Epic Real Estate Investing - EPREI 045 : Everything You Need to Finally Get Started Investing in Real Estate

Episode Date: January 1, 2013

Broadcasting live from Cabo San Lucas, Mexico: Likely, at the stroke of midnight you resolved to make more money in 2013. Do you have a plan? Do you know what you need to make your resolution stick... this time? Matt rings in the New Year by sharing everything that you NEED to finally get started investing in real estate. However, keep in mind that getting started is one thing, but succeeding for the long-term in real estate investing is another thing. Don't fret, though. Matt gives you what you NEED to succeed, too. Download Matt's FREE real estate investing course, How to Do Deals : No Money Required, at FreeRealEstateInvestingCourse.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Without further delay. Your guru. Sorry. Your guide to a better life through real estate investing. Matt Terrio. Hey, this is Matt Terrio, the rat race escape artist. And this is the epic real estate investing podcast, episode number 45. And this is the show where you will learn how to create wealth through creative real estate investing.

so you can enjoy life while you're still young enough to enjoy life. But not only will you learn how to do this here, the intent here is that you leave your inspired to take action on what you learn. Otherwise, your time here is wasted. So don't waste your time, deal? All righty. Happy New Year. I'm broadcasting live from Cabo San Lucas, ringing in the New Year,

celebrating, and this is the first day of a brand new year. And likely, you resolve to either what. I can probably guess one of the two. You either resolve to lose weight or make more money in 2013. Am I right? Or, you know, you're just one of those people that didn't want to make a New Year's resolution at all. But that's typically what most people resolve to do in the New Year. Lose weight or make more money.

Now, as I'm still trying to get a grasp on losing weight, I can't really help you there so much. But I did have an awesome 2012 and I made a bunch of money. So that is what I can help you do. and to get started down that path, a good first step would be to go and download the free real estate investing course that I created just for all of you New Year's Resolutionists,

the course How to Do Deals No Money Required, and that can be accessed instantly and for free at free real estate investing course.com. It's a step-by-step course of where I unveil the mystery around doing deals with no money or credit. Yes, it is possible to do deals with no money or credit. That's how I got started, and I've done multiple deals that way. But I'll tell you, it's a whole lot easier if you do have some money.

Yet, to that point, in the long run, those that get started learning how to invest in real estate with no money or credit. In my opinion, you know, you're going to have a much longer and more profitable career because you'll develop skills while you're learning to do that to that you wouldn't learn otherwise. So if you're flat broke and your credit score sucks, lucky you. Hey, lucky you. This is a great place to start.

and right now you might not feel lucky at the moment, but believe me, you are. Consider this a blessing in disguise. And just move forward with faith that it is indeed a blessing. But you know, it's only a blessing to you if you accept it as such. And how do I know that it's a blessing? Well, like I just said, it's exactly how I got started. I had no money and I still have a pretty crummy credit score. And people with money pay me thousands of dollars to show them one-on-one how I did it.

and that's not to brag, that's not to boast. That's just to convey that this stuff works and you don't need money to do it. Okay? And you're probably not going to develop the skill unless you don't have any money in the first place. So, you know, just to this point in my investing career, I've implemented 12 different strategies. I figured it out. I've implemented 12 different strategies of investing in real estate using none to very little of my own money or credit. And inside this free course, I give you the first two strategies of which are the easiest two.

and they are the two that can generate the quickest success for you. And you can get them for free at free real estate investing course.com. All righty. So today, I'm going to take a very quick break, just a quick break from our interview series. I know we just got started last episode, but we're going to take a quick break and I'll return with an awesome interview for you next week. But today I just, I want to start the new year off going over what's actually needed to be successful in this real estate investing game.

I want to go over what's actually needed. and this is a game. Believe me, it's a game. It's got rules just like any game. And you keep score just like any game. And you need tools and resources to play this game, just like any game. And just like any game, there is an inner game and there is an outer game. An inner game and an outer game.

And we're going to discuss both of those today, the inner game and the outer game. And we're going to begin, of course, with the inner game. Because it's here. It's here in the inner game where most people, people get stuck. They get stuck here. And not just stuck. They get flat out stopped and they quit.

And they go off and say silly things like real estate doesn't work. Or you can't do that in my market. They say silly stuff like that. Because it's this inner game. If you can't get past the inner game, and I mean winning the inner game, you can't just get past it. You've got to win that game.

Your inner game. None of the outer game is even going to make a difference, regardless of how good you are at it. And I promise you that. I promise you that. And I'll put that on everything that I know and love. If you can't win your inner game, and I can, hey, I'll show you exactly step by step,

letter for letter, number for number, how to win the outer game. And I'll even hold your hand during the entire process. If you don't win that inner game, you'll never create a successful real estate investing business. That is my word. That is my promise to you. I put that on everything that I know and love. Now, here's the biggest thing.

this is how the inner game this is what really gets in people's way when they take on real estate investing one of the most common questions I get is I just having trouble getting started okay so this is what really gets people's way most people when they first get started investing in real estate at the time when they make

the decision to get started they're typically in one of two situations they're either holding down a job or they just got released from one that's right you typically have the situation that they're when they want to take on real estate investing full time. They're either holding down a job or they just got released from one.

And when you're making that transition from employee to business owner, because that's what real estate investing is, it is a business, believe that, and you are the owner of that business. When making that transition, you're going to have to completely, completely transform your psychology.

You'll have to completely transform that psychology, meaning you'll have to completely alter the way that you look at the entire world, but hey, Matt, it's just real estate investing. No, no, no, no. You have to completely transform the way that you look at the entire world. Specifically, there are two types of people in the world. Those that extract value from the world

and those that create value for the world. And you, as a former employee, will have to move from a value extraction mindset to a value creation mindset. I mean, if you already have a value creation mindset, hey, no worries, you're done. You know, you probably just turn this off and move on to the next episode.

In fact, if that is truly your mindset, if you truly have a value creation mindset, I doubt that you're even listening to this podcast. I mean, certainly there are some exceptions out there, but if you truly have a value creation mindset, you're probably too damn busy handling all the business you have and enjoying all the money that you're making to even have time to listen to me right now.

You see, most people try to extract value from the world. And there's nothing wrong with this, by the way. Nothing wrong with this. You're not a bad person. I mean, there's nothing wrong with you if this is you that I'm describing. It's just what you've been taught to do. You haven't been taught any other way. It's the way of the masses.

It's just what's so. I mean, most people are always looking to extract value from the world or extract value from their boss specifically. I'm taking it back to the job. Let me take it back to the job because I want to stay on topic here. I mean, most people were simply taught just to be consumers, right?

To be employees. Try to get more value from the world than they put in. Most people, that's most people's mindset. Most people have never been even, they've never even been introduced to the concept of creating value. And that's what you have to do as a business owner or as a real estate investor. But it's so difficult for people to do

because they have been essentially hardwired. to be a value extractor. You've been hardwired to be a consumer. No one ever taught you anything different. Now, it's not impossible to make the transition by any means. Not impossible, but it is difficult, and it's a little tricky, if you will. I mean, especially, especially if you're unaware of the forces that are working against you. The powerful forces.

Mother Nature is working against you. you see initially this value extractor thing was used as a survival mechanism or a survival psychology and that goes back really i mean that goes back to the beginning of man because you had to harvest the fields right you had to harvest the fields to eat you had to hunt down your dinner you had to protect yourself from saber-tooth tigers you had to build shelter for yourself it's the fight or flee mechanism that's in all of our DNA and it's in all of us if you're human being you're you're a human being you're

you've got it and it comes from years and years and years and centuries of evolution. And you have to overcome that to be a real estate investor. I mean, it's a worthy adversary for sure, especially if you're unaware of it. But now you know about it. I just told you about it. Now you know about it. So, you know, you've got this mechanism on its heels right now and you've got it up against the ropes.

Should you pursue to take on this fight? You can't forget it. You can't ignore it. It's always there. It's always against you. And here's what has happened now that through a civilized society, our basic needs for survival, they've all been met. That's what civilization is done for us.

Meaning, we can go to the store to buy our food. We don't have to actually build our shelter. Someone builds the house for us. Builders do that for us. We don't have to hunt down animals to use their pelts for clothing. No, we've got clothing companies that create our clothes for us. And we don't have to do all this stuff while watching our back to make sure we don't become some other animals dinner. We've got civilization to protect us.

We don't have to do any of that stuff anymore. And since we don't, and we haven't for some time, you see, we've kind of not transformed, but what's the word, mutated this survival mechanism, so to speak, with various levels of entitlement, with things like human rights and fair play and equal rights. and there's nothing wrong with any of these things, by the way. Nothing wrong with any of them, as they are what make up a safer and civilized society. But please know that these luxuries only exist within this civilized society. They're not really real. They're not real to the real world.

They only exist inside of this society that's been created for us. They're luxuries, and they are just that. They are luxuries. And they can be great. are awesome. That's kind of what a lot of us strive to make money for so we can afford more luxuries. That's what gives us the comforts in life. And it's what allows us to give those comforts to the people that we care about most as well.

But they can also really screw us up. They can really screw us up. You see, although these luxuries exist, not everybody has an equal amount of them, right? I mean, this was, you know, this is really fresh in our memories from the last election. And it was illustrated pretty clearly that, you know, hey, there's a lot of people that are in lack and there's a lot of people that got in abundance. Because of that,

there's this scarcity mindset that's been in fostered in the majority of society. It's a scarcity mindset, meaning people are really concerned about keeping what they have. They're really concerned about losing what they have. Let me get this back. Let me get back on track. Because this can be a really broad discussion or can be a really narrow discussion.

I want to keep this narrow. So we're talking just about your real estate investing. So let me get this back on track. People are really concerned about losing their jobs. People are really concerned about keeping their jobs. They play games to keep their jobs. They're constantly evaluating how much they're giving to their employer and how much their employer is giving back to them.

I mean, it's almost this transaction game, ironically. Transaction. You've got this, the employers are all. always trying to get, or excuse me, the employees are typically trying to get the better end of the deal all the time. They don't want to do really any more than they have to to get that paycheck, but they'll do just enough not to lose the paycheck. And most people that fail in real estate transactions do so because they carry this

scarcity mindset into their business. They carry this scarcity mindset of always trying to get the better end. of the deal in their business. I mean, their idea of fair is, hey, everything is equal, or I come out on top. That's what's fair. Everything is equal, or I get the better end of the deal. The average person doesn't view fair as fair unless the transaction is equal, or if they got more out of that transaction.

And you know what? And when they get more out of the transaction, they'll rationalize it all day long. I deserve this. I work hard for my money. I've got kids to feed. I've got a family to feed. I deserve this. Of course I should have got more.

That's that sense of entitlement. That sense of entitlement can kill you. It can kill your business. Not literally kill you, but it can kill your business. And that's justice to most people. And this is really probably no more evident than in the average employee-employer relationship. That's where it's really noticeable.

And that's why we're talking about this, and that's why we're talking about how this relates to your real estate investing. and that's the point that I'm trying to make. I mean, this subject can fill a couple of novels, but I want to stay focused here on how this pertains to your real estate investing. I get pretty passionate about this

because it's just the death of your business. This natural sense, now it's natural, wasn't so much natural before, but now through society, we've got this natural sense of entitlement. This is a natural sense of justice, and it's no more evident than in this, the average employee-employer relationship.

You see, the average employee will only really view their job in a favorable light if they feel they are being treated and compensated in direct proportion or better to the work that they perceive they do for their employer. I know that was a mouthful. It's, let me how can I put it this way? I mean, sadly, a great number of employees

they won't view their jobs in a favorable light unless they feel they are getting the bigger end of the stick. It has to be at least even Stephen. But they won't even view their jobs in a favorable light unless they feel like they're getting more than they're giving. Now, I'm not going to go into great detail of the study that I just read where I saw a lot of this information and I read the scientific studies on it. I mean, they did actual human studies and I don't want to get off topic,

but as it would be very easy to do, it was a fascinating study. But I want to keep us focus right here on your real estate investing. you see the study it revealed that human beings from all walks of life and the study was conducted in first world to third world countries the only common denominator of the people involved in the study was that they were humans okay that's the only common denominator they were humans and the results showed across the board that humans cannot stand they can't stand to see other people get the bigger end of that stick

they can't stand to see it. And further, the study revealed to a point that to a point that humans would rather get nothing than something if it meant the other human was getting an unfair share. If, for example, if I thought you were getting more out of this than I was getting, I'd rather just shut the whole thing down.

I'd just rather shut this whole podcast down and nobody gets nothing. That's how humans react. when there's an exchange, when there's a transaction going on. They'll cut off their nose to spite their face every single time if it seems too unjust. They'll do it every time. So I'm going to bring this back around.

Stay with me. Stay with me. I know this, yes, this still is a real estate investing podcast. So stay with me. What does this have to do with your success in real estate investing? All right, I'm going to give it to you straight. That psychology, that mindset will destroy your potential. It'll destroy all capital letters. D-E-S-T-R-O-Y. Destroy your potential as a successful

real estate investor. You don't have a chance with that mindset. You might as well pack it up and go home right now. But mad, that's not my mindset. I don't think that way. Huh. It more likely is than it's not. It more likely is your mindset than it's not. That is naturally your mindset if you right now are an employee making the transition to real estate investor. So to be a successful business owner, a successful entrepreneur, this is what you need to do. You need to learn to love, to absolutely love, getting the short end of the stick.

You got to learn to love that. You got to embrace it. It's got to feel good. I love getting the short end of the stick. And I know this sounds very, very counterintuitive when it comes to making money as a business owner. But you've got to become a value, creator. You've got to become a value creator and you have to give more value away than you receive

in return. You have to give more value away than you receive in return. There's a, there's a great book. And I give this away as a free download inside of the free course, the free real estate investing course. It's the science of getting rich. I give it to you for free. And it's written by Wallace D. Waddles in 1910 over a century ago. And he states that getting rich is not an accident. It's not luck. It's an actual science. And he says, you must give away 10 times in use value

as you receive in monetary value. You must give away 10 times in use value as you receive in monetary value. That's the science of getting rich right there. And the more that you read about creating wealth, the more you read about making money and getting rich and that message, it's repeated over and over in a multitude

of ways. From a wide array of sources, a wide array of backgrounds, you know, think and grow rich. It's even in the Bible. But here's the issue when it comes to your real estate investing. That particular message, that science, that law, goes against our wiring as a human being. It goes 100% against, in the opposite direction, against our wiring as a human being. It goes against our programming within our society. It goes against our conditioning as an employee. I mean, it's no wonder, only 1% of our society reaches the age of 65 with a net worth of $5 million or more. Only 1% ever figure this out.

Well, let me correct that. Maybe more figure it out, but only 1% actually take action on it. The forces of nature, mother nature, and your environment, everything around you are 100% against you of being a success as a real estate investor, as a business owner. So the first step, obviously, is awareness, right? It's awareness. Hey, you know this force is against you,

and you can never lose sight of that because it will creep up and beat you down when you're not expecting it. But the answer here is you must change your view of the world. Change your entire view of the world from your value extractor mindset, from your consumer mindset, from your entitled mindset,

probably the most dangerous one of all, the entitled mindset, and transform your view of the value of the, the world to a producer's mindset, a giver's mindset, a value creator's mindset. And you must give away more value in use than you ask for in money. In fact, you must fall in love with doing business this way. You must fall in love with it. You must embrace it.

You must internalize it. You must immerse yourself in it and just love every second of doing business this way. because until you do, wealth will never, ever, ever be yours. A successful business, a successful real estate investing business will never be yours. Sure, I mean, you may make some money along the way.

You might flip a couple houses and put some good money in your pocket, but it's going to be intermittent, it's going to be unpredictable, and it's going to be short-lived. And by the remote chance, if you happen to make some money for somewhat of an extended period of time.

If you just happen to do that, you'll be miserable because of what you'll have to continue to do to keep it coming in. Now, you hear this all the time. I'm sure you've heard this ad nauseum. Success leaves clues, right? Success leaves clues. And it's too bad that when you hear something over and over again,

it loses its impact, especially something as powerful as this because it's so true and you can't, you just can't lose focus of this. Success leaves clues. Well, failure leaves. leaves clues also. Know this, failure leaves clues also.

And here's some of the clues that failures leave. Failures, they focus on the money. Failures focus on what they're going to get. Failures focus on making sure the other guy doesn't get more than they do. Failures hate giving away more than they get in return. Failures extract value from the world. If you want to turn your business around, or if you want to launch your business for the first time

or relaunch your business. It's got to be launched from the inside. And that begins with this mindset. That begins with what you focus on. You got to focus on creating value. Don't focus on the money you get in exchange for the value. Just focus on creating the value. And the money will come.

The money will come. Rather than focus on getting a deal done, let's put this really specifically into your real estate investing. rather than focus on getting a deal done, focus on getting that motivated seller out of their troubled situation. Place your focus on getting that motivated seller out of their dilemma,

help them remove the adversity from their life, and you're going to be paid handsomely. You're going to be paid very, very well. That must be your mindset as a business owner, adding value, creating value. And that's the inner game of real estate investment. That's the inner game of business, period. Okay?

So that's the inner game. Let's get to the outer game, right? What's the outer game? I'm sure some of you are like, whew, I didn't think we were ever going to get here, right? Let's get to the outer game. No, stop. If that's what you're thinking, you have already lost.

Don't underestimate that inner game. But you need both games to win, so we've got to cover the outer game, and that's what we're going to do right now. So once you've got the inner game under control, There are four things that you will need to play the outer game. There's four things that you need, resources or tools, if you will. And every investor needs four specific things to be successful in real estate investing. First, they need knowledge.

They got to know what they're doing. Second, they need time. They got to have time to do what they know. Got to have time to do what they know. Third, they need money. Yep, real estate costs money. It ain't free. You need money.

and fourth, you need credit. You need credit. Now, that could either be your credit score or that could be your credibility amongst your network, amongst your peers and your family, okay, your associates, whatever that may be, credibility. Now, before we get, before we continue, let's go ahead and evaluate ourselves real quick.

Let's take inventory of ourselves. On a scale of 1 to 10, a 1, meaning I have very, very, very little, and a 10, meaning I have plenty, how would you rate yourself in the knowledge department? Based on your goals and where you want to get to, how comfortable are you with what you know? On a scale of 1 to 10, one, hey, I don't know anything.

And 10 is like, hey, I got this covered. You can't tell me anything, Matt. In fact, I'm turning this off. If you're 10, then that's you. How do you rate yourself on a scale of 1 to 10 in the knowledge department, the know-how? and just answer to yourself. You don't have to write this down or anything.

Just kind of keep track of where you are. On a scale of 1 to 10 now, how would you rate yourself in the time department? How much time do you have? Because it takes time. This is a business. Can't just do this at the snap of finger. It does take time. It takes work.

And so a 1 is, hey, I'm holding down five jobs. I don't have time for this real estate investing thing. If that's you, hey, you're a 1. I got family. I got kids. soccer practice, I got I got dance classes, I got ballerina classes to take my kids to, and then I got to take them to this club and that school and this exercise program or whatever it may be. You're a one if you're just booked like that, or hey, I ain't got a thing to do

in the world. I got nothing but time. That's you, you're a 10. So rate yourself there on a scale I want to 10. In the money department, based on your goals, how would you rate your money? A one? Hey, I ain't got a pot to piss in, right? I'm a one. I don't have anything. I got nothing but lint in my pockets. Or if you're number 10, like, I got all the money I ever need, and I'm just doing this real estate investing thing because I'm bored. That's a 10. How would you rate yourself in the money department on a scale of 1 to 10? Now, in the credit department. Now, I want you to kind of smush these together, so to speak. Mash them together. That's the new word, right? Got to mash them together. So take your credit. score. So, you know, if you're $750, $800, that's a good credit score.

$500, that's not a good credit score. I'm down there somewhere, I think. So that's low. But also, I want you to combine that and take an average of the credibility you have with your network, with your family, with your friends. If I went and asked one of your friends, what kind of person you are, what are they going to say? What do you think their answer would be? He's a good guy, he's honest, he's hardworking, or that's a low life, I wouldn't loan him a dime ever. What are they going to say about you? So, mash those two things together, your credit score and the credibility within your network, and come up with an average number there. Okay? Now, after asking these questions of thousands of people, I have asked these questions of thousands of people,

this is what I know. Very few people have the exact same scores across the board. Very few. meaning one person's strength is another person's weakness and vice versa. I speak to so many people that think they can't invest in real estate because they don't know how. Others think they can't do it because they don't have any money. Others think they can't do it because they don't have any time. Matt, I've already gotten my whole week time blocked every single week. I don't have time to do this.

And others think they can't because their credit score is in the dump. Hey, I can relate. I can relate. But, you know, I mean, okay, so what are you getting out of what I just said here? What's coming on your mind? Well, this is what you should be getting,

or at least you should be getting this bit of it, other than I'm an insane psychopath. What you should be getting is what may be a difficult piece of the puzzle for you? What might be difficult for you? As easy as pie for somebody else. And vice versa. I mean, very few people score high in all four categories.

And even if they do after a while, they always become deficient in one or more. They always run out of money. Or they max out their loans on their credit score. Everyone gets to that point. They want to do bigger deals and don't know how. They don't have the knowledge to go bigger. Or they just get so busy with their current deals that they don't have the time to pursue new ones. And they find themselves forever in the start and stop and start.

and stop and start and stop again mode. But if you need all four to win the outer game, how do you do it if it's inevitable that you'll always have deficiencies in one or more? Good question. The answer is yes. You do need all four, but they don't all have to belong to you.

That's where most people get stuck in the outer game, even if your inner game is tight and locked in and you are creating value like nobody or you know you can create value like nobody that's where most people get stuck in their outer game most people get stuck in the outer game because they believe that they must possess all four of these things themselves

before they can even get started do you get that? That's where most people get stuck in their outer game they believe they don't have any money so they can't get started they believe they don't have any time they can't get started they don't believe they don't know how they can't get started They believe they don't have the credit to get started,

so they don't get started. That's where most people get stopped. Well, here's the good news. And for many, this is a hallelujah moment. Are you ready? Are you ready? Close your eyes and look up to the sky and hold your arms up. Here it is.

You don't need to possess all of them yourself. You only need access to all four. You don't need to possess all of these yourself. You only need access to them. So from here, look at how you scored yourself with regard to these four categories, with regard to these four resources. Look at where you are strong and look at where you are weak. Hey, and if you're weak in all of them, that's okay. All of us are worried at one point.

The first place to build is education. That's the first place you want to build. Start there. But look at your scores. Look at where you are strong and look at where you're weak. Take inventory. And instead of waiting to build or acquire the stuff, that you are lacking,

collapse the timeframes. Just collapse the time frame and meet and associate with people that already have what you are lacking because it might seem difficult for you right now. But there's other people that have it and that's the easy part for them. You know, associating with other investors

is one of the more powerful activities you can do regardless of where you are in your business regardless of how much experience you have. Meet and associate with other investors and bring your strengths to the table. Bring your strengths to the table. table with your head held high with confidence. Don't drag your feet, don't slouch, don't hold your head low because your credit score sucks.

Or don't, don't, you know, feel all embarrassed or shy or inept because your bank account is empty. Bring your strengths to the table with your head held high with confidence, knowing that what you do have is what others are lacking. They're dragging their feet. because they don't have what you have. And how do I know that they're lacking what you've got? Because nobody has all four in abundance.

Nobody. And if they do, it's only for a short period of time that they do. And if you happen to catch them in the midst of that short period when they have everything, I promise you that they have enough experience behind them to know that they will only be strong in all four categories for a very short period of time. even if they are in abundance of all four categories at the time that you meet them, they will see the value in your strengths. They got to that point for a reason.

They will see it. I mean, this is one of the reasons that I created the Epic TeamBuilder last year, which you can view at Epicteambuilder.com. That's my shameless plug. Epicteambuilder.com. That's my shameless plug for this episode. But I put that short course together

because it's so what's needed. It's essential to your success. Your team and your network is the essence of your success for everybody's success. Nobody is exempt. Nobody makes it in this business alone. Nobody scores a perfect 10 in all four categories. Nobody.

What you possess, what you're taking for granted, actually, somebody else is out there struggling to find it. They're out there looking for it. And they'd be willing to pay, handsomely to access it. I mean, if you think you can't invest in real estate because you don't have any money, know that there are just as many people with money

that don't have the slightest clue on how to find a deal consistently. Or even one deal for that matter. How do I know this? Because I coach both of them back to back. They're out there in abundance. Guys with money, they have no clue how to find a deal. They just go pay retail for everything. They have no idea.

how to find a deal or even if they do know how to find deals, they don't have the time to find them. They're lacking in that department. If your pockets are empty, that's what you can bring to the table. And it's just as valuable as the money. It's just as valuable as a credit score. Knowledge and time. If your pockets are empty, that's what you get to bring to the table. And on a real quick side note, I meet a lot of people that come to me with all the time in the world, right? We know all those people, never had a job, I haven't had a job forever. They've got all the time in the world, but they don't know what they're doing.

They lack the knowledge. Teach me, they say. Well, I'd love to. But just know that now you're not bringing anything to the table. You're not creating any value. You've gone back to that extracting value mode. Time, although absolutely essential to be a successful real estate investor, you need time.

It's the one tool here that can't stand on its own. Just an FYI, okay? all others can, but time all by itself is basically useless to people that have one or more of the other tools. So, you need knowledge, time, money, and credit to win the outer game of real estate. You need those tools, you need those resources. Now, what do you have to do with those tools to win the outer game? Well, that's very simple. And I've said it here many times, and I'm sure I will repeat myself many times again,

but it's not complicated. It's really simple. And this is never going to change, by the way. What there is to do, this is never going to change. What there is to do is to do the right activities, do them consistently, and do them persistently. That's it.

Do the right activities consistently and long enough to get the result that you want. So what are the right activities? Well, I have them listed on a spreadsheet for you in the free real estate investing course, and I believe the link to download that spreadsheet is just under video three. under video number three,

and you can get that at free real estate investing course.com in case you missed that the first time. And I'm not trying to keep these from you and force you to go download the course. It's just that we're getting close to the end of this episode and I've covered them many times before and we're going to cover them again for sure, but just not now.

Okay? So these activities, I've laid them out in a scorecard fashion so that you can actually keep score. You can track your points. And you will know every day whether you are winning your game or not. Yes, I actually created a point system for you to track yourself. And here are a few points I want to mention about this scorecard.

I call it the Daily Success Worksheet. First is that the points do not discriminate. We go over this in my coaching program all the time. The points do not discriminate. If you score a few points a day, you'll get limited results. If you score a bunch of points a day, you'll get great results. It's that simple. These activities and the points that you accumulate from tracking them are brutally fair.

Get your points, you get your results. Don't get your points, don't get your results. It doesn't care as to why you got your points or why you didn't get your points. It doesn't care if you had a wedding, a birth, or a funeral to attend. It doesn't care if you got a flat tire, if you're sick with the flu, like I am right now, or if your mom made a surprise visit for the weekend and took up all your time. The points don't care. That's what I mean when I say they are brutally fair.

Get your points, get your results. Don't get your points. Don't get your results. It's that simple. The second point I want to make about these activities is it does take some time to get your results up and running. It takes a little bit of time. So have some faith and some patience. and I bring this up because I frequently receive emails that express something like,

they'll read something like, Matt, I have no money and no credit and I have to pay my rent in 30 days. What should I do? I get that all the time. Well, here's a sobering fact for you. Whatever has you in the situation that you're in right now likely wasn't created in 30 days. So it's likely going to take more than 30 days to get you out of your mess. and here's why. It's not just my opinion, here's why.

First, your current skills are what brought you to your current situation. Your current skills are what brought you to your current situation, and you're going to have to create some new skills to get you out. And to create some new skills that are sufficient to get you out

will typically take longer than 30 days. Second, your current habits using your current skills are what brought you to your current situation. and you're going to have to create new habits using your new skills to get you out. That's likely going to take you a little longer than 30 days. Yes, I mean, it's absolutely possible to do a deal in 30 days. Absolutely. No doubt about it.

However, it's not the norm by any means. It's not the norm. So, as you take the next step to play this real estate investing game, going with big dreams, ironclad faith, and realistic expectations, and you will win. Do that, and you will win this game. Don't do that? Hey, I can't make you any guarantees.

Just get your points, and the rest will take care of itself. I've made this business as simple as I possibly could, and I did that because that's how I needed to see it for me to be successful. I mean, talk to me like I'm a fifth grader. That always works for me. So I laid it out there so that a fifth grader could understand it. that's what this daily success sheet does. Now the third point that I want to make about these activities is

if you're doing something during the day of which you believe to be working, that you think, hey, I'm working right now, if you can't give yourself a point for that activity that you're doing right there, if you can't give yourself a point on the daily success worksheet for that activity, stop doing it. Stop doing it because that activity is not moving you closer to your goals.

Stick to just the activities of which you can score points for, perform those activities consistently, and then do them persistently. And I say persistently, do them long enough because they will begin to compound over time. I mean, to the point where you'll have more business than you really know what to do with. It's like the old-fashioned water pumps in the ground. You know, when you sit there and you're crank on the lever, if you've ever seen this before, if you're crank on the lever, you're cranking the lever, and what that's doing, it's pumping the water out of the ground.

and it's pumping, it's pumping, and you're cranking and you're cranking and nothing's coming out, nothing's coming out, and that water's coming up, that water's coming up, and it's just about to come out, and you're like, this doesn't work, and you let go of the thing, and then all the water goes right down to the bottom again. You've seen how those things work. Some of you might be too young to even know what I'm talking about right now, but you've got to keep on pumping. You've got to keep on pumping, because then once that water actually comes out,

you can actually stop pumping, and the water continues to flow. that's how these activities work inside of your business. They will compound like that and then you'll start to get these results and you'll have more business than you know what to do with. Do the right activities consistently and persistently, and you will win the outer game. But just realize here, as we're starting a new year,

that there are two games. There's the inner game and the outer game. And to win the game of real estate investing, you must win both games. All righty? So if you haven't got the free rate, estate investing course, make sure you get that. When you get to video number three, I prefer that you don't skip ahead, but I'm sure many of you

will, and that's okay. You're not going to die if you do. But I'd like you to follow it step by step. I laid the whole course out for you in 10 simple steps for you to follow. And on video number three is where I discuss the daily success sheet, and that's where I show you exactly how to use it. So that's it for today. Went a little long.

Hopefully I didn't go on two on many tangents. Hopefully you got something out of this today. I really am trying to look at different ways to deliver this message so it clicks for you. So it clicks for you and actually makes a difference for you. So you can get the results that you've been trying to get for so darn long. All right. So I will see you next week with another awesome interview of one of my coaching clients. And this guy is on fire.

You're going to want to hear this. And he created his awesome results fast. And he's going to tell you exactly how he did it. So until next time, as a very wise person once said, you will either step forward into growth or you will step back into success. safety. To your success, I'm Matt Terrio. Living the Dream. Thank you for spending this time with Matt Terrio and the epic real estate investing podcast. When you have a moment, stop by iTunes to leave your comments and let us know what

you think of the show. And if you haven't done so already, get started investing today by visiting free real estate investing course.com to access Matt's free course, how to do deals. No money required. Until next time. To your success. To your success. This podcast is a part of the C-suite Radio Network. For more top business podcasts, visit c-sweetradio.com.