Epic Real Estate Investing - How to Start (or re-Start) Your Business FAST | 1064

Episode Date: June 29, 2020

Due to COVID's impact on the economy, Matt slowed down his business in the past months. However, starting from today, he is back into the groove! Tune in and find out how Matt is planning to get one signed contract in the next two weeks and RESTART HIS BUSINESS (& how YOU can do it, too)! Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terio Media. Success in real estate has nothing to do with shiny objects. It has everything to do with mastering the basics. The three pillars of real estate investing. Attract, convert, exit. Matt Terrio has been helping real estate investors do just that for more than a decade now. If you want to make money in real estate, keep listening. If you want it faster, visit R-E-I-A's.com.

Here's Matt. Hey there, Epic Investor. It's Matt Terrio from Epic Real Estate, where we show people how to invest in real estate with an emphasis on retiring early. This is the Epic Real Estate Investing Show. And I do this show, the reason that I am here is because I know that most people are living a life of financial sacrifice and betrayal. And I know that's the time-honored wisdom, the financial advice and wisdom is not really

being impacted whatsoever, even though the statistics prove it to be not great advice. Per the Department of Health and Human Services, 95% of today's 65-year-olds are not prepared to be financially independent. They have to, at best, of that 65%, excuse me, the 95%, 5% make it. Then of the 95% they got to rely on additional subsidies, whether that's the church or its family or it's the state or a combination of all of the above. So we've built a system here that creates an opportunity for one's money to work harder for them than they did for it and have it work significantly faster.

It doesn't have to be a 40-year plan like we've all been told that it would be, right? We've all been told to save, save, save and just work and keep our nose to the grindstone, make sacrifices and, you know, sock away 10% here. and then it's automated and then, you know, all of that could be great advice if it didn't take so long to actually achieve what we're all after. And that is financial freedom. And financial freedom has many different definitions, I imagine, that it means something a little bit differently to everybody. But it's really just having a life for you.

You just don't have to worry so much about finances. And so the purpose of this podcast and what we do here is to save people and their families from a lifetime of financial worry. And I know that real estate works. It has worked for more people than anything else. And knowing that, someone gave me a chance. And I don't know where I would be if they didn't give me one. So I believe everyone deserves a chance.

Anyone can do this. Anyone can. Just most people won't. But at least you should be able or should be made privy to the opportunity and given the tools and resources and information to go out and make it work if it's something that you choose to pursue. Now, if this is your first time here, really glad that you found us. If you like what you hear, make sure you hit the subscribe button before you go.

And if this is not your first time here, welcome back. And thank you for sharing this with your friends and family. I really appreciate it 10 plus years now. And it just wouldn't be here if it wasn't for you doing that. So thank you. So it's Monday as I am recording this. And it'll be Monday as it's released. I'm a little bit behind schedule.

I just got back from a weekend getaway with the family. We took four or five days off and went to the Grand Canyon. I've never been there before. And then we went and stayed and hung out with some family that I haven't seen in a long time. And I just closed the deal before I left. I think I shared with you last week. But that was probably when we went into contract, was probably about 45 days before that, 40, 45 days.

and, you know, I committed one of the sins, I guess, that I warn others about. And sin might be a really strong word. But while I had that under contract, I kind of slowed down on all my other activities, right? I wasn't generating the leads like I normally would. I kind of let the system slow down. And, you know, I was distracted. I was doing some other things. It's easy to get distracted right now.

But it's no excuse, right? or it certainly could be a reason, but if it's not an excuse for not having what you want. And I just want to do more deals. I had a big goal this year to do, I wanted to add 20 more rental units to my portfolio. And I wanted them specifically to be here in my backyard. So I'm really kind of focused on Las Vegas right now.

And, you know, it seemed like we were right on track and then COVID hit and picked up a couple more right after COVID. but I just kind of got it sidetracked in looking at other things because we are not immune to the economy stopping. And then I had to manage the tenants, which we've actually come out surprisingly well on that end, much better than I thought when we first got the news that there was going to be a shutdown.

So that's been good. And then managing the education side and the turnkey side and the fun side to where just new obstacles and challenges have been put in place because of what we are all dealing with right now. And I'm sure you can relate, just things that you never thought you had to think about before, or you had to prepare for or had to take action on it before. So it's taken me a little bit out of my groove, but I'm back after a vacation, and boom, it's time to get into the groove right now.

And so I'm going to give you kind of an idea of what I'm going to do to restart my business. And it would essentially be the exact same advice that if I were starting for the very first time. And you've heard me say this several times, right? It's a people business. Every piece of real estate you buy or sell is going to be from or to another person. So the whole object of this real estate investing business is to talk to people. And when you're getting started, preferably you want to talk to people that have property to sell. And preferably they're leaning more towards the needing to sell it than wanting to sell it.

Because that's where the discounts are. So that's got to be always the big focus. And there's so many different tools and resources and apps and technologies and software and all this different stuff of how you can get in touch with people and how you can find this type of sellers, these off-market deals. But I think people get a little bit lost in all of that stuff. We call it the shiny object syndrome. And there's certainly some great tools out there that can increase the efficiencies in our

business. But you've got to stay focused on what you're out. actual intent is, and that's to actually talk to people. So that's number one. You got to talk to people. If you're not talking to people, you're probably not doing business. Second part is the amount of deals you do is going to be in direct proportion to the number of offers you write. If you want to do more deals, write more offers. So let's kind of just, I'm attacking my whole week and reestablishing the momentum. But in the beginning, like you got to do a little bit of extra work. It's kind of like when the airplane is taken off from the airport.

they're burning a lot of fuel to get to that cruising altitude and then they can lay off the accelerator a little bit and kind of coast and as long as they just maintain, watch all their instruments and don't take their foot totally off the gas, they can maintain it at a lot, a smaller burn rate of fuel. So I'm aware of all that because I've started and stopped my business so many other times in my life and over 15 years, several times. So I know what it takes. I know exactly what it takes. So my goal right now is to get, starting today, get one signed contract in the next 10 to 14 days. I'm going to look at it in two weeks. Right. So if I want to get one contract signed, I know I probably am going to have to write to go to that speed and just kind of use this shotgun

approach and create the fastest results possible. I'm going to write a lot of offers. So I'm going to pick just an arbitrary number, 100. 100. This is going to be the plan. I'm going to write 100 offers in the next 10 days and to get a signed deal within the next two weeks. Okay. So that's the goal. And those offers, they have to be written to, you can't just write it to anybody. Can't just walk down the street and hand them out. No, they've got to be written and presented to viable property owner candidates that at least want, preferably need to sell a property.

Right. So that's the plan. And it's the plan that I share with my clients as well when they're stuck or they just need a jolt to their business. Because it's just the activities that's all you need to do. If you do the activities, you do them consistently, you're going to get the results that you want out of real estate. And so those activities being the revenue generating activities, the money-making activities, what are the activities that are directly tied to making money? And that's writing offers.

All right. So with that said, I've got to talk to sellers. to get to the point where I can write the offer. So that's the intent of the whole thing. And I share that with you because I almost have to share it with myself also that it's really easy to have the goal, right? I've got a goal. I want to do a deal the next 14 days or at least get something under contract.

And then you can have a plan, right? I'm going to write 100 offers and you could just start executing that plan. But if that plan is not executed with the right intent behind it, the plan is probably not going to be a good plan and the plan's not going to get you to where you need to be and for surely not as fast as it could so the intent is to talk to sellers and get a signed contract not make 100 offers that's the plan that's not the intent okay that's the plan the intent behind that is to talk to the sellers and present a contract and get their signature so with that said there's so many different ways that you can reach out to sellers right that the way they're

that you would communicate with them. And I got this thing that I kind of came up with called the hierarchy of communication. Because what people can do is, and they might be doing this inadvertently or subconsciously, is that they are doing the work. They are convincing themselves that they're putting in the work and they're doing what they're supposed to be doing. And they likely do, not likely, what's the right word I'm looking for? I've seen it frequently.

So I'm trying to like just have you. look inside of yourself to see if you're doing this. So I'm not saying you are doing this, but I'm going to share something with you and I want you to look inside and just be honest with yourself. You don't have to admit it to anybody, but don't lie to yourself. And one of the things that I'll see people do, and it happens over and over and over again. It's just because we're human beings. It doesn't make them right or wrong, good or bad.

Just people do this is they will lean on the path of least resistance, the easiest way to communicate. and the easiest way to communicate with a bunch of sellers is to send direct mail. And it works. It absolutely works. But the direct mail is just a means of communication to work your way up, the hierarchy of communication. So if direct mail is at the bottom, the next one up, where it would be easy to reach out to a lot of sellers would be, say, email. And the next one up from there would be texting.

So each time we elevate or move up our hierarchy of communication, we're getting closer and closer to actually talking to the seller. And the higher you get up that hierarchy, that's where your intent is matching your actions. So we've got the direct mail, then the email, then the text. And then if we're texting them, which is a very popular way and a rarely efficient way to reach out to a lot of sellers, the goal is not to close the deal on the text.

the goal is to get on the phone, build some rapport and set an appointment, right? So if you're sending direct mail or email or texting or ringless voicemail even, the goal is not just to reach out to them and see what happens. And a lot of people will hide behind that and convincing themselves that they're working, but the intent is to kind of prove to themselves

and those that are watching, I want to prove to them that I'm working, but the intent is not actually to close. the deal. That's what they're just trying to look good. You've heard me say that before. Your addiction to looking good as a human being gets in your way a lot, if not always. If that's present, if you're focused on looking good or not looking bad, right? I mean, just for example, you don't want to call, you don't want to, like, bother somebody. That would be looking bad. That's what I mean by looking bad or looking good, not like just having your hair comb the right way. So you've got to

move up the hierarchy of communication to make sure that your intent is matching your actions. So you're texting and then as soon as you're texting and you've gotten this communication or even if it's via email, it's, hey, would it make sense for us to just hop on the phone? There's a lot here to discuss. You've got to make that leap to get on the phone to talk to them. Once you're on the phone, now you go through your normal rapport building. You're making a friend. You're finding out what their problem is. You're seeing if there's a way that you can actually help them. You're positioned on their side. And then the next thing is if you feel there's a deal there is now to set an appointment and get faith. to face. So that face-to-face appointment, that face-to-face appointment is where you want to be when

you're actually presenting your offer because there is a hierarchy of making an offer as well. And that in-person direct-to-seller is number one. And number two would be via email direct-to-seller. Number three would be via agent-to-seller. Number four would be via agent-to-sellers agent. And then five would just be mailing them an offer in the direct mail. All of those are good, but just you want to move up that hierarchy because it's going to put you closer to the result that you want. But a lot of people will shy away from that

be for a number of reasons. I mean, it comes down to fear is what it really comes down to, but we put a lot of different labels on there, like don't feel like it or don't want to bother them or, you know, I don't know what to say and I don't want to look bad.

It's all just different labels of fear. So that's what I know I got to do. And so my daily plan is to get 10 offers a day. So how I will do that are I'm going to place 20 ads per day on Craigslist. That's 20 per day every day for the next 10 days. Second, will be send 50 text messages to for rents and Fisbo's. I'll just go on Zillow, I'll go on Trulia, Redfin, Craigslist.

Wherever people are selling properties or they have properties for rent, I will text them. And third thing will be send 20 Facebook market place. place messages a day. You've got to kind of watch Facebook between 15 to 20 because if you're sending too many, Facebook will lock you up for a little while and they can start putting flags on you and getting in your way of being productive there. But just kind of working my way down those until I get my 10 offers out. Another way, once I've done all that, I will go to searching the classifieds for seller

finance properties. And, you know, I've got a whole list of different keywords that I search, but like seller financing. And then if you do a second search in the exact same place of owner financing, you're going to get a bunch of different opportunities there. I mean, a bunch of different results. And then owner will carry or OWC or Fixer or TLC, all of those different searches. And just keep on coming up with these properties that show signs of distress or offer seller financing,

which typically in the open market, if they're leading with, they're going to provide seller financing. That also could be very much a sign of distress also. And then I know going through this process, I'm going to interact with a lot of realtors. So I will be asking each one of them, hey, do you know any properties that are open to seller financing? Mercedes and I were looking for a studio. We wanted to get something a little nicer for our YouTube channel. We want to take that a little bit more seriously because it's doing really well and getting a lot of great feedback. So I was like, okay, let's do a little bit more of that.

And so we're looking for like a little office space or something like that. And then I just thought, I got this idea from a previous mentor who does the same thing. He doesn't rent office space. He just goes, finds a house for rent and sets up shop in there. And I was just thinking, well, that would be kind of cool because we could set up the shop or I could go rent the house and we could set up different rooms with different backgrounds. And it would be cool. My whole point being is I reached out to a realtor on this one particular property that was really nice.

And I had asked about the seller financing terms that they were advertising. and so we made an offer. The husband took it, but the wife rejected it. But it gave me an idea, like at that price range, because that might not be the price range that I was looking for with regard to an income property, because this is just too much. This was like a million dollar property.

And I asked, do you have any more? What else do you know out there listings that are open to seller financing? And with that one question, she sent me 30-something listings that all will entertain seller financing. So we're in the middle of this week. We'll be writing a bunch of offers on all of those, just trying to get one of those accepted. But then I asked her, well, what do you know in the lower price point?

Can you get me down between the $400,000? Sure, so she sent me some of those. So just by asking that one question, I got a bunch. That was kind of a long explanation to email realtors. But as you're going through Craigslist, as you're going through your FISBOS and for rents and you're texting them, a lot of real estate agents will use that tactic to generate leads for themselves. so you will cross pass with a lot of other, with agents, even though you're reaching out to first sale by owners.

And so the whole thing would be that the intent, the daily intent is not to be able to quit any of those activities until I get 10 offers out. Okay. So this is the other part of this. Ten offers a day is the plan, but the intent is to get that signature. So say I started working and got my 10 offers out

and I got them all out in 30 minutes, but didn't actually get a contract signed. Well, then you keep on working. You keep on going, right? Or conversely, if you send out those 10 offers and you got one of them signed, then you've won. You don't have to send out the 100 offers, right? So it's just a basic plan,

just staying very connected to the activities that are actually going to produce the results for you. All righty, so that's what I'm working on. I'm going to stay up, keep you up to speed and up to date on my results. with that. And today is day one. I've probably got a little bit of setup today for Monday, but we'll be in full force by Tuesday for sure if I don't make it around today. Just got back from vacation. Got a giant to-do list. Mondays are always busy. But anyway, that's that. And that's what I got going on. And so what did you learn? What did you notice? What can you take from there? What insights did you get? And how can that impact your business and get you started on the

right track this week. If you found this episode valuable, who else do you know? There's a good chance that you do know someone else who find it is valuable as well. And feel free to share it with them if that name comes to mind and ask them to click the subscribe button when they get here and I'll take great care of them.

All righty. That's it for today. God loves you and so do I. Health, peace, blessings and success to you. I'm Matt Terrio. Living the Dream. Yeah, yeah, we got the cash flow. Yeah, yeah, we got the cash flow. Yeah, yeah, we got the cash flow. You didn't know home world, we got the dash low. This podcast is a part of the C-suite Radio Network.

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