Epic Real Estate Investing - Passive Income and a Life of Options | EREI 173

Episode Date: September 21, 2015

What would your life look like if you had purchased 30 houses rental properties 30 years ago?  While you can’t go back and invest, you can surely start today!  The window of opportunity is closing, and in 10 years, you will wish you had bought more now!  So what’s stopping you?   Remember, flipping houses can make you rich, but holding them will make you wealthy.  Enjoy! ------- 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

Contrary to popular belief, a lack of funding is not the biggest barrier to starting a business. It's excuses. But don't let a lack of funding be your excuse. We are Epic Fast Funding, and we'd like to fund your business with up to $150,000 in revolving credit lines. If you've got 60 seconds on a solid credit score, you could have access to your funds in as little as seven days. Go to Epicfastfunding.com to fill out our 60-second application. It's fast, it's simple, up to one. $150,000 in as little as seven days.

Go to epicfastfunding.com. This is Terrio Media. Broadcasting from Terrio Studios in Glendale, California. It's time for Epic Real Estate Investing with Matt Terrio. Yeah. Hello. Hello, and welcome. Welcome to Epic Real Estate Investing,

the place where I show people how to escape the rat race using real estate. You just got to shift your focus from making piles of money to making streams of money. Do that one thing just one time and you are on your way to financial freedom. It's not the most exciting path, but it is the fastest. And once you get there, life then becomes exciting. And if you'd like to get started in the same fashion that I did, if you're a little bit challenged financially and you have a terrible credit score, that's how I got started. I created a free course just for you to show you how I did that at free real estate investing course. Go there and I'm going to walk you through the steps and the processes of exactly how I got

started so you can duplicate it. And if you're not financially strapped, you can still go. If you got a good credit score, you can still go and you're way ahead of the game if you got those two things in place, all right? And then, yeah, life then becomes exciting. Just follow through and you got it. And speaking of an exciting life, since I made the declaration and the decision a couple of months ago to start trimming the fat on my overall business or off of my overall business and just kind of go deep. with what's really working rather than going wide, life is just kind of starting to become a lot more enjoyable. And I mean, still, there's so much to do.

I'm still working really hard and I'm working long hours, but I'm starting to see a light at the end of the tunnel. And here's an idea of what I am working on. You know, after coaching almost 40 people this year, one-on-one, I got so much in return from that experience. I got so much in return for my own real estate investing. I got so much in return for stuff to talk about here. And what I mean by it is I worked with such a wide diversity of people and such a wide array of markets, big markets, small markets, East Coast markets, West Coast markets, North, South, Middle America.

People of all varying means and resources. And it's not only did I, not only did I become a better coach, I became a better investor. I became a better investor. I became a better business owner. Because you see, by designing and building businesses for others, I was constantly reminded to look at and manage my own business through this process. And I got to look at my own business through so many different eyes.

I remember when I was in the music business. And when I was a producer, and I'd be in the studio, and I'd record my music, and I had this really hot track and I was just like, I thought it was the greatest. And then I would go play it for someone and all of a sudden I heard it through their ears knowing that this was the first time that they were listening to it.

I was listening to that track through their ears and I was like, eh, maybe it's not as hot as I thought it was. And that's kind of the experience I had by helping so many people this year build their businesses. As I kind of looked at my business, maybe it's not as hot as I thought it was. Maybe there's some room for improvement, and there's always room for improvement, but I just saw things that I might not have otherwise seen.

Okay, so through this process, I was just able to have some really great breakthroughs, and I've been able to create a rock solid system that is really starting to produce a brand new stream of passive income for myself, of which I hadn't envisioned for myself just even 12 months ago. And this passive income stream has come about through an automated and virtual, wholesaling system that I've been able to build. It's not entirely passive, but it's only requiring a few hours a week of managing the system. And it's working so well that it's inspiring really a complete overhaul of the Epic Pro Academy. You know, I know how complicated this business can be.

So I'm always looking for new angles and approaches and teaching people how to achieve success inside this business and not make it so complicated. So I'm not necessarily going to be changing the information inside of the academy. I'm not like all of a sudden I was sending yellow letters. Now I'm sending paper airplanes through the mail. No, it's nothing like that. But I'm just reorganizing the sequence of the lessons and categorizing the lessons differently and introducing them and just in a different sequence.

And then implementing an accountability program within. I really got a lot out of the coaching this year. And I just became a better coach, a more mature coach. And so I've put this accountability program I'm working on it at this very moment and I've dubbed it the follow through crew as that's one of the big stumbling blocks for people is merely following through. And this past year for all of my coaching clients that have followed through and consistently perform the daily activities that produce the results, they've gotten the results. Now there are a couple of exceptions there. And for those exceptions, they're getting some special attention from me until they do get their desire to. results. But the system is there and the system is proven and it's proven over and over again.

So all there will be to do is just implement and follow through. So just an FYI, that's what's coming, the follow through crew and coming very soon over at the Epic Pro Academy. And really what I want you to get out of this. Because I don't know, this today, just right now and maybe a few, a couple months ago, I've been just sharing you a little bit of inside of my own business, but not just my real estate business, but also my information, my coaching business. And what I want you to get from out of this, I mean, why I share my experiences like this is first, well, first, no doubt, to inform you about what I have coming up regarding products and services to help you succeed, for sure. Second, to give you insight on what developing a business looks like, to demonstrate

that you're never going to know at all. And there's no value in pretending to, that your business is going to, it's going to experience different phases. And there's never ending room for improvement. You want to be focused on constant and never ending improvement and optimization. And you want to have all those things in that focus in growing your business. You know, just because you may have reached a level of success, there's always room for growth. And you know what I've found? I've found humility and vulnerability and transparency.

to be far more powerful in growing a business than that cliche, fake it till you make it, you know, or having so much pride in what you do that you're closed off to new ideas. And it's really counterintuitive. I mean, we don't think of words like humility and vulnerability and transparency as powerful words or words that would bring powerful results to you, but they really do. You know, I've gone through the different stages in my life where I've come to learn that too much pride is just not a good thing, especially in the music business. And fortunately, I've been able to take that hard lesson and bring it into the real estate business and not duplicate those mistakes. In fact, I really think a minimal amount of pride is best.

And I wouldn't even call it pride at this point. I'd refer to it more just as confidence. Confidence in yourself, confidence in what you know how to do, confidence that, that, you know how to do. confidence that you can do this. Confidence is good. But still, you're going to continue to make mistakes in your growth. It's the only way that growth really happens. So be open to making mistakes and be open to learning from those mistakes.

And an even more powerful approach comes from a Mark Twain quote that I reference frequently. And that quote says, learn from other people's mistakes because you won't be here long enough to make them all on your own. and you know when I began my real estate investing career as I was getting my hustle on inside of the real estate investor clubs and and doing the wholesale thing and every once in a while you know one of the old guys that stand up and grabbed the microphone whether they're giving a presentation or was the needs and want section or something like that and sometimes this question was asked from the audience from the audience or was asked after the event just in the kind of the networking portion of the event and a question that everybody wanted to ask them was what was frequently asked them was if you were to start your investing all over again, what would you do differently? If you were to start all over again, what would you do differently? And over and over again, the answer was almost always the same. If I were to do this all over again, they would say, I would have bought more and I would have sold less. I'd have do it all over again. I would have

bought more and sold less. And if you take Twain's quote to heart, there's a value lesson there in the old guy sharing his regrets, sharing his mistakes. You know, that that 2020 hindsight from someone that's 50 plus 60, 70 plus years old, you know, that hindsight just made me think of that Mark Twain quote. And I realized I needed to learn from their mistakes as well as my own. Just keep on buying and hold on to as many as you can. That's why I'm such an advocate for it. because the guys that have been down that road,

they all have that same regret. I mean, just think, what would your life look like if you bought 30 houses 30 years ago? Right? Would that be a bad thing today? No, that'd be a pretty darn good thing, wouldn't it? Depending on what part of the country you live in, it might be a fantastic thing.

But regardless, that would be a great thing. And they'd also say, if I did sell, when I did sell a property, I wouldn't have used that money for a vacation. I wouldn't have bought the new car. I would have taken that money and upgraded to a bigger, bigger cash flowing property, one that produced a greater return or produced a more secure return. And I've taken that advice to heart as well. You know, darn near every dime that I make, I'm focused on converting it into a passive stream of income.

Certainly I have fun and I do fun things with my family and we go on these little staycations and stuff. But we're not going two weeks to Europe. Nuh. There'll be time for that and we're not too far away from that. But those big giant chunks of money, I'm always focused on converting it into that next passive stream of income. I'm about building the streams of income, not stacking the piles of income.

And in the beginning, you know, it seemed like wholesaling and rehabbing. It seemed like that was it. because you make a lot of money doing that. You can make really good income doing that. But now wholesaling and rehabbing and then the turnkey service that we provide over at Cashflow Savvy, that merely just fuels my streams of income. That's the active income that produces the passive income. It's the active income that bolsters the streams that I currently have.

And it adds new ones. And every investor, even if you don't know it yet, wants to get to the point where the designing their lifestyle and creating that passive income. They want to get to the point where they are literally making money while they sleep. I mean, we're all here working hard during the day so we can eventually make money while we sleep. And when you've got cash flow, you live a life of options. That's really what wealth is. That's what freedom is, a life of options.

Because you have that money coming in on a consistent basis from your real estate. And because you have that money coming in, you don't have to sell. You don't have to go to work. It's such a free and liberating livelihood. When you live a life of options, you live a life of true choice and you get to do what you want to do with your time. You get to do it when you want to do it, and you get to do it with whom you want to do it with.

But you have to have the right vehicle and you've got to have the right strategy to get there. And there are a lot of people who are content in spite of the miserably busy life that they've created for themselves. And many people, that's essentially what you must do to earn a good income. That's what they believe that you've got to do. But you don't have to do it forever. You can be happy and have the time and freedom to truly do the things that you want to do, as long as you're operating under the proper strategy that will create it.

I mean, think about this. When you were a child, often you're asked, what do you want to be when you grow up? I've got a four-year-old. And every day he's coming up with something new that he wants to be. And not once has his answer been, I want to grow up and work 80 hours a week flipping houses. That's my dream. I mean, was that your answer?

You want to work 80 hours a week flipping houses? Unlikely, right? That was not my dream. That wasn't what I wanted to do. And that's not my dream now. So I created a life that allowed me to do the things that were really important to me. and sometime a few years ago, I lost focus of what was really important.

That what was really important was my free time. And I started filling all of my free time with work. And more work and more work and more work. I said yes to every opportunity, yes to every joint venture. Yes, let's just do it all. Let's do it all. So a couple months ago, I shared with you my recommitted focus to my strategy of holding property.

It's not that I ever stopped holding property. I never stopped. But my focus just got so dispersed that I wasn't doing too many other things. I was just doing too many other things that slowed me down and slowed my wealth building down. I wasn't doing it as well as I could.

I was going too wide. I wasn't going deep enough with it. So if the reason that you listen to this show is to eventually create a life of choice, a life of options, a life of freedom, I invite you to check your focus. make it your intent to hold every deal that you come across. And if you can't at the moment, then flip it.

Put some money in your pocket and move on to the next deal. And again, make it your intent to hold that one. Just your intent. And if you can't, flip it. Put some more money in your pocket and move on to the next deal. And you just keep repeating that process. And eventually, if you maintain that intent, if you maintain that focus, that intent to hold each deal, that focus to create streams of money, you will come across

one that does work, one that you can hold, and you hold it. And then you go on to the next deal, and you just do it over and over and over again. I mean, take it from someone who teaches this, who believes this strategy to his core. It's easy to get seduced by the small picture. It's easy to get seduced by the fast money and lose focus on the big picture, the passive money. For it's the passive money that will create your exciting life, a life of options. Flipping houses can make you rich. Holding them will make you wealthy. It ain't what you don't know that gets you into trouble.

It's what you know for sure that just ain't so. Flipping houses can make you rich, but holding them will make you wealthy. Subscribe to a new real estate investing podcast. Hold That House with Matt Andrew. and Matt Terrio. Subscribe for free. Listen, learn, and earn. Hold that house.

Subscribe today. That's it for today. I'll see you next week. 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. State Investing with Matt Terrio. This podcast is a part of the C-suite Radio Network. For more top business podcasts, visit c-sweetradio.com.