Epic Real Estate Investing - Creative Financing No One Thinks About (Get Paid on Every Call) | 1223

Episode Date: August 2, 2022

A seller only has three options in how to sell their property: 1.          the investor option 2.          the cooperative option, or 3.          the retail option.  If you set your business up right, you should get paid with every seller you talk to. It takes some practice, but it's possible. With a lot of practice, it's probable. Listen and find out more!                                               BUT BEFORE THAT, Matt show you what digital real estate is and how to invest in it. Are you ready? Let’s go! Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terio Media. What is digital real estate? I mean, if you don't know, you better ask somebody. Oh, I guess that's why you're here. So let's get you some answers, because this real estate market is about to explode. You ready? Let's go. Welcome to the all-new, epic real estate investing show.

The longest running real estate investing podcast on the interwebs, your source for housing market updates, creative investing strategies, and everything else you need to retire early. Some audio may be pulled from our weekly videos and may require visual support. To get the full premium experience, check out Epic Real Estate's YouTube channel, EpicR-EI.TV. If you want to make money in real estate, sit tight and stay tuned. If you want to go far, share this with a friend. If you want to go fast, go to rei-Aase.com.

Here's Matt. So by the time we're done, you'll know what digital real estate is, why more. More and more people are taking it very seriously and even how to buy it if you're ready to take that step. And if it turns out to be just too much for you at the moment and you want to stick to good old physical real estate for a while, wait until the end and I'll show you how you can flip a house in just one day while using my funds to do it. Okay, digital real estate answering the question, what is it?

This has many different layers. So on a macro level, digital real estate is a digital asset, like a website. when you ask what is digital real estate, I imagine you're referring to more of a micro level with emphasis on the real estate part. And it's like this, investors, gamers, and everyone in between have recently become intrigued with a new virtual world called the Metaverse. And as the economy is presenting all sorts of uncertainty, forward-thinking people are looking to expand and diversify their portfolios with a new virtual asset within the Metavers, digital property. And to understand what digital real estate is within the Metaverse, you'll need a basic education

first on what this virtual world is. It was best explained to me by considering the internet as a vehicle to browse, while the Metaverse is a three-dimensional simulated reality. And it looks like they're on a course to essentially become one of the same. So this idea of living life and spending real money in a digital world is not a brand new one. You know, popular video games like Fortnite have generated billions of dollars in part by selling virtual skins to players for digital tokens. My 11-year-old spends real money in his Metaverse-type video game Roblox, watching him spend his allowance in there and recognizing the $1.9 billion of revenue Roblox generated in 2021, it has opened my mind to the possibilities. Having been in the music business when

Napster emerged, I dismissed the digital music download as something that would never catch on. swinging a miss on that one. And I wonder if I've been given a second at bat with digital real estate. Still, talking about the Metaverse today is much like talking about the internet in the 1970s. While a new digital world may be on the horizon, it's difficult for anyone to know exactly what it will look like. What is digital real estate? Because you've likely pieced some of this together by now and realized that we're talking about virtual property. You see, in Web 1.0, our digital real estate, our digital real estate, because you've likely pieced some of this together by now and realize that we're talking about virtual property.

Real Estate was your email address, your domain names, your websites and blogs. And Web 2.0, it was your social media handle and your mobile apps. Today, Web 3.0 is emerging and digital real estate comes in the form of virtual parcels, NFTs, and digital currency. Oftentimes, these digital parcels and plots in the Metaverse are listed as NFTs in a specific virtual world. Some of the most popular virtual worlds are Decentraland, the sandbox, and access. infinity, to name a few, and there are more, and many more are likely to come. These platforms are

creating digital carnivals, shopping experiences, land parcels, and houses. Like the physical world, supply and demand drives prices in the virtual world, too. While the worlds are digital, location still matters. For example, Snoop Dog is replicating his California mansion in the Metaverse on Sandbox, and someone recently paid $450,000 to be his virtual neighbor. So, where does a digital parcel come up with that type of valuation. At least that's what I was originally thinking. Well, digital real estate in the Metaverse has an expected market opportunity of $1 trillion. That's trillion with a T. And to compare the popular social media platforms have a market value of $15 trillion. In Decentraland, plots of land have increased as much as 500%. Some of the largest

sales in the Metaverse to date include Republic Realm's purchase of 792 parcels, the biggest ever purchase to date of $4.28 million. And then there's DeCentraland's largest land sale, where Tokens.com swooped up 116 parcels for $2.4 million, where they're going to host virtual fashion events and sell digital clothing. Like any investment, digital real estate exists on a scale of risk, where you could lose everything. The returns of getting in on a technology so early, though, could produce a fortune. I mean, imagine if you had invested in Google while it was still in Larry and Sergei's dorm rooms. That's the stage that we're in right now.

Or you could have invested in AskGeeves.com. Don't know what that is? Exactly. It's unclear right now who the winner is going to be in the Metaverse. There's a high probability. The winner hasn't even been created yet. But with the upside so potentially huge, people are starting to place their bets.

So if you're thinking that you might like to start to dabble, I'll go ahead and I'll give you some basic steps that'll get you started investing in digital real estate. Okay, so maybe you're ready. to take a peek and maybe make that first investment. Well, here are three steps to get you started. First one, pick a platform. Decentraland and the sandbox are probably the best places to start. Really, though, for no other reason, they're more established. And to me, that logic, it feels like they might be the safest places to start. Step two, choose a storage method. You see,

to purchase digital real estate, you need digital storage or a digital wallet. And the most common Metaverse platforms require the MetaMask browser extension to store your assets. That's your wallet. Step three, start shopping. Just like in physical real estate, it's all about location, location, location. So sort the results in your Metaverse of choice to find parcels by newest, oldest, lowest, and highest price. And once you select your parcel, bid for the plot at openc.io and wait for the seller to accept.

It was just a year ago. You could purchase digital real estate for hundreds of dollars. Today, you're going to need a few thousand. The future of this digital real estate is both exciting and uncertain. It's exciting to be in on something like this so early with such tremendous potential for innovation and profit. It's uncertain because the market is so new and it continues to evolve rapidly. I mean, maybe we are too soon, but I'm making some small bets that I'm willing to lose just in case. But I get it.

I mean, it's a lot to take in if this is your first time hearing about it. And if you're still considering whether digital real estate is the right thing for you, but you're still ready to make some quick money in physical real estate right now and say flip a house in just one day while using my funds to do it, I'll show you how you can pull this off in your market right now at matsfreetraining.com. We'll be back with more right after this. Boarding for flight 246 to Toronto is delayed 50 minutes. Ugh, what?

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Please play responsibly. Concerned by your gambling or that if someone close, you, call 186653310 or visitcomexontera.com. Hope is not a financial strategy. Let's get back to work. Hey, Boxstar. Got another live call for you today. I was doing a follow-up for one of my students. They brought me some of their leads that they had reached a sticking point on.

And so we're going to, together, we're going to try and unstick them. And so every time that I call a lead, whether it's mine or for one of my students, I have a goal. It's one of two things. I'm either trying to get a contract that has equity in place or I'm trying to get a contract that cash flows. And I always start searching for the equity. I start with discussing price with the seller because that's really the only thing that they understand. I mean, there's a very few people out there that'll actually understand the terms the first time they hear about them. So I always start with price. And if at some point we get to a place

where we can't reach an agreement on price, then I will shift to the terms. And so you'll see that here in this conversation. And when someone says no to terms, they're really only going to say no for one of three reasons. And I'll share those with you here in a second. But let's watch the call first. And then I'll go ahead and run down the three reasons that a seller would say no to this on. Hello, is this? Yes, sir. Hey, Glenn, it's Matt, and I work with Thomas. And I think you talked to him recently about the potential sale of your property on, what's that?

Yes, sir. Very good. Cool. So I'm looking at a bunch of stuff this week, and Thomas thought this might be a good fit. I don't know. He wrote me down some notes here, and I could barely read his writing. I've already called the wrong number once. His sevens look like ones.

Anyway, could you kind of bring me up to speed of where you're? you guys left off? Yes, sir. I can. I don't know what all he had asked me. Oh, got it. All right, well, maybe I can ask you then. Maybe I'll just, I'll pretend I'm Thomas.

How about that? Okay. Okay. So the general condition of the house, if you had to rate it between, say, a one and a ten, one being terrible condition, 10 being a just remodeled,

what would you say it lands? Probably about a seven. About a six or seven. Okay. Okay. I could rent it down. You could. So it's rentable?

Uh-huh. All right. And if you were to do that, how much do you think you'd get for it? I have no clue for that because I haven't rented it over two years. God, are you living in this house or is a vacant? No, sir. I don't live in it either. Okay.

So nobody's there right now. No, sir. Okay. Okay. Let's see. If you were to keep it, what do you think, I mean, if you were to keep another five years or so, what do you think of the first two or three things? you would fix right away?

Painting. Painting? Yes, sir. Okay. Well, that's easy. Anything else? No, sir, because I don't think it neaps that much. Okay.

Well, that's good news. Is there anything else you think I should know about the property? Oh, I can't think of anything. Okay. Well, actually, so far it sounds like something that might work for us. Why are you thinking about selling it? I just want to. You do.

I'm tired of it. All right. Tired of it? Well, you haven't rented it, so no one's living in it. You're tired of mowing the lawns? No, sir. I'm tired of messing with it because when I rented it out, the person didn't pay me for like six months. Those tenants, I hate it when that happens. We experience that all the time.

Great. So how long has this been a problem? How long have you been thinking about it? Probably about three or four months. Okay. Great. And you haven't called a realtor yet? anything? No, sir, I haven't.

Okay, have you considered it? Yes, sir. Okay. And you don't want to, or you're just waiting? I'm just waiting. All right. And you are waiting for what? Maybe I can make that happen for you.

I can't say that right now because I don't, I'm just, I can't say it right now. Okay, all right. If I chose to buy the property, am I going to need to pay off any taxes, liens or a mortgage? And so I'll pay them all up myself. You'll pay them off yourself. Okay. Very good. All right.

So I'm going to go ahead and follow up with Thomas and check the current market conditions. But do you have an idea as to what properties like yours are selling for? I can't say that right now either. You don't know or you can't say? I can't say. Okay. What's the lowest price you would consider for the property? 145.

145. Okay. Under the right conditions with that, they're all. be negotiable. No, so that part's not. That part's not. Okay. Very good. So I've got, we're probably between the six and a seven on condition, probably when he's paying. You've been thinking about this for three to four months, tired of, tired of deal with it, as that'd be tenants and how that is. And we're right around 145 and that's pretty solid. Did I miss anything? No, sure. I think that's about got it. Super. Thank you for sharing that.

So if I could wave a magic wand for you, what would you like to have happen? I've already told you what I'd like. Right? So you just want to sell it as what you're saying. Yes, sir. Okay. Would that be a later or a sooner thing? Sooner.

Okay. Perfect. All right. So if we're at 140, all right, it sounds good. I don't know if I'm going to be the right buyer for you, Glenn. And that's okay. I don't expect to buy them all. But if the market, I'll do a little bit more research,

if the market were allowed me to come up to your price, Would you be open to taking some money now and the rest later? You know, so I really need it all now. You need it all now. Okay. All right. Let me crunch some numbers. Like I said, I don't know if I'm going to be a direct person for you.

I'll certainly let you know if I am or I'm not. But just added your I see, and I've got some money sitting on the side, and I'm looking for places to put it. Do you plan on reinvest in this? I was just curious, like, picking people's brains these days where they're going to get a return. No, sir. I've got said areas I want to use it. Okay, very good.

All right. Let me check back with Thomas. I've got a few things here on my plate. I can only, is there at nine. The market is like shipped a little bit. I'm more busy than normal. Let me see if this is going to fit for us. I'd like to create a win-win solution.

That's all the way I worked. And I just got to see if we'll be able to win at this price. Okay. Yes, sir. All right. I will be back in touch, okay? Thank you. You bet, bye-bye.

All right, so we didn't get anywhere with that one. We didn't make much progress at all, but we'll keep following up. And I'll tell you in a second how we'll still, though, probably make some money here, as impossible as that may have sounded. But first, there are really only the three reasons that the seller will say no to terms. And the first one is that they don't understand. They're confused. They don't understand how it works.

It sounds weird. It sounds awkward. It sounds like a scam, particularly if they've never met you in person. and they don't understand the benefits to them. So that is one reason. They just don't understand. The second reason is they need the money specifically for something else. And that was definitely the case here.

He said, I need this money, this amount of money, and I know what I need it for. I got the set places that I'm going. So that's kind of where we got stopped here. But then the third reason would be is they're just not motivated. They don't need to sell. And that happens all the time. That's most of the time. Those are the calls that you're going to have are people that just don't need to sell it

in the way that you're proposing. But that brings me back to I will still probably make money here because we'll probably just end up referring him to our real estate agent in the area. That's always a good way to go when you've reached an impasse on your offers. And that's to really look at all of the leads that you talk to. You should make money with every single person you talk to. As long as you're armed with either, one, your investor offer, two, your cooperative offers, what we call it over here at Epic,

and three, your retail offer, as long as you've got those three offers in your toolbox, you'll always make money because those are the only options that the seller has. So if it's not working out for one of your offers, then, you know, pull it back. I'm not the right buyer and, you know, refer them to a good real estate agent, help them out and help them get what they want.

And if you set your business upright, you will win with all three of these options. And that wraps up the epic show. If you found this episode valuable, who else do you know that might too? There's a really good chance you know someone else who would. And when their name comes to mind, please share it with them and ask them to click the subscribe button when they get here and I'll take great care of them. God loves you and so do I. Health, peace, blessings and success to you. I'm Matt Terrio. Living the dream.

Yeah, yeah, we got the cash flow. You didn't know home for us. We got the cash flow. This podcast is a part of the C-suite Radio Network. For more top business podcasts, visit C-desweet Radio. com