Epic Real Estate Investing - Start Up - The First Level of Real Estate Investing [Encore] | 707

Episode Date: July 8, 2019

Today, Matt tells all about the first level of real estate investing - start up. Learn how to tell if you're a first level-investor, how to conquer the vulnerabilities new investors face, how to create an environment you can succeed in, and how to get a bunch of free resources to help you reach the second level! Learn more about your ad choices. Visit megaphone.fm/adchoices

I decided to come to the Epic Intensive because I understand that one good idea can be worth a lot of money. Hey, it's your old buddy Matt here, and I've got a great show for you today. Thank you for listening, by the way. And before I forget, if you like the sound of the idea of finding more off-market real estate deals, and you want to go deeper with that, you might like to attend the live three-day epic intensive lead machine workshop. It's in Manhattan Beach, California, July 18th through the 20th. That sounds even remotely interesting. Then head on over to Epic.

Intensive.com and get the deets. Epicintensive.com. All righty, let's get on with the show. This is Terio Media. Yo. Yeah, yeah, we got the cash flow. We didn't know home for us. We got the cash flow. Yeah. And welcome to the Epic Real Estate Investing Show where we meet here each and every week to share tips, strategies, advice, and wisdom from some of the greatest minds. the business of real estate has to offer. So if you're looking for financial independence in your life and ultimately financial freedom, then you're in the right place.

And the first step is to shift your focus from saving piles of cash to creating streams of cash. Do that one thing, one time, and you are well on your way. And then the second thing to do would be to download a free real estate investing course that I created just for you, showing you how to get to your first or next deal with very little to no money. You've probably heard about something like this before. You've probably been hearing about this for years, decades even. How do you do real estate with no money? Like no money down real estate. I think it was like the original program only to find it to be that elusive unicorn in the woods. And what I mean by that is, you know, transacting real estate with little to no money

isn't nearly as difficult as people originally think. That is really attainable. Yeah, once you get one under your belt, most people like, they go, oh, so that's how you do it. Got it. Now it makes sense. Now I get it. But where the money tends to trip people up is in the business side of things, the business expenses, and most especially the marketing expenses. You know, if you're just getting started, it's very easy to go broke on marketing before you ever close your first deal, right? I mean, there's no limit to what you can spend on marketing and advertising. So this particular course that I put together. It shows you how to do both, both sides of it, the transaction side and the running the business side with very little to no money, and you can grab it at

free real estate investing course.com. Free real estate investing course.com. And as the domain says, the course is free. It's actually better than free, meaning I'm going to pay you to complete the course. So if you're willing to engage, follow through, and then share your experience with me, give me some feedback, then I'm going to pay you to complete the course. So why would I do that? Well, first, your feedback will help me continue to improve the course. And what I mean by that is the course is built out of everything that I did in the beginning, everything that Mercedes and I did in the beginning to build our business with little to no money.

We didn't have money for marketing. We didn't have money for PPC. PPC wasn't even an option then. It wasn't even like a thing. And so with your feedback, what that's going to allow me to do is just to make sure that, you know, what I do and what Mercedes and I did is actually duplicatable and applicable. And so your constant feedback will help us, you know, tweak it if we have to. Haven't had to yet, but I just still want the feedback because I want to make sure that it's applicable and it works for everybody. As long as they work it, it's going to work.

And second thing is your feedback is going to help me to help more people in the future. So all the details of how this professional relationship between you and me works can be found at free real estate investing course.com. All right. So last week, the entire episode we discussed kind of the subject of just being your own boss. You call the shots. You get to set the rules. So if you set the rules, you got to set good ones in.

And so it was all about being your own boss and what it's like once you are, your own boss. And the distinction here is when your own boss, what most people kind of forget, get is you're also your own employee. That's how it begins. You're the boss and the employee. You get to tell yourself what to do. And when people fail to meet their expectations of being their own boss, it's almost always because the employee version of themselves just didn't do the work, didn't show up, didn't perform. And the boss version of themselves didn't hold the employee version of themselves accountable and force them to do the work. So that's where it kind of it breaks down when you take this new venture of going out and taking real estate on full time

and becoming your own boss. So I laid out the natural progression of how one becomes their own boss. I gave the 30,000 foot view and I promised to walk you through this week each level that you're going to experience as a real estate investor and what it actually takes to get to the next level. And I'm not talking about the cliche next level. I'm talking about the actual things to do to get literally to that next level for you. And I mean, regardless of what that next level is for you, I've completed every level myself in this past week. I just kind of traced back my steps.

I put a lot of work into this this last week because I really wanted to make this something special. And I basically just reverse engineered how I got to be where I am today. And then I created for you, for lack of a better words, I guess, an SOP, a standard operating procedure so that you would have something a step-by-step thing to follow. So you could do the same. All righty. So for the next six weeks on Mondays, I'm going to go over each step, each level.

And I'm going to give you the prescription of what there is for you to do. Regardless of where you are in your real estate investing journey, one of these weeks will be specifically for you. And then those subsequent episodes will be a little bit of a little bit of a little bit of glimpse of what you get to look forward to. And maybe even the episodes that come before your level can give you an idea of, wow, I missed it. I skipped over that or I might be still experiencing that because there can be some gray area.

There can be some overlap in these levels. But you're going to see where you kind of missed out and you have to go back and damn something up or you're going to see what there is for you to do right now to get to the next level. And then you can also see what there's going to be for you to get to the next levels so you can start preparing for it once you get there. I actually don't think it would be out of the ordinary with this roadmap that I created to collapse a couple levels into one and make a quantum leap forward in your business and your results. I mean, you don't have to go one at a time. Potentially, you can just run through this checklist and go and skip a level.

So we'll go ahead and we'll get started. And with these action steps, hopefully I'll have it for you next week or the week after. I'll tell you how to get an actual printout of the to do list, like an actual checklist for each level. I've got all the actions here that I'll share with you today, but sometimes some of us are just a little bit more visual than others, and I recognize that. So I'm going to clean it up a little bit and organize it and put it in a checklist format, so you'll know exactly what there is to do.

So you just start checking off boxes, and that's what's going to get you to the next level. All righty. So let's get started. And we'll start with, you guessed it, the startup level. The startup level. So this level, you're making anywhere from $0 a month, say to $5,000 a month.

We'd call that the startup level. And you're thinking and you're tinkering and you're working in your spare time, right? You might not be totally committed yet. You've identified this might be something you want to do. It probably is something you want to do. And this startup level really represents the crowd. This is where most people are.

Right? This is like kind of the, if you're visualizing a pyramid, and we're going to break this pyramid up into six levels, the bottom level is startup. and that's the biggest piece of the pyramid. That's where most of the people are. And as we progress and we climb up that pyramid, you know,

you become a more of a, I don't know, a smaller group, a more elite group, really. All right. So, but we're down here at the bottom. Let's start. And here's what's happening for you right now.

And this one level, there's a lot of mixed things happening. Like there's good emotions, there's bad emotions. There's good things that are happening. There's bad things that are happening. And there's confusing things. So this can be kind of the most,

most, I guess, diverse level as far as what's happening to you and what you're feeling and your different vulnerabilities that you have at this level. For example, what's happening right now is, you know, you are looking for something new, right? You're looking for something new. You've got a lot of questions. You're probably consuming a lot of information at this moment. You're dreaming a little bit. you're dabbling a little bit.

Your current associates and your current network, they're really big on giving you advice. You've kind of talked to them, hey, what do you think about if I do this? I was thinking about doing real estate. What do you think? And you're getting all kinds of advice because they recognize that you're,

you don't know anything. And they recognize you're a beginner. So all they can do is share with the information that they think they have that you don't have. And so you're just getting all kinds of different types of advice. Oh, real estate, it's risky. You've got to be crazy to go do that. Just go to the stock market or you're getting,

yeah, I knew a friend. He lost his ass in 2000. 2007 and boy he's never recovered you don't want to mess with that or yeah i have a few rentals and it's working pretty good but boy god that the land or the excuse me the tenants are just a pain in the butt and da da da da da da da so you're getting all this different types of advice or or say no you got to fix and flip that's how you got to do it now someone else is going no you got to buy and sell notes that's how you do it no go into apartment buildings or go into storage facilities or you know you're just getting all types of advice and it can be really confusing and so um you go ahead and you and you

consume some information, you're going to go ahead and give us some of this stuff a try. You're experimenting with different marketing. You're looking at direct mail. You're playing with social media. You're looking at the classifies. You're looking at all these shiny objects. There's a lot of shiny objects out there, especially in the very beginning when you don't know what you're looking at.

And you don't have a lot of experience or knowledge or you don't have anyone to guide you. You can easily be distracted and try all kinds of stuff. And so some of the stuff works. Some of it doesn't. You're receiving some random calls. You might be taking an appointment. here and there even, but you're really in this over-analyzing, overthinking phase. So that's what's happening.

So as this is all happening, you're going to be experiencing very different emotions. So here's what you're feeling, right? I mean, essentially that you're, because you're looking for something new, you're probably dissatisfied with your current place in life, whether, you know, most likely your profession, right? Or maybe you don't even have a profession right now and you're looking to start one. You're tired of being an employee. You want to be an entrepreneur.

or you want to be your own boss. Kind of what I'm talking about. And, you know, as you're getting started, it can be, I mean, frustration is a biggie. You're frustrated with where you are in your current situation. You might be frustrated in trying to find something new and trying to launch something new. You're doubtful.

Like, I don't even know if this is going to work. I don't know if I'm going to work. Like, what if I pick the wrong thing or what I do something wrong? So you got these doubts in you. You've got a lot of uncertainty because there's a lot of unknown around the corner. When there's unknown around the corner, that's where you've got this uncertainty. Really, it's fear. That's what fear is.

is just uncertainty about the future. But then the other side of things, you might have this feeling of excitement. Like, oh my God, I get to go do this. I get to take it on all my own. I've got this huge desire to take control of my life. And I'm going for it. And that can be an exciting thing.

But those doubts and excitement and the uncertainty, like all of that can be jumbled up together. It can be a very confusing time. And you're hearing all this information. You're just not knowing really what to believe. And as you've shared this with your friends and your family and associates, there's a good chance that you're feeling a little bit unsupported.

You're feeling a little bit like you're out there all by yourself. You're on your own. And then you have this other fear like, oh, my God, what if they're right? And, you know, as the phone starts ringing and you're taking some calls, you're like, I'm a little afraid to talk to the cell. I don't know if I want to answer this phone right now or if this is something I want to do. And because what you're really afraid of is you're afraid of looking bad or looking dumb over the phone. Because it's something brand new to you and you just don't want to say the wrong thing and look stupid.

So you're feeling all of these things, right? So as you take, you're in this startup phase and, you know, some good, some bad, mostly confusing. We've talked about what's happening and what you're feeling. But I want you to know just by getting this far, just by being in the startup phase, you've exhibited an amazing amount of courage, an amazing amount of strength. I would commend you for your open mind, right? And it just acknowledged you for wanting someone. something better for yourself. You want something better for your family. I think you should be

admired for going against the crowd to take control of your finances, to take control of your life. You've come to this moment with this certain level of enlightenment to like, wow, if I do what everybody else is doing, I'm going to get what everybody else has got and I don't want that. So I better stop doing what they're doing. And I'm looking for something else. I think that's very admirable. And so I acknowledge you for that in this level because this could be kind of the toughest level to get out of. And so when you're in this level, I want you to know where the challenges might be where you're going to be vulnerable. So one of the biggest vulnerabilities is just being misled by bad advice. And this bad advice rarely is going to come to you intentionally, right?

It's not going to come to you intentionally. It's just, I would say, ignorant advice. People don't know any better. And a lot of times with people that know you that give you advice, people that love you and respect you and want the best for you, they don't want to tell you to do something and they be wrong for it. So most of them are inclined to tell you not to do something. That way, they don't look bad if you fall on your face, right? So you can be misled by bad advice. You can start allowing a lot of this bad advice to affect your thinking.

You can have this negative thinking, dominate your thoughts. you can be out there and other vulnerabilities. You're trying too many different things. And because you're trying too many different things, you've got this lack of focus. And, you know, you can be nickel and dined on all these various expenses. So you're losing track of your income and expenses if you're making any income at this moment. I mean, if you made any, you might close a deal in this phase.

That's certainly possible. You're scared off maybe by angry or negative people that you're talking to or the phone. and maybe your vulnerability is you're just not really ready for it. Like you're still very much in an employee mindset. You're really dependent on that guaranteed paycheck, right? And you're not quite ready to let that go, but you're going to give it a try to see what happens. And if it doesn't happen right away,

you're going right back to that employee status. And, you know, that's a vulnerability if you're just not ready for it. Or your desire for security is greater than your desire. for independence. You have to think about that. What's more important to you? Do you want the security or do you want to be independent?

Do you want security or do you want freedom? Right? And the, what do you call it? The catch there is that security doesn't really exist. You know, it may feel secure because, you know, payroll is cutting you

a check every week at your job, but you're not really secure because that company is being led just by another entrepreneur It's being led by another boss and they're vulnerable to all different things at whatever level they're on in their business. So take security with a grain of salt. All right? So that's one of the vulnerabilities though in the startup phase is your desire for security is greater than your desire for independence.

And you have these forces working against each other and it's really difficult to progress if that's happening. And with all that going on, you're vulnerable of just giving up too quickly, giving up before it even had a chance to work. So those are the challenges. Those are where you could be vulnerable. But here's what there is to do. Okay. So now that you know, this is what you'm going to be experiencing. This is what my emotions will be.

But I'd realize that most people don't even go here. So that's something to be respected. I've got this courage. I've got this strength. But now that I'm here and I'm experiencing all this, these are where my vulnerabilities are. So here's what there is to do to make sure that those vulnerabilities don't get the best of you. All right. So first, and I don't know if I didn't know if I put these in a specific

sequence. I'm going to put these in a specific sequence, but I've got them all here. And I'll put them in the specific sequence for your checklist. And like I said, hopefully I'll have that next week or the week after. First, you want to create your definition of success. And that sounds kind of, you know, woo woo woo, woo. But it's not. I mean, just what is success for you? Like, I complete the sentence. I will feel successful when and complete that that definition for yourself. Like, I will feel successful when I don't have to report to my boss and I'm making steady income from being a full-time real estate investor.

Or I will feel successful when my life is supported 100% by passive income. And none of them are wrong, right? Success, the definition of success for you is yours and you get to own it and it's yours, all right? Then second is, be really intentional about creating your environment, about the people you spend your time with. And I would recommend looking for a community that is achieving what you want to achieve. Really look for like-minded people. And I think of it with the internet today, it's easier to find that group of people than it has ever been before. One of my favorite websites to use

for this type of stuff and what I'd recommend is meetup.com, M-E-E-T-U-P-com. You can go there and you can search all kinds. You can search entrepreneurs groups or investors group or real estate groups. or, you know, you can do just anything, right? So look for a community that's achieving what you want to achieve. And look for like-minded people. Next would be to start educating yourself, right? Don't just go from words of advice from a bunch of random thoughts. Go ahead and choose a path of education and start reading, start listening, start consuming, start

getting educated. And then as you move forward, you need to understand. You're right in the beginning. You're in the startup phase. You've got to understand that what you lack in skill at this point. it's going to have to be made up in numbers because you're just getting started, you haven't acquired the skills that you're going to need yet

to get to the next level or to do this business. You just have to make it up in volume. That's what the beginning of anything worthwhile looks like. So just understand that. So you have to work a little bit harder in this level than you probably will in the next levels. But knowing that, it's like it gets easier and easier. Well, it doesn't get easier and easier.

You're going to get better and better. Your skills are going to develop and as your skills develop as a result of that is that it gets easier. And so that's just what the beginning of anything worthwhile looks like. So understand that what you lack and skill at this point must be made up in numbers. It must be made up in volume. Next, I want you to shift your self-doubt by consuming positive information. I want you to consume positive books and audios and seminars.

Like the personal development section, I think, is fantastic for this, just to consume that type of stuff. Listen to, you know, biographies, a very, famous and successful people. Other great things to go ahead and reinforce positive thoughts in your head so you can stop, you can keep those negative thoughts at bay. Next, create a simple plan. Really keep the plan simple. As I mentioned, one of the vulnerabilities here is you can overthink it, right?

You can overthink it. You can overanalyze. Just be simple. You got to identify a market. I've got to know what asset I'm going after. I got to generate some leads. I got to write some offers. I've got to close deals.

That's it. keep it simple, keep it focused, right? And then other things I want you to work on in this phase, work on routines, work on establishing routines for yourself. Because if you're at your job, you've already got a routine there, right? You report in the morning at a certain time, then you perform certain activities in the first hour and some hour the next hour and then you perform a bunch of activities all day long. And at the end, you go on your report and you provide your results and blah, blah, blah.

You got a routine. That's my point. You want to establish productive habits and you want to make a daily plan in the same manner that you have for your day job, the boss that you're working for, you've got a routine, you've got productive habits they expect you to keep, and you've got a daily plan. They gave you a plan is what you got to do on a daily basis. You need to have that for yourself inside of your real estate investing also. And then once you got that, it's time to get focused. Now I want you to focus on a couple things in this particular phase. I want you to focus on people.

This is a people business. Every piece of real estate you buy or sell is going to be from or to another person. I want you to focus on people. I want you to talk to people. I want you to let everyone know what you're up to. I want you to let everybody know who you help. I want you to be of service to other people. I want you to give before asking for anything.

And then I want you to have no expectations from people because you're still new. you got to earn your stripes, so to speak. You got to start paying your dues. You got to start working. So focus on people. Second thing is, I want you to focus on consistency. Consistency is everything. It's everything.

All right. I mean, a little bit today, not so much tomorrow, then a whole bunch on the next day, and then I'm going to take the next day off, and then I'll start it a little bit the next day. Like, that doesn't produce consistent results. That produces like this role. coaster of results. I want you to focus on consistency. Consistency specifically on the right

activities, right? It kind of goes back to what I just mentioned, like you want to develop or establish productive habits. And one of the tools that we use inside of the Epic Pro Academy is the Daily Success Report. We've talked about that many times over the last several years. And if you want a free copy, just go to Daily SuccessReport.com. Very easy. DailySuccessReport.com. And right there, those are the right activities. I want you to be consistent. with those. And then next is just stick with it. Just be persistent. Like I said earlier, this could be the toughest phase for most people to get out of. But you only get stuck here if you quit. You only get stuck here if you lose your focus. You only get stuck here if you're inconsistent with your

activity. So stick with it. Stick with it long enough and be persistent. If your idea in this phase, like you're in this phase right now, like I'm going to give this a shot for three months just to see how it goes to see if it works. If that's your mindset already, then just stop. You need to stop and go find something else to do that you can see yourself doing long term. Because that's not how this works. Now, it's certainly possible. It's not uncommon at all to get results right away inside of your first 15, 30 days. We've had multiple case studies over the years that have been able to do it really, really quickly. Most recently, Joey Stant got it right away. Jack and Josh got it right away. Josh Miller got it right away.

Right? So the, yeah, so just be persistent. Okay, like I said, if your goal is to, or your idea and your mindset is I'm going to give this a try for 90 days, don't even start. This is like, I'm going for a year. I'm going for at least a year. And I'm going to be consistent with my activities. And I'm going to do everything that I can to get to that next level for me. I'm going to close a deal.

I might close two or three deals here in the next three months, but if I don't, I'm going to keep on going until I do. That's got to be the mindset. All right? So I've got a couple recommended resources for you or specific actions. I would recommend getting the book, Awaken the Giant Within by Tony Robbins. I would get that book. It's a thick book.

And there's an audio version of it, but the audio version is not the same as the book. The book is totally different. I don't know why they called it, have the same title on it, but the book is different. I've read the book once a year, every year. I did that for 10 years straight. It's been a few years since I read it, but I did it like 10 years in a row. And I kept on reading it over and over and over again because it was a different book for me every time I read it because I was different. And that's really going to work on your mindset.

It's really going to work on your thoughts. That's really going to empower you. That's going to help you a lot. A book was written, I don't know, 20. 30 years ago. It's as relevant today as it was then. And I don't care what you think about Tony Robbins. He's done pretty well for himself in public's image. He's proved himself over 30 years to be the real deal. But if you still think he's kind of this weird crazy guy with big teeth, motivational speaker guy, put that aside. You're doing yourself a huge disservice if you have this prejudgment on that.

And that's why you're not going to consume that information. So Awaken the Giant with him. Or he's got a great program. This one's a little bit more up to date, bit more streamlined and it's also an audio is the ultimate edge. Ultimate edge. And so I would recommend those two things to just keep your mind right, to keep your head and your attention focused in the right direction. Next would be, if you haven't done so, at the very least, go to free real estate investing course.com and use that as your starting point of education.

Or you could just go ahead and consume the whole Epic Pro Academy. You can become a member there. That free real estate investing course is inside. of the Epic Pro Academy for Epic Pro Academy members. So that would be one resource. Or if you just, like, you're committed, like you got it, like you understand. That's what you want to do. You want to take that next step.

You want to be a little bit more aggressive with it. And you want some help and you want some more support. Then you can go to follow throughcru.com. And then we get to work with each other and help you through this process in the beginning. All righty. Next thing would be to seriously think about hiring a bookkeeper. Seriously think about hiring a bookkeeper. You'll be a little bit bigger on random expenses during this phase.

And even though you might not technically be a business at this point, you might not have a lot of income or any income from your real estate investing efforts for a while, you'll still be able to write off all of these expenses once you get there. All right. So the important things would be get the book, Awaken the Giant Within, get your head right, or go get the ultimate edge, the audiobook. And then invest in some form of,

of real estate investing education. If you got something that you already attached to and you like where it's going, then great, go through it and pay attention and do what it says, follow it, right? To know and not do is to not know. So you got to do what it says, okay? So take on the education,

you go to free real estate investing course. You want to take the epic route, epic pro academy, follow through crew, but if you got someone else's plan that you're part of, by all means, use it, okay, use it. And continue to educate yourself. Look at a bunch of different sources of information, but just kind of pick one thing at this moment

and focus on that. And the next thing would be seriously think about hiring a bookkeeper. If I look back, that would have been my first hire, and I wish I would have done it from day one. And so that those are my, that's my bit of advice here. Okay, so lots of stuff today, right? And those to-do lists, like what there is to do, I'm going to go ahead, I'm going to organize that for you in a checklist,

but I gave you those last three, like if you can't do all of those things, and can't write them down or can't remember them, whatever they are. I mean, of course you can go back and listen, which is what I'd recommend. That's what a good student would do. but at the very least, Awaken the Giant Within, free real estate investing course.com, and then seriously think about hiring a bookkeeper.

At least keep your eyes and ears open for it and start looking for it. All righty? So that's it for today. If you'd like to continue on this journey, if you'd like to continue to the next level, keep listening. We're going to do this every Monday for the next.

So today's Monday number one. So five more Mondays in a row. And so keep listening. Or if you'd like to go fast, go to R-E-I-A's dot. share a little bit with me about what you're looking to do where you are on your business right now and then maybe we can help you go fast if there's a good fit there all righty so that's r-e iase com god bless to your success i'm matt terrio living the dream yeah yeah we got the cash flow

huh yeah yeah we got the cash flow yeah we got the cash flow you didn't know home for the c-sweet radio network for more top business podcast Visit c-sweetradio.com.