Epic Real Estate Investing - How to Simply Find the Deal | Episode 230

Episode Date: November 8, 2016

Find real estate deals with Epic Real Estate Investing. We’re getting back to the basics, starting our year early and rebuilding our business in the interest of staying on track with our financial goals in real estate. Learn the Epic Approach to attracting sellers, capturing leads, and finding more deals. ______   The free course is new and improved!  To access to the two fastest and easiest strategies to a paycheck in real estate, go to FreeRealEstateInvestingCourse.com or text “FreeCourse” to 55678. What interests you most? E.ducation P.roperties I.ncome C.oaching Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terrio Media. Broadcasting from Terrio Studios in Glendale, California, it's time for Epic Real Estate Investing with Matt Terrio. Yeah, what's that? Hello. And welcome to Epic Real Estate Investing, the place where I show people how to escape the rat race using real estate. And if you're just getting started and or restarted, you're looking for new and creative ways of making money in real estate. I've put together a free course just for you, including. a checklist on how to find motivated sellers.

Those are property owners that are willing and able to sell you their property at a discount. So to access that free course, go to free real estate investing course.com. All righty, welcome back to day two of start your year early as we're getting back to the basics to start or restart your business. In the interest of staying on track with our financial goal, with what's most important to us around our investments and business of real estate. and in the interest of confirming that we are not overcomplicating the business, which can lead to overwhelm and confusion. And we all know what a confused mind does, right? That's right.

Nothing. And in the words of General Patton, the best thing you can do is the right thing. The next best thing you can do is the wrong thing. And the worst thing you can do is nothing. So let's unconfuse this business. So we do something. Got it? And let's revisit the basics to make sure that you're doing the right.

thing to give you clarity, the opposite of frustration. With clarity and confidence, you can move forward and move towards your goal. That's why we're here. That's why we're doing this. So I've compiled the basics within a specific approach that I've dubbed the epic approach. So you can complete an extra real estate transaction or two, at least one extra one as quickly as possible, and put an extra four-figure check in your pocket before the end of December. That's what we're going for. Yes, December. I know. We're right here in the middle of November. We're going to, put an extra deal or two that produces a four-figure check at least in your pocket by the end of December. Remember? I mean, most people are slowing their business down in December. This is a time

where you can't encounter much less competition, of which equates to much more opportunity. And my experience has convinced me that the opportunities in December are bigger and easier. I mean, think about it. What would cause someone to sell a property during the month of December amidst the hustle and the bustle of the holidays. I'm not entirely sure, but whatever it is, it's something in their life that will cause them more pain if they wait until after the holidays. And to me, that translates to motivated seller or sellers.

So getting you paid on an extra transaction in December, it's a very realistic goal. And it could potentially be the biggest deal you've ever done. That's what December is all about for me. It's what it's been as I look back on my business, both as a real estate investor and a real estate agent, December's rock. and you're just going to, you're going to find a number of sellers who will want to wait until after

the holidays also though. Okay. And that's fine. You'll need to make money then too. So that's fine. We can still find those. We'll need money after the holidays. But as always, you know, you're looking for the people that need to sell.

And those that need to sell before the holidays can be your biggest deals of the year. And getting you paid on an extra transaction or two in December is a very realistic goal. However, I don't just want you to complete the transaction and get paid for it. No, I want you to complete the transaction, I want you to get paid for it, and understand everything that happened during a simplified process. So you can then rinse and repeat as many times as you want. And so you'll be running on all cylinders during, you know, during the coming January. And throughout the spring, this is the most active time of the year for real estate.

You see, your ability to understand the basics, no more, no less, just the basics. to transacting a deal from start to finish is what's going to give you independence. It's going to give you long-term predictable independence. You can't put a price tag on that. And just think, I didn't ask you for millions of dollars for this information.

Did I? No. You paid absolutely nothing to listen to this show. You did, however, give me something much more valuable than your money. You gave me your attention. And that is something I don't take lightly. So I'm committed to making your time here worth every minute. Deal?

All right. Now, everyone's situation is different. There may be certain factors or unknowns that are affecting your business, but what I will share with you this week, that's not going to be one of them. No, it's one thing you can depend on. This approach has been thoroughly tested and proven over and over and over again. Not only is it working for me every day in my own real estate business, it has worked and is working for thousands of people that came before you. I've had so many of them here right here on the show. if you're part of the Epic Pro community

or Epic Pro Academy or the private Facebook Epic Pro whatever it's called. We have a private group on Facebook for Epic Pro Academy members. And if you remember that, tune in every single Friday when we post our wins for the week and you'll see how many guys and girls

are in there just absolutely crushing it. And I've had a lot of them here on the show. They've all shared the success here. And those are all still up for you to listen to. So feel free to go back through the archives. archives, lots of great success stories there. So there's no question that the information I'm going to share with you works.

The question is whether or not you will work. So here's the deal. I'm going to dive in and get to the good stuff right away. I'm going to get you off the sidelines. I'm going to get you suited up into the game and make them plays. If I have my way, you are going to win. I'm going to skip the hype, get to the point,

stay on track, and follow through with you all the way till the end. That's my promise to you. However, I can't do it for you. This show isn't going to do it for you. either. True success never happened as a result of sitting on the sidelines listening to and watching others do it. You've decided to take control of your own journey by taking action and meeting me halfway. You have to make that decision. If you do that, this is going to work for you.

All right. So let's do this. Last week, you came up with a number, remember? Not yesterday, but the Monday before, the week before that, you came up with a number, a monthly passive income number. and that number was the difference between what you're making a monthly passive income right now, what you make each month right now, and what you want that to be by the end of the year. So I want you to focus on the difference between those two numbers. So what you made last month and what you want that to be by the end of the year, focus on the difference. So if you made $5,000 last month in passive income, you want to make $10,000,

what's the difference there? It's $5,000, right? That's the number we're going to go after within the next 12 months. We're going to go ahead and just kind of close that gap, bring those together. So regardless though, of what your number is, I mean, if you're making $0 in passive income and you just want to make $1,000, that's fine. Regardless of what your number is, the process to reach it, it's the same. Now, let's stick to the theme, the theme of this week, the simple basics, and those basics happen to be, or they happen in five stages. One, you've got to find the deal.

Two, you've got to secure the deal. Three, you've got to promote the deal. Four, you've got to analyze the deal. And five, you've got to close the deal. Those are the five simple basic stages of the epic approach. And we'll dive into all five of those this week. But for these five stages to work for you, you'll need to operate from a set of beliefs. You've got to have some core beliefs in place.

One, your first core belief is you are a problem solver. I'm a problem solver. You're a problem solver. Motivated sellers are people with problems. And if you can solve their problems, they're going to give you equity in exchange. So the most empowering position a real estate investor can operate from is that a of a problem solver. So talk to your motivated sellers

from more of a consultation perspective rather than trying to sell them, rather than trying to close the sale or close the deal. You know, you want to align yourself with the seller with the common goal of solving their problem. This is going to get you more deals.

I promise you, it's going to get more deals with less resistance and you're going to get deeper discounts as well. All right, you're a problem solver. That's core belief number one. Core belief number two. You are a shopper of deals.

You're a shocker. You have a minimum deal standard and you will not stray from it. You deal in absolutes. You do not take risks above your minimum deal standards. For example, if your minimum deal standard is $250 of monthly cash flow per deal, meaning you're not going to do the deal unless you can make $250 a monthly cash flow. Okay? Don't do a deal for $225 a month.

Don't do it. Get that deal to $250, your minimum standards. Don't do the deal for $225. If you find yourself thinking like, well, it's close, it's close enough. If I can find the right tenant, I could hit that number at 250. If you start ifhing your deals, if I can find the right tenant, if I can find the right contractor. If you start ifhing your deals like that, you start inserting unnecessary risk into your deals. And what happens is you have inadvertently set your new deal standard at that 225, at 225 a month.

And when that next deal comes up that pays you 200 a month, you know what? you're going to consider it. And you might even do it. You're likely going to do it because it's not that far off from the 225, right? But your minimum deal standard is really 250. So in my opinion, the more you're in this business, your standards need to go the other direction. They need to rise.

The higher standards need to rise, not lower. So be a shopper of deals. Look for the deal that meets your minimum standards. You are not a buyer of deals. You are a shopper. The best investors are shoppers. So that's core belief number two. You are a shopper of deals.

Deals. Core belief number three, you make fast decisions and you change your mind slowly. That's number three. You make fast decisions. You know, it's your mission to get deals under contract as fast as possible for a price that's within the ballpark of your minimum deal standards. Now, I know that sounds a little contradictory based on the last belief we just discussed, you know, within the ballpark of your minimum deal standards.

But there's two things here. If you're a shopper and you know what you're looking for, it's easy to. to make fast decisions. Because if it meets your minimum deal standards, boom, you go it, you jump on it. You already know. You know what you're looking for. You found it. You take advantage or you take control of it.

And two, being a shopper of deals includes being a negotiator. And until you've completed your due diligence, you don't really know what the property is worth to you and how it will fit within your minimum deal standards. So get it under contract fast and then figure it out later. That's what I mean by act fast and change your mind slowly. but the primary reason though for making fast decisions especially when it comes to submitting an offer and getting a signed contract is once that seller is under contract with you the seller cannot enter a contract with anybody else you have effectively locked out your competition from that deal and now

you can conduct your due diligence thoroughly to determine whether or not it will pass your minimum deal standards that all coming together for you to get it. in it, making fast decisions, however, it does go both ways. Be as fast with your noes as you are with your yeses. If it's a no, forget about it and move on to the next deal. If it's a yes, commit to it until something comes up that turns it to a no. Got it? So your three core beliefs as a real estate investor are one, I'm a problem solver, two,

I'm a shopper of deals, and three, I make fast decisions. And I change my mind slowly. So now that you've got your three core beliefs in place, do you have your tools? Do you have your tools in place? This is what you're going to need minimum. You're going to need the following here. You're going to need a call capture phone number. You're going to need two landing pages, one for buyers, one for sellers.

And you're going to need a CRM, a customer relationship management, a database. Okay? You're going to need those. About nine months ago or so, we simplified everything here in the office and made the painful decision to walk away from Podio. And all of its automation, all of its bells, all of its third party services, all of the little whistles and all that. and move to an all-inclusive solution. We went to REI Solutions. It's REI dot solutions.

And through that system, we get our call capture phone number. We get the unlimited number of landing pages, unlimited number. We can make as many of those as we want. And we get our CRM. And then we get a deal flow manager. So it just works so much better

to have it all in one system. And if you've ever changed CRMs, you know that's not fun. That's a pretty painful process. And there's always a learning curve at the beginning. But in hindsight, A, we made the right move. we changed primarily for functionality purposes. We found ourselves just spending too much time on trying to make the podium and all the

automation stuff work. And every time it broke, you know, we got sidetracked from our real business and trying to fix our database. And it just got, it got to a point where like, this is ridiculous. So we changed it for functionality purposes. And more functional we now are for sure. But a side benefit, which we did not see coming so significantly, was that we save more than $500 a month with that switch.

So we got more functional and we save some more money. Yeah, we save some money. And a bonus tool, okay? So what you need, you need the call capture phone number. You need landing pages for your internet presence and you need a CRM. Those are the minimum tools. And a bonus tool. And this isn't absolutely necessary.

That's why I call it a bonus tool. But it helps a lot. It helps quite a bit if you have it. And that's funding. That could be your own money. It could be private money. It could be hard money. It could be transactional funding.

It could be a line of credit. It could be credit cards. It could be all of those. Doesn't matter what from. Just access to some form of funds. And you've heard it here mentioned on this show quite a bit, Epic Fast Funding. They've been a perfect solution for all of the above. You know, through their funding, you can be your own lender, so to speak.

You've got more control. It's faster, and it's much, much cheaper. If you've got a decent credit score, give them a shot. Go over to Epicfastfunding.com bonus tool, funding of any sort. If you got your funds, then don't go there. You don't need it, whatever. Okay, Epicfastfunding.com. All righty, so we've got the beliefs in place.

We've got the tools in place. Now it's time to go to work, right? That's time to get to work finding deals. And we're going to do that right after this. You've got the knowledge. Now, get the funding. It's simple. It's easy.

Go to epicfastfunding.com. And get up to $150,000 in revolving credit lines for your real estate business. Use your funds for property purchases, renovation expenses, marketing and promotion, anything your business needs. Go to Epicfastfunding.com. Fill out their 60-second application and receive your funds in as little as seven days. Epicfastfunding.com. When you combine wisdom and leverage, magic happens.

Epicfastfunding.com. Okay, the first stage to achieving your monthly passive income goal is finding the deal. That's stage one. Got to find the deal. And this is the most important part of your real estate investing business as well. if you get this part wrong, nothing else that I'm going to share with you this week is even going to matter. No other parts of this business even matter if you get this part wrong. You know, regardless of where you learn your strategies from and what your strategy is and what market

you're in it, if you can't find deals, you will not make any significant money in this business, if any. You'll merely be a buyer of deals that has to just sit around and wait for appreciation. Although that would be a much better strategy than Wall Street presents within a Wall Street buy and hold of a stock. It's still a very long. financial freedom plan. If you can't find deals, you're likely going to quit and you're going to walk away saying something ridiculous like real estate doesn't work. I gave it a go and it didn't work. Don't be that person. Right? Because if you get this part right, you're going to generate an income today. You're going to generate an income for tomorrow and you're going to generate an income for

your future, far into the future. If you get this part right, you're going to be able to quit your day job. You'll be positioned to achieve financial independence. If you can consistently find deals, you get to call the shots in your business and ultimately your life and do it all in a fraction of the time that the rest of the world is going about creating their financial futures. So to find deals, you need to find motivated sellers. These are people that are willing and able to sell you their property at a discount. That's what a motivated seller is. And fortunately for you, motivated sellers, they are motivated because they have problems.

Motivated sellers are people with problems. And you happen to be a problem solver, right? A match made in financial freedom heaven. So keep it simple. All right. They've got problems. You're a problem solver. Perfect.

You're a problem solver looking for people with problems that need solving. And in exchange for you solving their problems, they're going to give you equity. That's what we're doing here. So what kind of problems do they have? Okay. They've got financial problems. They've got their properties have problems. Their properties have their own problems.

So knowing that, this gives you a good idea as to where you should be looking for these people. And there really are no limits to where you could look. But here's an idea of where we look and what we look for. We look for absentee owners. Why do we look for absentee owners? Well, if the owner doesn't live in the property, that's what absentee means. They don't live in the property. They are probably investors, and a lot of investors get into this game,

and they realize it's not all that it cracks up to be, and it's a distraction or whatever it means. It's not working out for them. They don't know how to do it, and it's just been a bad experience, so they want to get rid of the property. So that's one reason an absentee owner might present an opportunity for you to talk to a motivated seller. Another is some people are absentee owners and they're like it happened on accident. Like they couldn't sell their last primary residence or maybe they inherited a property.

Maybe someone died and yeah, right, and they inherited it. So that's another reason. So a lot of times and then the other other reason for absentee owners, if they're investors, they're buying and selling all the time. They're buying and selling and they're upgrading or consolidating their, portfolios. So that's why we choose absentee owners. They've got all these different types of problems that we could solve.

Another thing that we look at are vacant properties. Vacant property. That's a problem for somebody. The property's just sitting there. It's not making any money. It's a liability. It's draining money out of their pocket each and every month. So someone with a vacant property, you know, unless it's their, you know, their vacation home,

then it's probably a problem for somebody that needs to be solved. Then we look for tax liens and we look for code violations. those represent problems on the property. And so those are problems that we can solve. We look for people with urgent needs. Also, we look for a job relocation. We look for divorce. We look for people going through probate

and then just inherited property. We do all of that because there's a problem there. And that's what we do is we solve those problems. We look for people also that are looking for us, right? People that know they need to sell their house quickly and don't want to wait for a realtor or the buyer's lender. They're looking for us. They don't want to deal with open houses or they want to deal with waiting for the average

days on market to sell their property. So we look for those people that are looking for us. We keep it simple. So you're a problem solver and all of these people have problems. No group of problemed property owners are going to be better than the other with regard to finding motivation. I get that question frequently, which list is the best, which group is the best, which one presents the most motivation.

Where do you get the most of the deals from? I really don't think there's any group of problemed property owners that are better than the with when it comes to motivation. They ebb and flow, they expand and contract, and there's no real way to predict it consistently. So this is why you're going to want to always be running three to five marketing campaigns for these problems, property owners. You want to choose a few different lists or a few different groups of people with problems.

So here's the five that we're running in our office. We're running marketing campaigns. Do all of the above all of those groups. But here's how we're contacting them. And this is an order of performance and where our deals are coming from, where our results are coming from. Number one, direct mail. Still, even if you're experiencing a reduced response rate on your direct mail, if you're

already doing that, it's still the number one place we're getting our deals from. Second is relationships. I've always been a big person on the relationship. So a lot of the networking relationships we've created over the years, that's probably our second stream of deals comes through there. Third would be Google pay-per-click. That pay-per-click campaign that we've got running is working really well. Just the volume's not really high.

But the quality of those leads that come through are really high quality. And I think we're like one out of four of those leads turned into a deal. So that's a really high number. We just don't get a lot of them. But that's a good place. That's number three for us. Facebook, we're narrowing in on that. And that's producing leads for us.

Follow-up. Lots of leads just come from our follow-up processes. The phone calls, the voice broadcast, the text blasts, all of that stuff, even continue to direct mail. All those people. The follow-up is huge for us. And then frustrated investors and FISBOS online are an honorable mention. Frustrated investors, we're going through and we're finding people that have vacant properties that they're trying to rent that they can't. Those, that's how we can call them in the office, frustrated investors.

So that's becoming a good source for us. And then the for sale by owners online, the people that are trying to sell their house online without a realtor. So those are working for us too. So direct mail, relationships, Google, PPC, Facebook, our follow-up system, and then the frustrated investors and Fisbo's online. All right. Other quality sources, though, there's others to look at are banate signs. They still work very well. We just don't do them because of the geographic relationship between our office and where our markets are.

So we're not using ban at science too much right now. We are using them to sell properties, but not necessarily to find motivated sellers. Just a little labor intensive for us with our certain situation. We're still combing Craigslist. We're still calling realtors for seller finance deals. We do a bunch of stuff. But the top five places we find our deals are direct mail relationships, Google Pee, Facebook and then our follow-up system.

So pick three to five of any of these. At least one of them must generate enough leads automatically for you to hit your income goal. At least one of them. So one has to be automated. So you can go to a marketing plan and budget builder.com. Marketing plan and budget builder.com. You can download the spreadsheet that we use

to determine how many leads per month we need to hit our income goal. And once we know how many leads we need to hit our income goal, now we dial in and try to automate that number or above with at least one of these lead generation strategies. So that way we know at the very minimum we have enough leads coming in each month, whether we generate new leads or not,

but those leads are coming in automatically every month to hit our income goal. Now, what type of messaging should you convey in your marketing? We know who we're talking to. We know how we're going to reach them. What should the message actually say? All right. So again, let's just keep a simple.

You're a problem solver. and you're looking for people with problems. If you ever get stuck anywhere on where to find deals, just refer back to this. You're a problem solver and you're looking for people with problems. So what do people with problems want? They want solutions, right? Very simple.

They want solutions. So your marketing should advertise solutions, such as sell fast, such as sell for cash, such as no fees, no realtor or realtor commissions, no repairs needed, sell your property in any condition. You can even go as far as, we'll move your stuff to your next location for free. Or we'll pay your first month's mortgage or your first month's rent for your new residence.

Those are all solutions to what people are dealing with that need to sell their property. Okay. You know, why not pay their first month's rent? Be the solution. And just build this expense into your purchase price. That's all. I mean, if you have to pay $2,000 for someone's moving van and pay their first month's rent for $1,000, why wouldn't you if you stood to make $10,000 to $20,000 off that deal?

Why wouldn't you help them out with an extra $3,000 if you're going to make $20? Right? The point is, keep it simple. Advertise Solutions. And if you're marketing to a specific list, advertise specific solutions to that list. You know, maybe if you're advertising to a probate list and they don't know how to navigate the court system, offer to help them hold their hand do that if you know how to do that. Okay, that's what I mean by advertise specific solutions for your audience.

So once you've got this in place, you have to be consistent with your marketing. This is huge. Automate as much as you can. For example, you want to schedule your direct mail in advance for three months at a time. Just get it out of the way so you know you got leads for at least three months coming in, whether you get up and generate new leads or not on your own or not. And then set up your paper click or your Facebook ads and just let them ride, let them run. Hire a VA to message frustrated landlords and FISBOs on your behalf.

Have a VA do that every day for you. Hire a local kid in the area to create and put up your bandit signs, you know, every Friday night, once a week. Have your VA research real estate groups and meetings in your area and have them put those meetings on your calendar every month. Right? Keep it simple. Don't get overwhelmed by this stuff. Get as much of that as automated as you can.

So run this checklist on your lead generation. Do I have all of the tools in place? Do you have all the tools? Call capture a phone number. At least two landing pages, a CRM, and then bonus if you got the funding. Again, the funding is not required. It's just nice to have. And once you start finding deals, there's going to be much easier to put in place.

start at epicfastfunding.com if you have a decent credit score if you're the loss for that but you don't need the funding okay you need to find the deals you need to generate your leads that's number one just the funding is a bonus number two am i marketing to people with problems number three am i advertising solutions number four am i running at least three preferably five at least three different marketing channels and five is it all automated if not how can i automate what's not that's your checklist do i have all of my tools in place and my marketing to people people with problems? Am I advertising solutions? Am I running at least three different marketing channels? And is it all automated? If it's not, how can I, how can I do that? Right? So to increase

the likelihood of this week being a success for you, especially if you'd like to make some money sooner rather than later, like by the end of the year in the month of December, I'm going to ask that you move at the speed of instruction here. Take a one step at a time and follow each episode exactly. Run these checklists on your business to make sure everything's in place. And don't worry if you don't know how to complete the next step. That's why most people never get anywhere in real estate investing. They're so scared of what's down the road a mile that they never travel the first 200 feet.

I mean, how ridiculous would it be if you were parked in your driveway in the morning or ready to go to work and you waited for every light between your home and your office to turn green before you ever pull out of the driveway? You would never get to work, would you? But that's how most people approach real estate investing.

Most people will wait for every light to turn green before they ever place their foot on the gas, let alone even start the car. So don't do that. The lights will never all be green at the same time. And I came into this business knowing nothing, but I moved at the speed of instruction and I know in my bones that if I had waited for just the right moment, I never would have succeeded in the speed of which I did, let alone experience any success at all. Right. So do you consider yourself an adventurous person willing to try new things to achieve your goals?

Do you consider yourself an adventurous person that's willing to do whatever it takes to try new things to achieve your goals? If so, follow along this week. and as the information is presented, take the actions suggested. You know, if you take this seriously and do for the next few years what most people won't do, you're going to be able to do for the rest of your life

what most people can't do. So tomorrow I'm going to go over the basics of what there is to do. Once your phone starts ringing, once your inbox starts filling up and how to sort these prospects from the suspects and how to get these deeply discounted deals under contract,

this is one of the easier places to overcomplicate this business. And it's typically the first place to get confusing for most people. So tomorrow, we'll go ahead and we'll unconfuse it for you. We'll uncomplicate it. And we'll spend the entire episode on how to quickly and simply secure the deal, how to get the deal under contract.

But before you go, it is time to, it's time to give away. This episode's $100.000.com gift card. And I'm doing this on every episode in November. And all you have to do to be eligible to win is to go to iTunes and leave a review for this show. If you've already left a review at some point in the past, there's nothing for you to do. You've already entered.

If you'd like to enter, follow me. Head on over to iTunes. Type in Epic Real Estate Investing into the search window. Click on this podcast, then click on the ratings and reviews. Actually, click the subscribe button, then click on ratings reviews, and there you go. Leave a review. And since I'm here now, let's go ahead and do this. I'll go ahead and I'll spin the scroll bar.

All right, and here we are. The headline says, absolutely awesome. This is by Top Lender. Matt, more episodes, please. Love your turn-by-turn approach. Well, you're very welcome, Top Lender. Thanks for playing. Send me an email to podcast at epic real estate.com,

and I'll go ahead and I'll reply with your $100.000. com gift card that you can use inside your business. Use it for yourself. Use it for the holidays, whatever you want. All righty, so that's how it works. Every episode in November, I'm going to give one of these away. Okay, so yeah, until tomorrow. God bless, to your success.

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. Thank you.