Epic Real Estate Investing - Epic Cash Flow Jump Start | Financial Freedom Friday

Episode Date: April 4, 2014

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It's time for Financial Freedom Friday with Matt Terrio. You know, recently I was at a workshop where I heard Kevin O'Leary speak, you know, Mr. Wonderful from the hit show Shark Tank. And of all the great financial and business wisdom that he shared in the 30 minutes or so that he was on stage, there was one thing that really stuck with me. He shared that, you know, just about everywhere that he goes, he gets heckled to some extent that he's greedy for money. You know, due to the types of deals he proposes on the table.

TV show. And if you're not familiar with the show or his offers, you see, when he proposes to invest in someone's business, he always asks for a royalty in perpetuity rather than equity in the business. And Mr. O'Leary, he went on to say that it may appear to the uneducated investor that he's greedy for money, but to the experienced and disciplined investor, they recognize he's greedy for something much different. He's greedy for freedom. And in fact, those were his words of advice to the audience. He said, don't be greedy for money. Be greedy for freedom. And he went on to explain very much what I share regularly on this show. You see, we now live in a society of which money is no longer money. You see, the value of cash, it's reduced by the day

due to the amount of money that the government continues to print. Cash, it doesn't provide freedom like it once did. Equity in a company doesn't provide freedom like it once did either. What does provide freedom today are dividends. That's what it's called in Mr. Wonderful's world. In our world, right here, the world of real estate, it's called cash flow. So it being Financial Freedom Friday, and if it's freedom that you want, let's jumpstart your cash flow journey with five simple principles. Principle number one, begin with the end in mind.

Now, this is time-honored wisdom that applies to, just about any endeavor, and the endeavor of creating your financial freedom is no different. There are many people out there investing in real estate. A lot of people know how to invest and make some money, but a far lesser number know why they are investing for that money. And when I mention why, I'm not referring to their greater purpose or their motivation for investing. I mean, although that is important, that's not what I'm talking about here. I'm referring to why you chose to invest in property A versus property B.

You see, both might make you money. Both might be good deals. They both may, you know, generate a profit. But both won't necessarily move you closer to your goal of freedom. Without a plan in place, choosing which

deals to take will always be a gamble. And we know you don't want to be a gambler, right? No, you want to be an investor. In other words, it's like this. You wouldn't pile your family in the car tomorrow morning and take off for summer vacation unless you knew where you were going, right? And if you did know exactly where you're going, you'd certainly have a map to get you there or you'd turn on your GPS, right? Of course,

it'd be silly not to. I mean, who knows where you'd end up if you didn't? But sadly, that's exactly how most embark on their real estate investing. They've got no destination in mind, no clear destination. They've got no plan in place on how to get it. get there. I mean, how could you have a plan in place if you don't even know where you're going? That's number one. Begin with the end in mind. Know where you're going and how you're going to get there. And when presented with deals, you'll know which one will get you to financial freedom the fastest. So you'll always be choosing the right deal. No more gambling. Principle number two. Be quick and nimble. You know, once you leave the planning stage for a real-world

execution. You'll typically recognize rather quickly the need for adjustments to your plan. When you do have to make some adjustments, take comfort that this doesn't mean you have a bad plan, but rather you're merely experiencing how swiftly market conditions can change. You know, one misconception about real estate investing is that there are good markets and bad markets. Not so. There are only up markets and down markets. And when the market changes, you must be quick and nimble to change right along with it. See, the game is real estate. You can always play that game. You can always win at that game even. Always. It's just that the rules of the game can frequently change. And when the rules change, you must change the way you play the game. By being quick and

nimble with your plan and actions, you will maintain a steady pace towards your freedom. Principle number three. Step back regularly. You know, if real estate is the game and being quick and nimble is your mode of performance, then this principle would be your timeouts within the game. I mean, it's easy to get consumed by the pursuit of the deal, the development of the deal, the execution of the deal, the management of the deal, so much so that you lose sight of the big picture. You know, as much as you may have to work in your business, especially as you're getting started, Don't forget to work on your business as well.

Eventually, working on your business should be your primary duty, but we all have to start somewhere. So as the game goes on, make it your goal to get off the field as a player and up into the skybox as the owner. And the way to transition from being a player in your business to the owner of your business is to incorporate systems. Systems via technology such as lead capture through websites. and auto payments of your recurring expenses

and systems via people such as property managers and bookkeepers. Step back regularly and eventually permanently. Principle number four. Always be learning. There's more than one way to skin a cat. You know, that's how the saying goes. But for most of us, if we discover a way to skin that cat and it seems to be working,

our minds begin to close, actually. We close ourselves off, to possibility. Keep an open mind. Stay connected with other investors, your team, your mentors, your coaches. Continue to educate yourself by reading books, watching videos, attending workshops,

join a mastermind group or create one if you can't find one. By practicing these activities, you can and will, identify areas of your business that can run more efficiently, develop relationships that can collapse timeframes, and discover resources that can expedite your journey to freedom. Choose your sources, associates, and mentors wisely, but always be learning. Principle number five. Travel as far as you can see.

You know, as each day seems to move faster than the previous and the world evolves at an unprecedented rate, it's becoming more and more evident that you can no longer play life safe. You know, avoiding risk today is the biggest risk of all. And realize, you know, you don't have to have all of the answers before, you begin, but you do need to take that first step. Have faith in and take comfort that by taking that first step and traveling as far as you can see, know that when you get there, you will see further. You see, with travel comes experience, and with experience comes confidence, and with confidence comes more travel, and around and around it goes. And if you get stuck, ask for help. And those are the

five principles of the epic cash flow fast start. I'll see you next week on another episode of Financial Freedom Friday. This podcast is a part of the C-suite Radio Network. For more top business podcasts, visit c-sweetradio.com.