Epic Real Estate Investing - How to Turn a Good Deal into a "Real Deal!" | Financial Freedom Friday

Episode Date: March 14, 2014

Last week's episode taught you how to tell if you have a good deal or not. This week Matt Theriault shows you how to turn a good deal into a great deal, or what he likes to call a "Real Deal!" ------------------------- Download Matt's free real estate investing course "How to Do Deals | No Money Required" atFreeRealEstateInvestingCourse.com or text FreeCourse to 55678 "Click" what interests you most:  Education Properties Income Coaching Learn more about your ad choices. Visit megaphone.fm/adchoices

It's time for Financial Freedom Friday with Matt Terrio. Hey there, Matt here. You know, last week I showed you how to put a deal through the clear test to determine whether it was indeed a deal or not. And that test, it's reasonably dependable, but it's not the end-all be-all, meaning just because one of your deals passes the clear test doesn't mean your work is done. Because what you'll find is there's really no shortage of deals out there, right?

Now, the deals are everywhere. There's probably never been a better time in history than right now to start investing in real estate. And with so many deals available, how do you know which deals to go after? Meaning what you, the educated investor, are looking for are just the real deals. So how do you know if you have a deal or a real deal? You know, to confidently determine that is going to be an invaluable skill for you to acquire. I mean, that specific skill could make the difference between your financial independence

becoming a reality for you in the next, I don't know, two to three years or the next 10 to 20 years. I'd personally like to see you hit your investing goals much sooner than that. I mean, it gets lonely out on the golf course during the week. So to show you how, what I did is I just pulled out an excerpt from the Epic Pro Academy. You see, I'm actually almost done updating the Epic Pro Academy to version 2.0. Here's why the update, you know, since the Academy's launch, my personal real estate portfolio has grown from 40 units to 240 units. And during this growth, I've learned a lot.

There have been a lot of invaluable lessons to be had. I've become a much better investor. My business has become much more efficient. And I've discovered some new marketing strategies to find deals where no one else was ever looking. And, you know, I've adopted several new best practices that have allowed me to maximize my profit per deal and grow my overall portfolio faster. And it's still allowing me to continue to grow at a fairly rapid rate.

So, you know, since last summer or so, it had been bothering me that the Epic Pro Academy didn't contain the cutting edge information that I was actually using out in the field. So at the top of the year, I had decided it was time to just completely overhaul the Academy by including my newest strategies and business practices. So that's what I've been doing the last few months. And to speed up the completion of this process to get version 2.0 finally finished, what I recently did was I personally took the entire course myself. I took myself through the entire course. You know, last weekend, I checked into a hotel down by the beach.

I locked myself in the room and I did have a nice view of the ocean, but I did lock myself in the room, only opening the door for room service. And I started at lesson one. And I followed the course step by step all the way through from the beginning to the end. And I did this specifically to make sure that I wasn't missing anything, especially anything that may cost you and my students an opportunity. Now, I have managed to fill in a few what could be considered holes, but mostly I've just been swapping out old material for new and adding new strategies, tools, and resources to the course.

And I'm happy to say I'm almost done. Anyway, as I was making this latest episode of Financial Freedom Friday, I thought rather rather than recreating the explanation of how to tell a good deal from a real deal, I thought I'd just rip an excerpt directly from the Academy and allow it to do the explaining for me. And plus, it'll give you a little peek behind the curtain too. Enjoy. So how do you know which deals are real deals? Well, here's how you know the deals from the real deals, and it's a simple three-step test.

First, is this what you're looking for? I mean, does this property fit the criteria that you've done? set for yourself in session A of this lesson. I mean, does it produce cash or cash flow? Is it in your defined area? Is it the type of property that you're looking for? Is it in the price range of what you're looking? Does it fit your criteria?

That's first. Second, is there motivation on the seller's part? Does the seller truly need to sell? Because it's going to be the seller's reason for selling with the perceived time crunch within which to do it more than any other factor that will help you get a real deal. I mean, this will be your mantra, as it can save you hours and hours of deliberating whether you have a deal or not. And your mantra is, the foundation of a real deal is the seller's motivation to sell.

The foundation of a real deal is the seller's motivation to sell. The foundation of a real deal is the seller's motivation to sell. I mean, your job is to always find out why a salesman. seller is selling. And why is that so important? Because the foundation of a real deal is the seller's motivation to sell. And typically, you're going to have to ask the seller many times before you get the real answer. I mean, the answer you get the first time you ask why they're selling is typically just the tip of the iceberg. I mean, the 90% of the real reason it lies hidden below the surface. But just keep asking. And you will eventually get your answer. And we're going to go over

that more in lesson four. Third, and this is the final. test of distinguishing a deal from a real deal. What are the price in terms? You see, to consistently get real deal after real deal and reach the goals that you set for yourself in lesson one, you must always be controlling one or the other, the price or the terms, because you're going to buy property in only one of two ways. You either pay your price with their terms or you pay their price with your terms. And what that means is to make a profit on a deal, you need to either purchase the property for your price, meaning at a steep discount, and their terms, which they typically ask for cash. Or you'll pay their price, and it doesn't even matter really what their

price is, and I'll explain in great detail what I mean by that in lessons four and five, but you'll pay their price with your flexible terms. As long as you can control one, you've got a great deal. And I'll repeat that because it's with this mindset that you're going to reach your goals and create your fortune. As long as you can control one, the price or the terms, you've got a great deal. And very often this is going to happen for you if the deal passes those first two tests. Is it what you're looking for? Is there seller motivation? And if you get a yes from those two questions, you will typically be able to get your price or your terms, of which defines a real deal.

Well, let's move to property analysis. And this is a part of the business of which many investors are guilty. They're guilty of bad property analysis. And this is a really big deal, meaning what if you do get to control the price in the real deal that you just found? Well, you better pick the right price. And conversely, if you get control over the terms in your real deal, you better pick the right terms. And that's what good property analysis does for you. It reveals the right price.

reveals the right terms. So we're going to cover all of that in our next lesson. Okay, see you there. So that's how you do it, how you tell a deal from a real deal. And it actually has more to do with turning a deal into a real deal than it does finding the real deal. I mean, just make it your mission to get control of either the price or the terms. And if you get control of both, fantastic. But you only need control of one of them. And I'm actually expanding that section inside of the Academy even more. I'll be showing you how to maximum. whichever one that you do get control of because it's that important to your success. Anyway, I should be completed with version 2.0, I don't know, in a few weeks.

Hopefully two weeks. That's what I'm shooting for. So if you'd like, you can go to epicproacademy.com right now, click join in the navigation bar, and that'll take you to a page where you can sign up for early bird notification of the academy's reopening. That's where I'll be announcing the reopening first. Or, you know, depending on when you're watching this video, the academy may be open right now.

And if that's the case, go to epicproacademy.com, get the details, and then just make your own educated decision on whether, you know, becoming an epic member makes sense for you at this time in your real estate investing career or not. Take care. I'll see you next week on another episode of Financial Freedom Friday. This podcast is a part of the C-suite Radio Network. For more top business podcasts, visit C-sweetradio.com. Thank you.