Epic Real Estate Investing - Invests in Real Estate, Retires Dad, Buys Lamborghini - How Corey Did It | 1068

Episode Date: July 3, 2020

In today’s episode, Matt is joined with Corey Kendig, a talented investor who made his first million by the age of 23. Tune in and find out what works best for Corey, what it means to “Buy Right,��� and how his #1 strategy will work for you too! Take a listen and get the inside track on your dream car with Corey Kendig, right now! Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terrio 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-Aase.com.

here's Matt. Hello, and welcome to Epic Real Estate Investing, and we owe it all to you. We wouldn't be here if it weren't for you promoting and getting the word out on a podcast. It's very difficult to do, so we really rely on word of mouth, and obviously, you know,

we've been doing a decent job because you keep sharing, and we're just really grateful, really appreciative. So today I got a very special episode for you, joined by one of my clients who has really taken what he's learned inside of the Effort Pro Academy, you take it out into the rural world, put it into action. And then he's gone out and he's created some amazing results, but with his own tweaks, his own modifications.

And so I invited him to come in and share with you what he is doing. So please help me welcome to the show, Mr. Corey Kendiak. Corey, welcome back. Hey, what's happening, guys? Thanks for having me, Matt. You bet. Glad you here. And you were here just recently, and you attended our last epic intensive and shared your story there.

And, you know, I just saw this thing on Instagram yesterday. I think of you driving your new white Lamborghini. I saw the little Rudolph. It was great footage, great video. Hell yeah, man. It came about by getting passive income first off. But yeah, always I wanted, I told myself in high school, I got made fun for getting discounted lunch.

And I said I am going to show up to my 10-year high school at reunion in a Lamborghini. So I beat it by a couple years, and that's what motivated me. And at the end of day, man, that thing is the best snow vehicle Italy ever made. It's badass. Awesome. That was great. All right. So real quickly, I mean, that's what's going on today.

Let's go back a little bit. What were you doing before you found epic real estate? I had just started in real estate and had had some success, but wasn't getting a ton of traction. So you already participate a little bit in real estate. You dabbled. You were working still, right? You had a job? Yeah.

Yeah, definitely. Got it. All right. And that was a full-time gig, right? Full-time gig. I had those golden handcuffs on. Sweet. So we met and we hit it off.

And so what has, how has life and business changed since you found Epic? It's changed a lot. Been able to get myself financially free, not financially free, but financially independent. Financially free. That's my A plan. been able to retire my father, which is probably one of my biggest things, like cars and money and fun and friends and travel. Like, that stuff's great.

And I love it. I don't love it, but I enjoy the hell out of it. But being able to retire my dad, that was something I loved. That was super cool. And being able to put my family in a better position and kind of create that legacy, that's what I want to set up. That's, that's been the biggest change in the last, probably five years since I met you. Right.

Yeah, I think that's what all good people want. They've got this dream of and this vision of taking care of their parents because they know how their parents still care of them and give them back. So good. Oh, thank you, man. Yep. So what does your current business look like on a day-to-day basis? Good question.

So it's actually kind of changing right now. I'm looking to automate what I've gotten really good at doing. I'm looking at automating and taking exactly. what I've done for the last six years, but being able to remove myself so that I can focus on higher and best use. And I found throughout the years, like, you're always just scaling up. So that's kind of my focus. What it looks like now is, I mean, on a day-to-day basis, I kind of decide what I want to do. Right now, I'm actually starting a subdivision. So I'm building a subdivision. I'm building my own personal house, dream house. I always wanted a big garage and a huge house.

So I'm building the, we just broke around Tuesday this week. It's a 4,000 square foot garage with a big house on top. So I'm building that. And I'm going to do nine other houses in the subdivision. And on top of that, managing my team. I got my dad working for me full time. That was my way of retiring him. So, you know, every week me and him have a meeting and figure out what he needs to do.

He's my property manager. And he makes sure the passive income keeps coming. in. Other than that, acquiring one to two deals a month. I haven't really gone crazy this year. The last 12 months, I was just having a discussion with a real estate buddy of mine last night. We were talking about our past year and getting ready to plan for the next. And this year was my goal this year was I just didn't want to do any bad deals. I just kind of laid back and I did deals that were home runs. I tried not to touch a deal unless it was going to treat me well.

gets better to miss out on a good one that is to buy a bad one. That one's a truth. Certainly true. So with regard to the passive income, with regard to the cash flow, what's working best for you, whether it's right now or what got you to this point? What was the strategy? Two things. Owner finance, I think, is super powerful. People underestimate it all the time.

Get good at closing people in their kitchen. And the other thing that works really well is just telling everybody what you do. and you say it all the time in your podcast, creating a network. I mean, the reason I could, for the last 12 months, I do know marketing. I spent less than $500 on marketing the last 12 months. I still did a deal every single month. I can do that because of my network. Because six years ago, I started telling everybody, hey, this is what I do.

This is how I can help you. And it causes a huge snowball. And you just, I didn't realize what it would, what it was going to cause at the time. I just kind of, it's too dumb to fail. Like, you set it on your podcast. I'm like, I'll just do that. Yeah, it's, you don't realize what's happening when you're doing that in the beginning. You don't realize what you're preparing for, but you do it consistently.

And boom, you get those results, for sure. I thought's it, man. Yeah, totally. So how many properties do you have right now? I think 50, low 50, somewhere in there. All right. So you're an Erie, Pennsylvania. It's a very small little town.

And I saw you recently, whether it's via text or posting pictures, you pulled out some really large chunks of cash, which I imagine is what's probably going to your redevelopment, right? So, I mean, upwards of $700,000, $800,000, I think is the numbers that I've seen. And that's a lot of money. And for Erie Pennsylvania, that's an obscene amount of money. And I know appreciation isn't really necessarily skyrocketing. I don't think there's a giant influx of people into Erie, Pennsylvania.

man there's an influx out man it's uh it's an old very manufacturing based town sure so how have you been able to pull that amount of money out of small little eerie forced appreciation and buying right i mean if you don't buy them right you can't do it to begin with so that's step one and developing those relationships um i've found that banks still don't want to lend on real estate your pnc's your bank America's, your huntingtins, those guys, don't waste your time with them if you're just starting out. Go out and get yourself a relationship with a hometown lender. Introduce yourself from day one. They're probably going to turn you away.

And then from there, continue to prove yourself to them. So between developing that relationship with a hometown lender and buy and right, that's what you've got to do. Got it. Buying right, right? Yeah. So you know the seller financing. I know you've been a big, big advocate. of the

or a big I don't know implementer of the principle only type terms right yeah they're cool right

and I know you've done that a lot and so that over five years over 50 properties that imagined that resulted in quite a bit

of equity right all right Corey I'll let you go bud thanks for your time thanks brother appreciate it

all right take care yeah yeah we got the cash flow huh yeah yeah we got the cash flow yeah yeah we got the cash flow yeah we got the

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