Epic Real Estate Investing - Invests in Real Estate, Retires Dad, Buys Lamborghini - How Corey Did It | 324

Episode Date: December 22, 2017

Epic Real Estate Investing presents a conversation with talented investor Corey Kendig. Find out what works best for Corey and how his #1 strategy will work for you too. Learn what it means to “Buy Right,” and hear how his "Buy Right" approach helped Corey make his first million by the age of 23. Get the inside track on your dream car with Corey Kendig on Financial Freedom Friday! ______   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

All righty, once again, it is my favorite day of the week. It's time for Financial Freedom Friday with Matt Terrio. Hello, and welcome to Epic Real Estate Investing. Glad that you found us. We're here going on our eighth year. And, you know, 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. I'm joined by one of my clients who has really taken what he's learned inside of the Efforto Academy, taking it out into the 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 Kendi. Corey, welcome back. Hey, what's happening, guys? Thanks for having me, Matt. You bet. Glad you're 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, on Instagram yesterday. I think of you driving your new white Lamborghini. I saw the little Rudolph. It was a 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 had 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 gigger, right? Full-time gig. I had those golden handcuffs on. Sweet. So we met and we had.

hit it off. And so what has, how has life and business changed since you found an epic? It's changed a lot. Been able to get myself financially free, not financially free, but financially independent. Financially free. That's my, 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, I love it. I don't love it, but I enjoy the hell out of it. But being able to retire, tired 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. So that's awesome. 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, this vision of taking care of their parents because they know how their parents still care of them and give them back. So good. Good. Thank you. Thank you, man. 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 the 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, 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. I, 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 a year of, I just, 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 didn't, I tried not to touch a deal unless it was going to treat me well. Yeah, it's better to miss out on a good one than it is to buy a bad one. That one's a truth. And 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. So 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, you. 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, but 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, that's, uh, 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. Mm-hmm. That's it, man. Yeah, totally. So how many properties do you have right now? Uh, I think 50, 50, 50, low 50s, somewhere in there. All right. So you're in Erie, Pennsylvania. It's a very small little town and I saw you recently a bit whether it's via text or posting

pictures you brought 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 seven hundred eight hundred thousand dollars 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 maybe I'm There's an influx out, man.

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. I've found that banks still don't want to lend on

estate, your PNCs, your Bank of America, your Huntington's, 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 got to do. Got it. It's buying right, right? Yeah. And then you do the seller financing, I know you've been a big, big advocate of the, or 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, I'd imagine that resulted in quite a bit of equity, right? Oh, a ton. Cool. So the next epic intensive, it's quickly approaching.

I'm going to do something that I've never done before is I'm going to think it's, I think it's fitting in the amount of the successful case studies we've had this year because they're growing and are growing really quickly. And so I'm inviting a few students to actually train with me and show what they have done to create what they've got and how their case studies have come about. And you're going to be there. You're going to be there showing how to do. We're coming, baby. I'm coming. I'm super excited about it. I can't wait to see it. And I can't to work with you in that capacity. So your specific approach and your nuances within your strategy, that's what you're going

to share. If you had to answer this question, like, why should someone attend this, this specific epic intensive? Why should they go? One, I'm going to be there, man. I'm going to be showing you some ninja stuff, stuff that took a broke, a very broke, 21-year-old that was $70,000 in debt, drove a Grand Prix, couldn't even afford my parking pass at college.

I was so frugal. I walked up the damn hill to making my first million at 23. I'm going to give you guys the open book, how I did it, how I used what, you know, things you've taught me, implemented those.

And on top of that, I've been to a couple of these events now. If you're in real estate, it doesn't matter what level you're on. If you're a beginner, if you're killing it, you should be there. I'm the energy alone is enough to get you going.

And there's tons of ninja stuff you'll be sharing. I mean, that Facebook thing, you shared last time when we were there was super cool that uh there's some good stuff there so yeah cool i can miss it out if you're gonna love if you like that you're gonna love what i got next so sweet all right cori i'll let you go bud thanks for your time and uh look have a merry christmas happy new year and i will see you at the end of january thanks brother appreciate it all right take care so if you'd like to go and meet corey in person and and watch how the uh how the wealth

has happened for him and as well as my other students and how you can do it yourself go to Epicintensive.com, grab a seat. And as the closer we get to capacity, the more that those tickets are going to cost. And that's not us thing. That's not a marketing thing. That's just how the hotels work. So the quicker we can get our final numbers in, the easier it is us on, easier it is on us financially. So by now, make it easier on us. Make it easier on yourself. All right. And we'll see you there. Epicintensive.com. Take care. This podcast is a part of the C-suite radio network. For more top business podcasts, visit c-sweetradio.com