Epic Real Estate Investing - Now Become a DEAL Magnet | Episode 88

Episode Date: February 10, 2014

Since you're now a "money magent" per last episode, NOW become a "deal magnet" by following a basic principle found in this episode. Enjoy! ---------------------- If you have a question you'd like Matt to answer live on the show, call the Epic Real Estate Hotline at 1-888-891-7203 Download Matt's free course How to Do Deals : No Money Required at FreeRealEstateInvestingCourse.com Don't have a buyers list yet? Borrow Matt's until you do at EpicWholesalers.com Get "done for me" income properties with "guarnateed cash flow" at CashFlowSavvy.com Hit the streets and join Matt in the field in one of his cash flow markets at EpicRealEstateTour.com Subscribe to Financial Freedom Fridays on Matt's YouTube channel by visiting EpicREI.tv Subscribe to this podcast and access all episodes at EpicRealEstateInvesting.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Broadcasting from Terrio Studios in Glendale, California, it's time for Epic Real Estate Investing with Matt Terrio. What's up? Hello, and welcome to another episode of Epic Real Estate Investing. If this is your first time listening to the show, welcome. Really happy that you're here. If this is not your first time listening to the show, so happy that you are back. And for all of you, just so you know. Might have heard it before, maybe not.

This is the place where I teach people how to escape the rat race by investing in real estate. And if I were to do this all over again, wouldn't change a thing. I mean, even if I had money and credit to work with, I wouldn't change a thing. See, while I was finding my way and I was going through this journey, I stumbled upon 12 different strategies of investing in real estate with little to no money. And I've put the first two strategies, I'm giving those to you for free, the two of which I believe are the easiest and the fastest strategies to a paycheck in real estate. I've put them into a free course just for you.

And you can access that free course at free real estate investing course.com. Two awesome strategies. And I've got a third strategy for you today. I shared with you a little bit about it on the last episode. It's a bonus strategy to a very quick paycheck within the next 30 days even. I'll be awarding $1,000 on March 3rd to the best video testimonial, demonstrating how this podcast, this free course, or the Epic Pro Academy has helped you in your real estate investing.

Let's put a little video together. Tell me how something that you learned from the free course or the Academy has helped you and how it's made you some money and your life is better for it. $1,000 paycheck for the best video. And for the top three video testimonials, I'll interview you on the show of where you can share your story and you can share some of your strategies or techniques. You can share whatever you want.

And you'll also have an opportunity to plug your business. I know people that come onto this show, they get business just by being on the show. And I'm going to make that available to you. It doesn't have to be fancy video or anything. The video camera on your smartphone, that'll be fine. Probably be the easiest way as well. So just shoot a quick video and share with me your epic story. And then email it to me at mat at epic real estate.com.

Okay, Matt at epic real estate.com. And I've received three video testimonials so far, just three. So there's a really good chance that that $1,000 could be yours. And it's a great chance that you'd be able to come on to the show to share your story. Okay, so last episode, we discussed how to get the money to find us, right? How to become a money magnet. And the answer lied within, find the deal first, and the money will find you. And we went into detail on why that's so and how to do it.

and specifically went through the three steps that you must follow to make that happen. Now, the last thing that I proposed to you before I signed off of that episode was, what would your business look like if the deals actually found you also? Meaning you've got the money chasing you, and what if you had the deals chasing you as well? And that's what my business looks like today. And that's what I want for you too. this business that it does take some effort and focus to get it up and running, to get everything

started. But if you adhere to a few key principles, it gets a whole lot easier, I promise. Like the money and the deals, they simply just call me at my office on a daily basis. Imagine what your business would be like if that happened for you. And it will. If it's not already, it's going to. Take some effort in the beginning. but if you adhere to just a few key principles,

and I'm going to share those with you today, if you adhere to those, your business will look like this as well. So I'm going to share with you how I've gotten deals to come to me, how the deals find me, how I've become a deal magnet. So there are two ways that you can find deals.

All right, we've talked about this before. You can either hunt for them or you can fish for them. Now we're not going to be discussing the hunting part since that would be you finding the deals. Now, today, we're discussing deals finding you. So let's discuss fishing. Okay? This is the concept of luring deals to come to you, to having them come right through your telephone line to you. And what do you need for fish to come to you? Right? You need bait.

You need good bait. That's it. You will be a magnet for deals if the bait is good enough. So when it comes to baiting your hook, there are different ways to go about it, right? The first way, and probably the most obvious way, is you can market or advertise. You can use direct mail, you can door hangers, classified ads, roadside signs. I don't know, you can put one of those car wraps around your car. I mean, those are all different types of bait. And in the very beginning of your real estate investing, you'll probably have to do some of that, if not all of that. You've got to throw a lot of bait in the water so that the fish will know where to go feed where there wasn't any food before, right?

But the good news is you won't have to do that forever. And the length of time that you do have to do that is going to be in direct proportion to your ability to follow what I'm going to share with you next. You see, there'll be two phases within your business. Phase one is that's where you'll have to go out and find deals. and phase two, those deals will actually be finding you. And that's what I'm going to help you with today, how to make that transition. And some of what I'm going to share with you will sound very familiar,

like something you might have heard just last episode, because some of the principles of attracting the money are the same for attracting the deals. But there are some differences too. There's some specifics. So the one thing that just works really, really well for me, it's the thing. And you know what?

You probably won't realize this until you, actually start doing deals. And, you know, as soon as you have, you know, just a few deals under your belt, what you're going to start to recognize is how few deals most real estate investors actually do. Meaning before you were finding deals, before you were doing deals, you know, it kind of appeared that other investors were just absolutely out there killing it. They're just crushing it. You know, you thought they lived high on the hill.

They've been driving around town on limousines. They're eating caviar. you thought they were just absolutely killing it in their business. And once you start doing deals, I mean, and all you really need to do is just one or two deals a month. I mean, if you're doing one or two deals a month, believe me, you are really among the elite of real estate investors. As many investors that you know and you meet at the clubs, you know, if you're doing one

or two deals a month, you're the guy or you're the girl. And what you're going to find is all of a sudden, those investors that you met and then you know from those investor clubs and you know from the little investing networks, They're going to start looking up to you. They're going to start asking you questions about how are you doing what you're doing? Ask all of my coaching clients that. They can't believe it when they do a couple deals. And it just kind of comes to the surface at their investor clubs of how many people aren't doing deals.

And when they went there the first time, they thought everybody was doing deals. Okay? So that's going to be a big epiphany for you. And what I'm getting to is the actions that you take are going to create your success and your success is going to attract other success. And here's what I mean. When you start creating a reputation for taking action, and you start and that action,

and you create that reputation for success, of taking action and actually following through, and you get that reputation for following through until the very end, when you start doing that, guess what happens? Look at it this way. This is going to make more sense and you won't have to just take my word for it.

Real estate, it's one of those unique industries where a lot of different people get paid off the actions of just one person. Meaning, if that one person isn't following through and closing deals, there's a lot of disappointed people that are left on the sidelines. A lot of sad people out there

if you don't follow through. That's the impact the real estate investor has on a bunch of different people. But if that one person does follow through and close, they close the deal, people on the sidelines, people in the stands, they all rejoice. Everybody gets paid and everybody's happy. And when you consistently perform

and you consistently close deals, everybody is consistently happy. Everyone is consistently getting paid. And what happens is you start to sway the people on the side, line, you sway the people on the stands to actually be on your team. You know, at first they were rooting for you to make it to the finish line and close, but now they're actually going to just jump on your, they're going to jump on the bandwagon. They're going to be on your team.

They want to get paid. And they don't get paid unless deals close. So when they come across deals, and believe me, they all come across deals all the time. This is their industry. This is their business. They're not investors, so they don't know what to do with them. They've got to do something with them, though. who do they refer them to?

They refer them to the closer. I mean, the deal I shared with you on the last episode, I picked up a 44-unit building for $50,000. I mean, that's just barely over $1,000 per door, a whole house for $1,000 bucks, two bedrooms and a bath and a kitchen and a living room, $1,000. How do you think I get deals like that? I don't get deals like that from yellow letters.

That's how I got started. But once I started to perform, once I started to close, once I started to follow through and close, and everyone was getting paid, those types of deals started to get referred to me. They are referred to me by my team. Those are the insider deals. And they get referred to me by my team

and friends and associates of my team because they're asking people on my team, who can I give this to that's going to close it? I know just the person. And those deals, they're usually accompanied by an email or a phone call that says, Hey, Matt, I just came across something and I wanted to give you first crack at it. I read that, I hear that all the time. They want to give me first crack at it because they know I'll be straight with them.

And if I say I want it, there's a very good chance. Actually, there's a great chance that I will follow through and close. And because I close, they get paid. that's all that they want. They don't care who gets the deal. Trust me, they don't care who gets the deal. They just care who can close. They care who can close so they can get paid

so they can support their family. I understand that dynamic. I understand what following through does. It feeds my business. And I want it to feed your business too. So here's a good practice. the next time you close a deal, look at your HUD statement.

Look at all the expenses that are deducted from your proceeds. All of those expenses, all of those expenses represent someone else's income, someone else's paycheck. I mean, for example, you have the physical inspector on the HUD statement. They got paid for inspecting the property. And guess what? They would like to inspect some more properties.

So when they come across a deal and they come across a lot of deals, who are they going to call? They're going to call the person that's going to give them more inspections. Remember, we've talked about this a lot, and just recently, you are a problem solver. That's your primary responsibility as an investor.

You're a problem solver. Keep that in mind. Never lose sight of that. Keep that in mind, and you'll never go broke. The physical inspector has a problem of not having enough inspections. The landscaper has a problem of not having enough land to escape.

The contractor has a problem of not having enough properties to rehab. The code enforcement officer has a problem of having to clear, condemn properties from the books. The city has a problem of disposing of unsightly properties. If you create the reputation of the closer

or more specifically the problem solver, everyone from the gardener all the way up to the mayor is going to come running to you with theirs and their networks really, estate problems. They're going to be, please take our problems. And you, being the problem solver, that's how you get compensated by solving people's problems.

And here's the greatest thing about the whole thing. It takes no effort on your part for this to happen. All you have to do is solve problems and close the deal. And all of this happens automatically. It's not going to happen with just one or two deals. but once you develop the reputation of the person that solves problems and closes the deal and follows through and does what they say they're going to do, all of this just happens automatically.

You know, the Zig Ziglar quote, help enough people get what they want, and they'll give you what you want. Well, what they want, they want their problem solved. What you want, cheap houses, cheap property. Solve their problems, you get cheap property. and what's unique about real estate is it's one of the places that really takes it takes the least amount of creativity and ingenuity to help people get what they want I mean a little bit of education and experience goes a long way if it's backed with the right

mindset the mindset of a problem solver the mindset of first giving people what they want and why this works so well is that is that by operating in this manner by solving problems and following through that makes you extraordinary just by doing what you're supposed to do, just by doing what you said you would do. That makes you extraordinary. Nobody else does this. Nobody else does it consistently. It's not difficult to stand out from the crowd.

It's not difficult to be the first name that pops into the code enforcement officer's mind when there's a condemned eyesore of a problem property that the city wants remedied. It's not difficult to be the first person that that guy thinks of or that great. thinks of. There's not a marketing piece out there. There's not a yellow letter or a pink letter or a green letter or a pink and green letter. No postcard, no ugly yellow sign, no internet landing page that will ever, ever outperform the reputation of a problem solver, a problem solver that consistently performs.

You can't beat that. And you want to do everything in your power to be that person. you want to do everything in your power to create that reputation. I mean, if you're in this for the long haul and you want this to be easy, you want to do everything in your power to create that reputation. And there's something you can do actually to even expedite the creation of this reputation. There's a little bit more that you can do. Extra credit.

But it'll exponentially speed up the process. In addition to being known as the problem solver, be known as the problem. problem solver that's easy to work with. Don't be a pain in the ass. Make things easy on people. And if when you experience disputes or people get disappointed or you find people that are dissatisfied because that will happen, when you experience that, make it a practice to take the high

road. Take the high road and fix it. Make it right. Make it easy. Make it right in their minds. Not necessarily yours, make it right in their minds. And that means, even if you know you are right, don't fight too hard to be right.

Don't fight too hard to make sure everybody knows that you're right. I mean, don't be a pushover either, but don't fight to be right. Being right in this business is very, very expensive. And not just monetarily speaking. Being right can cost your relationships. being right can cost you referrals, being right can cost you many a good night's sleep too. And by consistently taking the high road,

what you may lose by doing so, you know, when this one deal, you know, you maybe had to take the short end of the stick on this one deal. You know, what you may lose here and there is more than made up. It's more than made up for by the abyss. abundance of deals that will come your way because of it. And not just the abundance of deals, but the ease of which that abundance comes to you.

Create the reputation of a problem solver, a problem solver that's easy to work with, and you will become a deal magnet. Now you know. Now do what you know. Okay, quick reminder before we go. If you like a cracket, that $1,000, best VIII, video testimonial prize and or one of the three interview spots here on the show, go ahead and send

your epic video testimonials to Matt at epic real estate.com, and I'll announce the winner on Monday, March 3rd. That's it for today. I'm Matt Terrio, living the dream. You've been listening to Epic Real Estate Investing, the world's foremost authority on separating the facts from the BS in real estate investing education. If you enjoyed this show, please take a minute to visit iTunes and share your thoughts. Thanks for listening. We'll see you next. time here at Epic Real Estate Investing with Matt Terrio. This podcast is a part of the C-suite Radio Network. For more top business podcasts, visit c-sweetradio.com.