Epic Real Estate Investing - How Can I Afford a Rental Property | 883

Episode Date: December 31, 2019

In this New Year’s episode, Mercedes explains the crucial points to unstuck yourself on your real estate journey, whether you are buying your first rental or growing your portfolio! Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terrio Media. So you want to be a real estate investor, but you don't want to do the work. If there were only a way where someone else could do it for you, now there is. Tune in here each and every Tuesday on the Epic Real Estate Investing Show for Turnkey Tuesdays with your host, Mercedes-Torres. Hello and welcome, welcome to Turnkey Tuesdays brought to you by Epic Real Estate Investing. My name is Mercedes Torres, your turnkey girl, and I help busy professionals acquire passive income through real estate investing so they don't have to work so hard and maybe even retire sooner. So, this show is created to share tips and advice and real live real estate experiences so that you two can create passive income in your world.

So if this is your first time here, glad you made it. make yourself at home. If this is not your first time here, welcome back. So as you are wrapping up the year, you are ready to take on a new year with gusto. Or you may find yourself stuck. Stuck in your real estate journey, whether it's getting started with your first rental or growing your portfolio. You might be stuck with the portfolio you currently have. or the market that's not performing for you. And what I want you to know is you may be stuck, but only in your thoughts. Your life is a reflection of your thoughts, and thoughts are created.

If you want to control your thoughts, then simply control what you say and what you think. Don't say you think you want something to happen. Think that you want and it will happen. Now, positive thoughts bring on positive results. Don't say you can't because you can. The old me, when I started something way beyond my reach, oh, I would always say I can't afford it. And it wasn't until I started thinking, how can I afford it is when things started to change for me. The word can't closes your mind, but you can rephrase it is into how can I afford it. The how can I opens your mind. It creates infinite possibilities. And this is critical when it comes to real estate investing and creating financial freedom for yourself. Now, the term financial freedom has gotten tossed around in such a nonchalant kind of a way,

but have you taken a moment to really dive into what financial freedom can mean to you? That's what's amazing. You get to dictate what financial freedom means in your world. you get to decide what you want financial freedom to look like. And it all starts with your mindset. Now, you might be sitting here listening to this thinking, Mercedes, why are you talking about this? You're a real estate investor. You're not a personal development coach. And you're right.

I'm absolutely not. I'm not a personal development coach. I'm not a raw, raw kind of a girl. But what I can tell you is that Matt and I are really big into personal development. And we speak from personal experience because when we changed our mindset and when we started wrapping our mind around how we can make things happened, everything changed. And I have my share of a personal experience with thoughts becoming things. You know, as Bob Proctor says, thoughts become things, I've lived it.

I am a big fan of Tony Robbins Awaken the Giant Within. I'm also a big fan of The Secret. And I really like the book, The Success Formula, by Jack Canons. And there was a contributed author in that book named Anne Marie Smith. And she talks about you only get what you order in life. So what does that mean? And I remember reading that and hearing that recently. And I just really had to grasp what that meant. But really, have you noticed when you go to a restaurant and, you know, you're ready to order, you order exactly what you want to eat and you get it. So for example, you order, you know, a double bacon

cheese burger, for example, and you want two strips of bacon and extra cheese and you want a side salad with dressing on the side. And that's what you want. And guess what? Ten minutes later, your order shows up and you get exactly what you ordered. Well, most of the first, you want, most of successful people know exactly what they want. And that's what this author referred to. Now, you may not know how you're going to make something happen, but if you know what you want, and specifically what you want, everything changes. And it all starts with the thoughts that you write down. Well, that applies to success in real estate too. So when I started investing, Matt and I, it's no secret, we didn't have a whole lot of money.

We had not the best credit and we had to figure it out. And one of the things that Matt and I did is we took a pen to paper and we wrote down specifically what we wanted our real estate investing portfolio to look like, and we were very specific. That being said, I want you to create the same thing in your world. So, create a list of what you want in real estate and be specific, be super specific, be bold, and think big. think thoughts that are going to scare you. So if you want five properties, you be very specific as to five properties that you want. So if you want them in your backyard or if you're okay to investing in another market,

be specific and be clear on what you want. Also be clear on the strategy. Do you want? Do you want buy and holes? Or do you want to learn how to fix and flip? Do you want deals structured creatively and deals with only seller financing? Or do you want to maximize your golden tickets, your 10 Freddie and Fannie loans that you can get in today's financing world?

Or do you want 20 rentals? Be specific. Or do you want? $15,000 a month in passive income. You get the idea. I want you to be specific. And I want you to think big. Be realistic with yourself, but think big.

Now, once you write this down, write down a time frame. And be specific with that too. So do you want your properties to be acquired in one year? Or do you want to retire in five years? And if you want to retire in five year, what's that magic number? Do you need $10,000 a month in passive income to retire? Or do you need 35 properties in five years to retire? Whatever it is, be crystal clear and be specific. Now, don't worry about how, you're going to make this happen. That comes later. But write down the what you want and in the time frame that you want it. Then I want you to write down what resources you have available to make

all of that happen. And resources I'm talking about like time, knowledge and credit. Like how much time do you have? How much knowledge in real estate investing do you have? How much credit do you have? Or do you not have any at all? Be realistic and be bold. Maybe it means you have terrible credit, but you are going to work profusely this year to bring up your credit score

so that you can qualify for conventional financing. And write down how much money you have to make this happen. happen, whether it's an old savings account with only $2,500 in there, or maybe it's an old IRA that you have from a previous employer that's pretty hefty. Or write out great business partners. If you're considering a business venture, whether it's with a spouse or a family member, be specific about it and write it down. And if you have an old IRA or a 401k, Be specific about how much money you have and how much access do you have to use those for your real estate investing endeavor.

Again, think big, be bold and write it down. And if you don't have any of it, but you want to create that, write that down. Okay, I think I've drilled that point enough. And one of the reasons I've drilled it in, I've grinded in at this moment, is because it is life-changing to change your mindset. Then, the most important thing of all that I want you to write down is write down your why. Why do you want all of this?

Do you want passive income to spend more time with your family? or do you want to create passive income because you absolutely hate your job and you cannot handle another year of going into the office and seeing your boss's face? Or do you want this because you want to spend more time with your kids? You're tired of missing soccer games and dance recitals. Be specific as to why you want this. and then highlight your why, because your why will be your driving force. As I said earlier, I'm not a self-development coach. I'm not a rah-ra person.

I'm into big personal development. I'm just a Latina girl from Los Angeles, California that was taught to go to school, get good grades and get a good job. And it was then when I realized that even if I did all of that, because I did do that, it was not going to work to create the kind of life that I wanted. And it wasn't until that I wrote down my why and created my specific list of what kind of a real estate investor I wanted to be. it wasn't until then that my dreams started becoming a reality.

And it started with me writing everything down specifically and boldly. And it started with changing my mindset. Writing exactly what I wanted in my life and really believing it changed everything for me. Now, I built my portfolio one property at a time, and I attribute much of my success, not only to my why, but my constant being in action and verbalizing what I wrote down because I knew once I wrote it down, it was tangible. And it became an instant possibility when I started to write it. write it down, I shifted my mindset, and then I started creating the community in my world that

became the backbone of the creation of our portfolio. And everything started to shift when I was specific about what I wanted. The how came later. So, as I encourage you to take on this new year, with an epic vengeance. It all starts with being specific on what you want, writing it down and thinking big. It's my hope that I sparkled a little bit of dazzle on today's episode and gave you a glimpse of what's possible. Because when you declare what you want out of real estate,

remember, it's all in the power of what you say. I can't tell you how many people I speak to when they call our office and they tell me their story and I share what's possible. And then they call me a year later and nothing has changed. Don't be that person. Think big. Be bold. Write down your thoughts because it all changes. with your mindset.

That's it for today. Have a wonderful new year and know that cash flow savvy is here to help you create passive income in your world. Until next week of Turnkey Tuesday, have an epic day.

Your portfolio has seen better days. But this two shall pass. And the best for you is yet to come. Together, we'll get you there faster. We're cash flow savvy And we'd like to share some information with you That will show you how you can take control of your financial future And accelerate its arrival

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