Epic Real Estate Investing - No Marketing Budget Needed - Corey Kendig | 393

Episode Date: May 18, 2018

If you're looking for financial freedom, Corey Kendig has already achieved it - by age 27! But don't worry. Today, Corey shares how he found success in real estate investing with no marketing budget, how Matt's coaching changed his business, and how he made $205,000 without flipping a single property. Learn it all with Epic Real Estate and Matt Theriault on Financial Freedom Friday! Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terio Media. Hey, this is Matt, and welcome to another episode of Financial Freedom Friday. It's time for Financial Freedom Friday with Matt Terrio. Hey, I had a great Financial Freedom Friday plan for you today, and we're going to go ahead and we're going to push that off until next week because something else, which is much better came up. You know, I just got from off the press, my video producer from The Last Intensive, and he sent me some video footage,

And I just want to share this footage with you because really it's all about freedom specifically it's all about financial freedom. And I thought what better day to share that with you then today on Financial Freedom Friday. So you're going to meet a past client of mine and has become a really good friend. And, you know, there's two things I really want you to notice here that we talk about all the time is, you know, you can go fast in buying leads and paying for marketing machines and all that kind of stuff. And I highly recommend it if you have the means.

But you can also go really far by building relationships. And this particular client really embraced that concept. And you're going to see the results here coming up. And the second thing that I want you to look at is how he's really embraced all of the different creative acquisition strategies that we teach here at Epic. And I don't know, I'll just stop talking here. Go ahead. You watch. Corey, thanks for coming up.

Thanks for flying out here to be with us. Just kind of share with everybody what you were doing just before we met. Before I met Matt, it was kind of like a lot of people looking for the next real estate. guru. I had just started to get my first rental property and I remember scrolling through podcast and I'm like, man, this guy is just like giving a lot of information away. And he's talking about holding properties, which is like not that sexy, but I know that's what I'm supposed to do. You gave me a call one day. You said long story short, let's work together probably four years ago. So we got started and just kind of bring us from that point up to where you are today. Basically while all my other friends were

getting, you know, addicted to drugs and partying, I got addicted to cash flow. I did my first deal that rental. And I mean, I came from nothing. My parents always had enough to be comfortable, but they're broke. So I'm like, man, I'm going to check this out for a year and see if this even works. So after a year, I'm like, shit, I made some money. It's cool. What if I did this like 50 times? For the next two, three years, I just worked really hard. I had a day job at the time. And then 5 p.m. to 9 p.m. 10 p.m. every night I was hitting the phone, doing what was necessary just to buy my freedom back. I want to scale up. I want $100,000 passively coming in every month. Net, not gross. In order to do that, I got to, you know, I got to kick my marketing up another level, too. Wait, what's bringing most of the deals to you? How are you acquiring your deals?

Where I get most of my deals from now is my network and relationships that I've built. I just focus on them because every person's situation. situation is different. I focus on letting them tell me what they want to do. You know, it's coming from that position of, if I can't help you, I'm going to let you know that. And on the other hand, if I can help you, will you let me know that? And that's kind of how I frame all my solar conversations. One thing to add to that, that's made me a lot of money. And it's the reason I do more deals in my market than anyone else is. Not more deals. I do better deals. I don't like doing a bunch. I'd rather just cash big checks. It's simpler. I can think about Sherry. I bought a house from her two years ago. I have had launch with Sherry two times a year at Paneras and she sold me her house.

She's 62 years old. And Sherry tells her friend Penny. Penny sold me a house in Warren, Ohio, for 20 cents on the dollar. I mean, it's worth 100K. We closed it at 23,000. Penny knew how much I was going to make. And I still talk to Penny. So, like, I have set my business up to where I just, just try to treat people like humans. It's not a secret. Like, I'm going to make money. And most of them probably know how much I'm going to make. As far as your exist strategy, your ideal extra strategy, your favorite extra strategy,

what's been the most successful for you is? What's working the best for you on your exits? I hold a bunch of rentals. And what I try to do is I empower my residents to be homeowners. Other than that, I'll also focus on quick sales to benefit. another investor or someone I think I may do business with in the future. And with as much fun as Corey has, you know, he's gotten himself into situations where he couldn't work. I don't know, 13 months ago during December, very close to Christmas, Corey had gotten an accident on his snowmobile.

I was falling a bunch of buddies. I was ripping through a field and there's a steel pole hanging across the field. This pole hit me directly across. It crushed every bone in my skull from cheekbones up. I laid there and just accepted the fact that I was going to die. And I remember being super stoked about like, man, you know, I achieved financial freedom. I've got to retire my dad. My dad's my right-hand man and property manager. I just remember talking to my mom, Smarendtelling her, I'm so grateful I have cash flow. It sucks. I'm kind of fighting for my life, but I do know that my necessities are paid and we're going to get through this. And at the end of the day, like, I don't have to answer to a boss, even as bad as this is right now. But you had two checks there.

This was about six months after your accident. But what were those checks amount up to? $205,000. $205,000. But you got $205,000 from holding properties. How were you able to make that happen without flipping them? I love buying stuff on terms. Whether it's principal-only payments or just good owner-finance terms,

you have the ability to create a lot of equity. He's really taken the strategy of owner-financing, going for those principal-only payments. You know, when you take that over the 50 or so properties he holds, over the last three to four years, a good chunk of those being on principal-only payments, it pays down the equity pretty darn fast. You can still create very large chunks of cash,

even if you're holding property. And he still owns the properties. He's able to pull all that cash out. Tax-free. And you actually did that twice this year. You've done very significant, almost $700,000 for it. We pulled out almost $700,000, and now you're going into this, leveraging that into this new land deal.

How else has it impacted you personally? Your pursuit of cash flow. In every aspect of my life, but just more, some more than others, I mean confidence, family, relationships. You know, me and my dad are closer. Me and my mom are closer. Helping my brother, I got to, you know, show him how to buy his own place. So I set him up, you know, got him a lease option. He was living in one, renting the other one out.

Now he runs him both out. He makes some cash flow. At the end of the day, if you got a lot of money or just a lot of cash flow, you got options and you have freedom. So the money, the cars, the travel, all that is awesome, it's fun. One of the reasons I push as hard as I do is because the freedom, like, I want to be unemployable. I don't want to be told what I have to do every single day. Awesome, awesome. I'm sorry, how old are you again now?

I'm 27. I'm getting up there, man. You're getting up there. So that was Corey, and he was at the last intensive, and we've got the next intensive is actually coming up pretty quickly. And at this intensive, we're going to show exactly what I showed Corey how to do and how he's been able to achieve those results. And so if you have the time, if it's going to fit in your schedule,

I'd love to invite you and have you be a part of the next Epic Intensive. You can go to Epicintensive.com. You can get all the details there. And, yeah, it's just one of my favorite things to do. is work with people face to face and kind of a workshop type environment. We can just get so much more done. So if you can make it, I'd love to have you there. Go to epicintensive.com.

Now, if you can't make it, if it's too soon, or you can't make the arrangements, or you got some conflicts, the other part of that, the big foundation of what Corey was talking about is how he got to do real estate with very little to no money up front. I mean, he still doesn't even have a marketing budget. He doesn't do any money on marketing. And so we put together recently a pilot program case study group.

because I'm out to make some more case studies just like Corey. And so I took the essence of what's really made him successful, and I put it into this pilot program. And it's a free course. It's actually better than free. I'm going to pay you to complete the course to help you do your first or your next deal, using very little to no money.

So if that resonates with you more than actually coming and working at the intensive with us face-to-face, you can go to free real estate investing course.com. Free real estate investing course.com. And then, I don't know, We won't be able to work face to face, but we'll work together virtually. All righty. So I'll see you next week on another episode of Financial Freedom Friday.

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