just the money that i wanted it was

that i wanted to replace the feeling of having money that i is that's what i really wanted was the feeling i didn't know that then but now in hindsight that's really what i was searching for the feeling because i had previously had money when i was in the music business and that money gave me freedom it allowed me to sleep at night it allowed me to take care of the people i cared about most it allowed me to have a whole lot of fun. I mean, I missed that freedom. I missed the feeling that freedom gave me.

So that is why I wanted real estate, as I saw it as the best opportunity available to recreate the type of lifestyle that I had become accustomed to in the music business. And in hindsight, I think I was right. I think it is the best opportunity out there. I haven't seen anything better since or I haven't second guessed myself

or wish I would have jumped ship and tried that instead. So thank God it turned out to be the right path for me. knowing that why I want what I want will fuel my actual achievement of it, I had to define for myself why I wanted to have an internet business. I mean, there were a few reasons. I mean, first, I wanted to have control over distributing my own book. That was the initial interest. That was the spark.

And then as my real estate portfolio tended to build and get bigger, and I get to enjoy all the benefits of the residual income that that portfolio is creating, I wanted a secondary stream of residual income. And the internet can provide that. But when I got deeper into why I wanted an internet business, as real estate investing was getting easier and easier for me, I think I actually just wanted something else to do. I wanted a new challenge.

I wouldn't say that I got bored with real estate, not by any means, still love it. Business is as good as it has ever been. But like anything, if you do it enough times, it does get easier. And the small little triumphs and the small little victories that you get to experience when you're learning something new, they become fewer and get further between. And I think I missed that feeling.

Again, there we are with the feeling, right? Now that I knew why I wanted an Internet business, I just wanted a new challenge. I wanted to do something new. I wanted to wake up and have a little slightly different activity during the day. I mean, now knowing why, I knew I had to move on to the third step. I needed a plan. And I remember with real estate that I created my own plan. And I thought the plan was just to go and get a real estate license and jump in that way.

I thought I knew. And I made that decision to become a real estate agent without even really asking anyone for advice or input. And it took a little over four years to realize that I created the wrong plan. I executed the plan, but I had the wrong plan. Now, being someone that hosts a podcast on learning from past mistakes to make sure that you don't make the same mistakes again over when doing over, I decided with the internet business that I was going to do some real research. I wasn't going to make that mistake again.

I wasn't going to create the wrong plan and figure out two, three, four years later that I had the wrong plan. And so I decided to do some real research and talk to people and collect many opinions and points of view from people that actually had internet businesses. And I started with reading when I jumped on Amazon.com and ordered a half dozen books. and then I jumped over to audible.com and ordered another half dozen or so books on audio. And then I started searching the podcast on iTunes. And since I didn't personally know anybody at that time that had an internet business,

I was particularly interested and attracted to the podcast episodes that had interviews with internet business owners. I took all of this information that I collected and I started to consume it. And I immersed myself in it. I studied it. I explored several types of internet business models and eventually was able to create a plan to develop an internet business that made sense for me. I knew what I wanted.

Then I knew why I wanted it. And now I had a plan to go get it. But, you know, I remembered something else from my do-over. I mean, even though I had all of that in place in real estate, and I'm referring to the real estate investing part after I got my real estate agent career behind me, I had a good plan in place there too, eventually. but I remembered what really made the difference for me was a mentor, was someone that I could look up to,

someone that I could ask questions of, someone that had been there before and done it. That's when my results really started to explode when I found that mentor. So rather than taking that, let's try it by myself for a while and see how it goes approach again, like I did with real estate, I decided to find an internet business mentor ASAP before I even took a bit of action.

I mean, that's how high on the priority list it was. was for me. And that's how I ended up becoming a member of Jay and Sterling's Internet Business Mastery Academy. They weren't direct mentors, but they were really good virtual mentors as their academy had a step-by-step system in place. So I joined and followed the steps, making modifications to my own plan that I already had in place, and really refined it and created something that was really clear. And that brought me to the final step. I had created the plan. I had planned the work. Now it was time to work the plan. So you might want to write this down. Step one, you got to know what you want. Step two, you have to know why you want it. Step three, you've got to

create a plan. Step four, find a mentor, and then go back with that mentor and modify your plan as needed. And step five, work the plan. And don't stop until you get there. I'm sharing this with you because my first endeavor in the music business, it was a long one. It really began when I was 13 or 14 years old. And I started making money from music when I hit, I don't know, age 19 or so. And then it grew into a real business over the next 10 years. And in the final two or two and a half years were where it really took off. So that success was at least 15 years in the making before I actually got to really experience the success part of the business.

Now, having learned countless lessons of what to do and what not to do in business, and not just in business, but what to do and what not to do even in life, I was able to recreate my life through real estate and about one third of the time. It was about four or five years. And taking the lessons I learned from my growth and pursuits in real estate, I've been able to create an internet business in just a little over a year. Now, I wouldn't consider my internet business a smashing success yet, but I'm not disappointed in the results by any means.

I mean, in the two weeks we launched the business, it was this month a couple weeks ago, following, I just followed the exact steps that Jay and Sterling had laid out in their academy. I didn't question really anything, because I had learned that mistake before, just go ahead and do it the way that the people have done it, said to do it.

I just did what they told me to do. In that little launch period of doing what they told me to do, I had 45 people joined the academy at either $47 a month or $297 annual membership, of which added up to a little over $7,000 or so. Now, like I said, I'm not considering this a smashing success, but it is far better than what I did this fast in the music business

or the real estate business. I mean, just one year from start to profitability. And this is certainly not to impress you. But it's just to demonstrate that there are steps to success. There are certain steps that you've got to take. And regardless of where you are in life or what your endeavor is, the steps, they are the same. You've got to first know what it is that you want. A lot of people walk around and have no clue as to what they want.

And then, once they define what they want, now you've got to define, they've got to define, I had to define why I wanted it, why you want it. And then you got to create a plan. You know, if you decide that you're going to go on a vacation this summer, you create a plan. you map out the route you're going to take you you map out the plane that you're going to fly and when it's going to take off and when it's going to land and what hotels you're going to stay in and if you're like me you map out all the restaurants that you're going to hit up you've got a plan so you've got to create a plan then you got to find a mentor and then you got to refine

that plan you know what would be such a bad idea to go if you'd plan on going to Paris and you'd never been there before wouldn't that just make sense to go and find a friend that had been to Paris and they told you where to go and where not to go and where to spend most of your time and where not to waste your time? Yeah, it works just like that in business. It works just like that on your vacation. It works just like that on anything that you're up to, anything that's worthwhile. So once you've got that plan and you've got that plan refined with someone who's been there and done that, someone that you know, you like, you trust, and you respect, then you've got to work the plan and you just don't stop until you get there. I mean, if you were on that vacation and the plane

delayed. Would you just give up and turn around and go home? No. What if that plane was flat out canceled? You go find another plane, another airline to get you there, wouldn't you? Exactly. Don't stop until you get there and there's going to be lots of refinement along the way. There's going to be lots of feedback of what works and what doesn't work. You can't get around that. I don't care how great your mentor is. You're still going to come up against that. And just don't stop until you get there. Insert whatever it is to what you aspire and just follow those same steps. And what you want will be yours too. And if you want to create an internet business, go to internet business from A to Z.com. And Jay and Sterling will get you there. That happens to be my

affiliate link, by the way. And Jay and Sterling will pay me a commission if you decide to join. But as always, I never promote anything that I haven't used and succeeded with myself. And if it's not an internet business that appeals to you, you can implement the same steps into whatever it is that does. It doesn't matter what it is. For example, I've shared with you several times on the show on how I've wanted to get back into shape. And these success steps, they work for anything, by the way. They're not exclusive to business. So I've taken them and I've applied them to getting back in shape.

I started that at the beginning of the year. I know what I want. I want to get back in shape. I know why I want it because I feel terrible when I'm not in shape. And I feel great when I am. And then I created a plan of how I was going to achieve it. And I've created several plans over the years, actually. but it wasn't until I finally got a mentor to assist me with my plan

and make the necessary modifications. Not until I did that is the goal of getting back into shape actually coming together. I mean, now all there is left to do is just work the plan. And I'm not going to stop until I get what I want. I'm not going to stop until I get there. And you shouldn't either, because that's how it works. And as right now of 30 official days working that get in shape plan,

yesterday. I officially retired three pairs of my fat jeans. They're gone. They're never coming back into the closet space. I'm documenting this entire thing, by the way, and I'll share it with you in the next couple of months once I feel I have accomplished what I set out to accomplish. But the point is today, the point is today for you. Make today the day you decide what you really want and decide why it is that you want it. Because that why is what's going to fuel your pursuit of it. It's what's going to ultimately be the reason that you achieved what you did. It's going to get you through the hard parts. It's going to get you through the frustrating parts.

It's going to make it all worthwhile. It's what's actually going to drive you and it's what's going to make it happen. And you can certainly do those two things today. You can define what you want today and you can decide why it is that you want it. And if you want to go for some extra credit today, start your plan today also. Now your plan, it might not come together in a day. Take some time with it until it really feels. feels right. In fact, I don't see anything wrong with collapsing steps three and four,

creating a plan and finding a mentor. I mean, if you're stuck on just creating a plan, you don't know where to start there also. Go ahead and find the mentor. As the mentor can help you create your plan. Now, I don't know if you heard on the previous episode, but Sterling had mentioned that he's a big proponent for seeking out mentors and paying them if you must. I mean, it's a real results accelerator. Get a mentor. And if you must hire one, And once you've got the plan, once you've planned the work, all there is left to do is work, the plan. And today is the day. Do it.

Do it now. Go. God loves you, and so do I. I am Matt, the do-over guy, and I will see you on the next episode of your do-over. Thank you for tuning in to your do-over, where the ignored, underestimated, and unknown steps to producing results and making life work are revealed. And remember, knowledge is potential. power. Take action on what you learn today. This is not your learnover. It's your do-over. To view the resources referenced in today's show and to retrieve a complete show transcript, visit www.

www.the-doover guy.com. Stay connected with Matt the do-over guy Terrio on Twitter at the doover guy and on Facebook at www.facebook.com slash doover guru. This podcast is a part of the C-suite radio network. For more top business podcasts, visit c-sweetradio.com.