Epic Real Estate Investing - Finding Deeply Discounted Properties | Episode 131

Episode Date: November 7, 2014

Today, Matt wraps up his week long series of "getting back to basics." He points out the four basic skills every real estate investor needs to develop and explains how easy they are to master. In closing, Matt invites all to a free online training where he'll cover The 3 Pillars of Finding Deeply Discounted Properties. Go to EpicEarlyBird.com to register for this free training.  ------- What interests you most? E ducation P roperties I ncome C oaching Learn more about your ad choices. Visit megaphone.fm/adchoices

Broadcasting from Terrio Studios in Glendale, California. It's time for Epic Real Estate Investing with Matt Terrio. Yeah. Hello. And welcome to you. Welcome to the Epic Real Estate Investing podcast. If this is your first time here, boy, did you catch us just in time. Welcome, first of all.

And you're going to want to go back about five episodes, four episodes, back to number 127 and catch up. Because this is the show where we show people. how to escape the rat race using real estate. And this week, we started from square one. We started from scratch. So glad that you made it. And just pause and go back to Monday's episode number 127.

Start there and then catch up to us here. We'll be waiting. Okay. And if this is not your first time listening to the show, welcome back. All righty. So lots of great feedback on yesterday's episode. Thank you to all of you who have shared your thoughts and nice words with me. I always appreciate them.

I'm always grateful to hear from you. So thank you. And yesterday's episode, it was a long one. Evan recorded one that long and quite a while. Lots of great content in there to digest. And hopefully the right things spoke to you, the right things that are making a difference in your real estate business, in your life. And just kind of, I guess in the interest of staying true to the theme of this week,

that being back to basics and the underlying theme there being keeping it simple, I don't want to pile too much more on today. You've got a lot to digest. And, you know, over the weekend, that would be a great time to do that as you're preparing to really kick butt in December. Remember, the opportunities, they might be a little bit diluted in,

not diluted, but a little less of the opportunity in December. But there's a whole lot more people that are taking December off. So essentially, if you stay there and you stay consistent and you work through December, that the opportunities are actually greater for you. And from my experience, those opportunities are bigger opportunities, like home run type opportunities. I mean, think about it.

In December, who wants to sell a house? Well, the only person that's going to be selling a house in December is someone that has to sell a house. So that's where the motivation is. And we know that the foundation of every real deal is in the seller's motivation to sell. So anyone that's selling and open to sell in December, there's some motivation there. And we know what that means.

motivation translates to equity of which is your profit got it so over this weekend you know i want you to digest what we've gone through this entire week and uh you know having said that as much as there is to digest still keep it simple don't overthink it don't complicate it get out of your head and just acknowledge what's so okay don't add anything to it don't give anything any additional meaning, you know, what so is this business can be to find in four steps. One, step one, find the deal. Step two, secure the deal. Step three, analyze the deal.

And step four, close that deal. That's it. That's what so. Keep it simple. Move at the speed of instruction and you'll quickly be on your way to make us some real money really soon, ideally before the end of the year. I mean, that goal right there is well within the realm of possibility for each and every one of you.

well within the realm of possibility. And I can comfortably say that with consistent and persistent action starting right now, two, maybe three deals, maybe four await you before the end of the year. That's not unreasonable. And if not, if that doesn't happen for you, I mean, what if you just kind of, you know, you messed everything up and you didn't close your next deal until halfway through January? How bad would that be, right? Well, you still need money in January?

I know I will. I mean, I'll need it in February and March 2. And what if you're dealing in close to February or March? Is it really that bad? No, you're still, you're going to do it, okay? We walk through that whole analogy of getting on the treadmill. I mean, is there any doubt that, or any possibility that you get on that treadmill every single day and not lose weight? No, it's just like, that's against the law of physics.

And this is the same thing. You sit there and you go find the deals. you secure the deals, you analyze the deal and close the deals. Just do the activities that generate those results and you'll do it. There's no way that you can. So just get on the treadmill. Log your time five to six days a week. And before you know it, you're going to wake up, you're going to look in the mirror and you're

going to be pleasantly surprised with the results, the exact results that you are working for. All righty. Now, of the four stages of the epic approach, find the deal, secure the deal, analyze the deal, and close the deal. Those are our four stages. Within each stage lies its own skill set. And, you know, like we had mentioned earlier this week, your real estate investing skills are like any other skill that you may have. I mean, some of you can juggle three or four tennis balls.

Some of you can play the guitar, you know. And this skill is like that. They can be learned. And they are learned in the exact same way that you learned your other skills through repetition. Now, what's so encouraging within real estate investing? One of the things I love about real estate investing is that it's such a simple business. And because of its simplicity, it doesn't take long to get good at it. Meaning it's not like going out and trying to learn the perfect golf swing.

Now that's complicated. And that can take years. I mean, some people play for decades and still don't have a good golf swing. That can take a really long time. And it's not like learning to play, say, Beethoven's fifth on the piano. Well, that could take years as well. No, real estate investing, it's much simpler than that. It's more of a, you know, it's still a skill of which takes time to learn, but it would be closer to that of learning, say, to tie your shoe.

Right? I mean, there was a time where you had no idea how to do that. I mean, like at that point, when you had never ever done it before and you noticed someone's shoe that was tied in this nice little bow, I mean, that could have been fascinating to you. And it could have been very challenging to try there and figure out how that person did that without them actually demonstrating it. But once you actually saw somebody tie their shoe from start to finish, now you kind of looked at it and you're like, well, you still might not have known how to do it yourself. But certainly the mystery had been cleared, right? The fascination surely had been waned. Now, once you tried to actually do it yourself, it might have been a little tough at first.

You might have felt a little clumsy. You might have been all thumbs over there. But with enough effort and some concentration and a few attempts, you could get your way through it. And then after you did it a few times, you know, it became easier, right? And a few more times, even easier. And within a few days of practicing and perhaps maybe a little bit more guidance and instructions, some coaching from the person who was showing you how, you could tie your shoe without even looking down.

Now you can have one ear on the phone, chewing gum, and tie in your shoe while you're trying to run out the door all together. Now it's like it's just freaking second nature. And that's kind of what real estate investing is like. You know, once you've seen it done, it's fairly easy to understand. You're like, ah, that ain't so complicated. I could do that. And then once you take your first crack at it, you kind of clumsy going through it.

But once you've done it yourself a few times, I mean, you inevitably, and we've had countless interviews on this show with this exact same story. You know, they look back and they're like, that wasn't so tough. And they wonder why they didn't start earlier. They wonder, you know, what was it about this that they originally thought was going to be so difficult? Each and every person that I've ever had on this show has said the exact. same thing. So understand that it might be a little clumsy before you've actually done it yourself,

but once you do it, it's like tying a shoe and it's like, oh, no mystery here. This is easy. It's a skill, okay? But it is a skill that you can learn. And with a little focus, a little intent, you can learn it rather quickly. Now, of these four skills, finding the deal, securing the deal, analyzing the deal, and closing the deal, there is one of those skills. One of those skills will make up for any deficiencies that you may have in the others, meaning you don't have to be a master of all of them to do well. Okay, so don't feel like you have to go master each and every one of those skills before you can take that first step. Not, no, don't do that. And there's this one skill of the four. And if you're really good at this particular one, you can actually mess up the

others and still get by. And that one skill that I'm referring to is finding the deal. Okay, finding the deal. It's the heart and soul of a real estate investor's business. If you can find you'll always do well because there's always a buyer for a deal. There's always a buyer for a deal. If it's a deal, there's a buyer for it. I mean, who doesn't want a deal? Everybody wants a deal. Have you ever purchased anything just because it was a deal?

Something that maybe you really didn't even need, but you bought it anyway because it was a deal. I mean, I know I've done that. I do that a lot. And I know you have too. and that's why I say there's always a buyer for a deal. And if you can find deals, you'll always do well. So as you're diving into the rest of the basics, the how-to portion of this week that I pointed you to yesterday,

don't get too bogged down in the entire course, okay? I mean, I want you to go through the whole course. I want you to freshen up and I want you to establish the basics and make sure that you're not complicating anything and reestablish efficiency and profitability into your business. but I want you to really focus on the finding the deals section. That's going to have the biggest impact, the quickest on your business. Focus on finding the deals and focus on that section and go deep there. Go deep before you go wide.

Go deep before you go big. Focus the majority of your attention on finding deals. And the rest is essentially going to take care of itself. Meaning you'll easily figure out the rest of it as you get to it. I mean, you've heard that expression before. We'll cross that bridge when we come to it. You've heard that, right? Well, exactly.

Cross that bridge when you come to it. That first bridge being finding the deal. That's all you got to concern yourself with right now. And once you find the deal, once you get good at crossing that bridge, the rest of those bridges, they're rather easy to navigate. So here's what I'm going to do today. I'm going to let you sit with what I gave you yesterday. I'll let you sit with that over the weekend.

And then on Monday night, what I'm going to do is I'm going to hold a quick online training. A quick one. It's going to be online. There's some visuals involved, so I want to make sure that you get it and you see it. Now, there's a download that I want to give you. But just a quick online training on the three simple principles to finding deeply discounted properties. It could be one of the more important trainings that I've ever held, the more one of the more important trainings to your business specifically. And it's going to be a short training.

Not going to be a three or four hour long webinar. Nothing like that. Not even a one hour webinar. It's going to be very short. I mean, if I held a three or four hour webinar, that would fly in the face of our keeping it simple week, right? It'd be totally ironic. And besides, I can't stand those types of online presentations. I've been to my share.

So I'm going to conduct the type of training that I would like to attend, one that's short, that cuts to the chase and gets to the point. And everyone in attendance, I'll go ahead and I'll give you my five-step checklist for finding motivated sellers in any market. And it's the same checklist that we use right here in the office. and I'm going to give that to you at the training. And I'll also share with you some of the things that we're doing here in my office to find deeply discounted deals on a regular basis, how we're finding sellers with real motivation. Okay, and it's really rather simple,

and we focus on just three things. Yep, just three things. And I'll share with you what those three things are on Monday night. And you can register as an early bird by going to epic early bird. You like that? Epic earlybird.com. And go there to

Epic Earlybird.com and then I'll see you Monday night after you've completed the homework that I gave you yesterday. Enjoy the weekend and you know, have a nice balance of work and play and study and play and enjoy yourself

and you'll be prepped and primed for Monday's training. Okay? So the three simple principles to finding deeply discounted properties. And it's a free training. It's totally for this epic community. Epic earlybird.com go there, reserve your spot, and I'll see you on Monday. All righty.

So you know what time it is now. It's time to give away this episode's $100 Amazon gift card. Now, if you've already left a review for this show at iTunes at some point in the past, there's nothing for you to do. You've already entered yourself to win. And if you'd like to enter, if you haven't left a review and you'd like to enter, go ahead follow me right now over to iTunes, head over to iTunes, type in Epic Real Estate Investing into the search window,

which I'll do right now. And then once you find it, I guess I could set this up in advance next time. Well, I guess we're, no, we're going to do this all November. So there you go. Let's see. So I will set this up in advance. We have to do this every time.

So click on the Epic Real Estate Investing podcast. staff you've you searched for, go to ratings and reviews and click write a review. Leave me a review there. And boom, you're entered. Not even an entrance fee. Pretty cool, huh? So I'll just go ahead and decide I do it. I just hit the scrolling bar thing on my mouse and I scroll, scroll, scroll, scroll, scroll, and scroll, scroll, scroll, and where she stops, nobody knows, and I'll stop right here. It says, keeping real estate real with five stars. And that's by Nicole Thomas. Nicole, thank you for the five star review, keeping it real.

And when Nicole writes, After spending so much money on real estate gurus, I was finally able to close my first deal using Matt's techniques. Thank you, Matt, for breaking real estate down and helping make my first deal happen. Aw, it's awfully nice, Nicole, and you're very welcome. And thank you for sharing that with me. and thank you for sharing that publicly with the world.

It helps more people find us here at the show, and it allows me to help more people, so I really appreciate that. So that's how you do it. That's how you win. Go ahead, Nicole, and send me an email to podcast at epic realestate.com, and I'll reply with your $100. Amazon.com gift card.

All righty, so enjoy the weekend. I'll see you back here on Monday with another full episode of Epic Real Estate Investing. We'll return to our regular schedule. and if you want to learn the three simple things that we focus on right here in the office to consistently find deeply discounted properties, go to epic earlybird.com and sign up for the training. The free training. All righty? That's it for today. I'm Matt Terrio, living the dream. 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 Terrio. This podcast is a part of the C-suite Radio Network. For more top business podcasts, visit c-sweetradio.com.