Epic Real Estate Investing - Survival - The Second Level of Real Estate Investing | 414

Episode Date: June 25, 2018

Matt Theriault and Epic Real Estate are proud to present The Six Levels of Real Estate Investing! Today, Matt shares the second level of real estate investing: survival. Learn all the traits of survivalists, how to overcome the vulnerabilities faced at this level, and specific steps you can take to make it on to the third level of real estate investing. Learn more about your ad choices. Visit megaphone.fm/adchoices

Hey there, Matt here. Today's episode brought to you by the professionals over at Lighthouse Advocates, where they've been rescuing businesses in the nick of time for more than 20 years. So if you need help with marketing strategy or wealth strategy or tax planning or asset protection or CFO services, business innovation, bookkeeping, payroll services, project management, just about anything to do with your small business. Lighthouse Advocates team of professionals is your resource to whatever the rough seas of life are throwing at your business. They'll bring you safely into shore. So go to lighthouse advocates.com and request a business acceleration session.

It's free. You won't be pitched. You won't be sold. You'll merely be pointed toward the right solution for you. And when you're there, just tell them that Epic sent you for some extra special attention. Go to lighthouse advocates.com. All righty. Now on with today's show.

This is Terio Media. Yo. Yeah, yeah, we got the cash vote. We didn't know home for us. We got cash low. Yeah. And welcome to Epic Real Estate Investing, 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 are in the right place. And the first step is to shift your focus from saving piles of cash to creating streams of cash.

Once you've got that mindset in place, it's time to back it up with some action. So 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 your next deal with very little to no money. I mean, you've heard about this for years, right? Doing deals that require no money down is the original program, the no money down real estate investing system. But if you really yet to find it, there's always a catch, right? Well, no longer. Here it is. I'm giving it to you for free.

And it is truly a no money down, no money needed investing program. Once you get this one deal under your belt in this fashion, you are so much more prepared than 99.9% of the other real estate investors out there because then when you got money, it actually becomes a lot easier. But you can do this with very little to no money. It's how I did it. It's how Mercedes and I built entire epic real estate. And I just broke it down.

I said if I were to start all over again and I had nothing but lint. in my pockets. This is how I would do it. So once you've got that one deal under your belt, the mystery of everything else. It just all kinds of starts to dissipate. It starts to disappear. And then you can just shift your focus to more of the, just to more of accessing all of the wealth, creating aspects, real estate promises once you've got that mystery of that first deal behind you or you've been in a long slump and you're just looking to get that next one so you can get back on track. Once you've got that behind you, then you can just really focus on doing what it is that you came here for for real estate in the first place.

Already? So if you're just getting started or if it's been a while since you've completed your last deal, then this, it's for you. It's just for you, specifically for you. So grab this short and simple course at free real estate investing course.com. And as the domain name says, the course is free. It's actually better than free, meaning I will pay you to complete the course. That's how confident I am in it.

And if you're willing to engage, if you're willing to follow through, and then share your experience with me and provide me with feedback and just let me interact with you and help you get to that first deal or that next deal, then I'm going to pay you to complete the course because it's going to help me help you. It's going to help me help more people in the future. And that just makes me feel good. So that's what I'm out. That's what I'm doing this for.

And all the details of how this professional relationship between you and I works, how that all works, can be found at, you guessed it, free real estate investing course.com. All righty. So last week, we started to make our way up the six levels of real estate investing, right? We've got this pyramid that we're climbing up. And the base, the foundation, the starting point where most of the people reside and most of the people you never get out of. And that's the startup phase. And we started there last week and we went over a list of things exactly what there is to do to exit this area, this startup phase, and move.

up to the next level, survival phase. And we'll finish each one of these levels with specific things to do to move up to the next phase, specific actions to take. But today, level two of the six levels of real estate investing, this is the survival phase. Now, what is the survival phase? Well, survival phase typically means you're making somewhere between five, $10,000 a month in your real estate investing.

You've graduated from working in your spare time. You're now working as a part-time endeavor. You know, it's a little bit more than just an hour here, hour there. It's more a couple hours a day here and there and maybe like a whole weekend day, something like that. You're working part-time. And this right here represents a very small portion of society. You know, the last phase, the startup phase is the biggest portion of people that are looking into real estate. This one is, it gets smaller very quickly.

This is where the action takers are. I mean, you're closing deals at least, right? So what's happening here for you is you're starting to really gain clarity on what a deal looks like and how to find them. And a lot of that mystery of how you're ever going to find this kind of real estate, that starts to disappear. And you start to recognize what a deal actually looks like to you. You're starting to get the knack for running the numbers. Your skills are developing. and those skills are translating into the building of relationships and your market knowledge,

that's increasing. And the results are really tangible. You actually are making some money. You might even be making a little bit of extra money. You got a little bit of discretionary cash now. And you're noticing what is working for you. And you notice what you like to do. And you're starting to notice what's not working for you and what you don't like to do.

And at this point, most likely, you are on. your own. I mean, you're a one-man band, you're a one-man operation, so to speak, but the confidence, it's growing, right? There's still some uncertainty. You know, you don't know it all yet, but you do know enough to make some extra cash on the side of your day job. And even though it's working, you know, you might be tempted to pinch yourself every once in a while because you can't believe it's actually working. You can't believe this is happening. You might have been thinking about this for a really long time, but you've followed through. And, yeah, no, believe it, it's happening. And what you're feeling is, you know, you've got this feeling of, wow, this just

might work. And quitting your day job eventually starts to become a reality. It starts to seem more real, not just a dream anymore. And you're, you know, you're feeling more confident. You're a little frustrated, though. You know, you're not moving as fast as you'd like. You know, you're moving, but you'd like to pick it up a little bit. Things might not be as consistent as you want them to be. So you're a little nervous there. You've got these little nerves in your system about consistency. Well, I really be able to make this happen and keep it going.

You're feeling pretty busy, though. Nonetheless, you've got a lot to do. And because you're busy, you know, you might be falling behind on your paperwork. You might be falling behind on the financials because you're just trying to close the deals. You're trying to make some money and you're falling behind there. And that's a concern to you. And you're actually maybe even a little bit worried about having enough money to do

the marketing that you want to do, that you like to do to scale and grow faster. And if you're here, if you're feeling any of this, and even if it's just, I don't know, 70, 75% of everything I've gone through up to this point, if 75% of this is a match, then I want to acknowledge you for the courage to get here. I want to acknowledge you for your follow through, actually declaring what it is that you're going to do, and then you actually did it, you followed through. and I want to acknowledge you for your persistence. So many people give up before they get here.

But you didn't. You're no longer just a dreamer. You're an action taker. You're among the few. You're actually doing it. And you've made really, in my opinion, this is one of the toughest leaps there is to make as an entrepreneur. Is to get out of this startup phase, the tinkering phase,

into actually producing results phase. You're not flourishing yet. You're not financially independent yet. You're not wealthy yet. But you're getting results. You're taking action and you're being rewarded for those actions and you're making some money. And it's one of the toughest ones, leaps to make, and you have done it. So congrats.

You should patch yourself on the back. You should stop and just kind of lift your head up and like, wow, okay. You know how many people don't make it this far, but I did. You rock. You got it? All right. So now that you're here, here's where you're vulnerable, okay? You might be, you have a tendency probably to babysit your deals, right?

Because you're scared to lose a deal. You're playing maybe a little bit too much defense. You know, defense has its place in a game plan, but you might be, you know, you're a little bit afraid to lose and you're playing a little bit too much defense here. And because you're playing that defense, because you're babysitting these deals, you're focused on these two or three opportunities, you're falling behind on your lead generation.

And that's a real vulnerability. That can become a real danger to where it actually holds you and keeps you in this survival phase or the survival level of real estate investing. And because of that, because your leads are lacking, and you've got these other deals that you're kind of babysitting, Now you're spending a little bit too much time with unmotivated sellers and you're spending some time trying to make them motivated and it's not working and it gets discouraging and

it can be frustrating. And anytime you have that discouragement or that frustration, you know, that's a place where you are vulnerable of like, you know what, maybe I bit off more than I can chew and I don't want to do this. Right? You start, you can start that's where you're vulnerable there. And because you're slacking on your lead generation also. as you're talking to these motivated and unmotivated sellers,

you're talking to these few deals. You're negotiating position. It's weaker than it should be. You're afraid to lose the deal. So you might be compromising a little bit more. You might be compromising your deal standards a little bit more than you normally would or that you normally will in the future when you have a steady deal flow. And at this point, because of this is going on,

it's very easy to be distracted by the shiny objects in the interest of doing more and going faster or plugging up holes that are there that you don't know how to how to plug up so be careful and and don't get distracted by the shiny objects that's a real vulnerability at this moment and you're you're falling behind on paperwork and if that you fall behind on your paperwork too much for too long it can be expensive and complicated to catch up on it down the road all righty so those are some of your vulnerabilities in the survival phase so here's what there is to do Okay, here's what there is to do. It's time to, if you're not already, you've got to get organized.

Okay. If you don't have a CRM in place, something to manage your contacts, something to manage your projects and something to manage your deals, something to automate your follow-up for those unmotivated sellers, let the systems do that. Let your CRM do that. That's not a good use of your time to spend too much time with the unmotivated sellers. Once you determine that they're unmotivated, put them in your follow-up system, have that automate and have your system follow-up.

them until they do become motivated later on. And something else to do. You want to automate at least one lead generation method. If you don't have at least one lead generation strategy automated, that's what needs to happen here. And that can be through direct mail. It can be through PPC. It can be through a Facebook campaign. It could be, you know, hiring a neighborhood teenager to consistently put up your bandit signs.

something that just happens automatically without your involvement. All righty. You want to spend a lot more time on your marketing and your client generation. You know, you've made some money. You understand that you don't make any money unless the deals get closed. So you spend a lot more time there because you're so concerned on making that money. But you've got to spend more time on marketing and client generation here, lead generation. You've got to really focus on consistency because this up and down, up and down, you've got

leads coming in and then they're not coming and you got leads coming in you got not coming in and what coincides with that is your deals are closing then they're not closing their deals are closing then they're not closing and you're on this roller coaster this income roller coaster so really working on consistency is going to be vital here it's always vital it's always key but to get to that next level this is really what there is to do and to focus on probably the most in this phase you want to start documenting your processes you want to start creating systems out of the processes. You want to identify what it is you don't like to do or not very good at. At this point, you probably got a pretty good idea of the stuff you don't like doing. And you got a pretty good

idea of the stuff that you're not very good at. And you got a good idea of what you are good at. But you want to, once you identify what it is that you don't like to do or what you're not very good at, then you're going to, you've documented your processes, you've created your systems. And it might be starting to look for a part time assistant or a virtual assistant. So you can hand that stuff off to them and have it get done. There's a lot of stuff in this business that we don't like to do, right? We all like different things, but everything has to be done for it to be complete business for you. And the stuff that you don't like to do will kind of fall to the side.

And what that's going to do is going to produce inconsistent results for you. All right. So once you've got all that together, it's time to start looking for a part-time assistant, whether it's in-house or virtually. And then you want to continue to educate yourself. continue. That's never going to stop. You're going to stay with, I want you to stay with personal development and positive information. You've got to really reinforce your mindset, reinforce your thoughts.

And if you haven't already, it's time to get your business entity. A lot of people think that's the very first thing you should go do if you're going to take this on as a business. I don't recommend it because I'd rather see you start making some money first to where it justifies actually the expense and the effort it takes to set up a business entity. So if you're in this phase, now it's time to get your business entity. If you don't have it yet, you need your business checking account. And if you haven't already, absolutely time to hire a bookkeeper. All righty. But really, it's going to be, I want you to spend a lot of time on your marketing and your lead generation.

I want you to work on consistency. And then identify all those things you don't like doing are those things that are slacking, those things that you're not very good at. And you need to start documenting that process, creating systems out of that process, and start looking for someone to delegate that stuff to. And that can be an in-house person. It can be a family member. It could be a neighborhood friend.

or a neighborhood friend's child, meaning teenager or kind of an intern type relationship. Maybe someone's going to college. They want to learn about what you're doing, something like that, maybe make a few bucks. Or just hire a virtual assistant and have all that done for you as well.

All right. And so some recommended resources for your entity, your tax planning, bookkeeping maybe. Go to taxhacker.com. In fact, they just announced a brand new service. that they're providing tax hacker blueprint,

getting the tax hacker blueprint. It kind of takes all of this stuff and gets you all set up, gets everything taken care of for you. So you can get that at taxhacker.com just when you go there, you'll go ahead and opt in for their free book over there and just say, hey, I want my tax hacker blueprint and they'll get you all set up, okay? Also, if you want to put more money towards marketing,

you need some additional business funding, epicfastfunding.com. Great resource. We've talked about it here for years now, on the show, they can give you up to $50,000 or at least $50,000 or you pay no fees, up to $150,000. And so that's at EpicfastFunding.com if you're looking for some money to kind of accelerate and grow your business.

And then if you haven't already, good time to join the follow-through crew or to go faster, maybe rei-a-a-east.com and have all those systems and a bunch of this stuff just done for you, just like that. And you can go to rei-a-a-a-east.com for your business acceleration session over there. all righty so those are some of the things to do some of the resources and uh again if you are here in this place you are in this survival phase i just you rock you're amazing you have made it you are doing it now it's time to take these little skills these little actions and let's start creating some consistency start creating some systems out of it because that's what's going to get you

to the next phase that's where you're going to get to stability and that's what we're going to talk about next week All righty. All righty. So, yeah, if you'd like to continue this journey with me, keep listening. Meet me back here next Monday for the stability phase. And if you'd like to go fast, you just want to go faster. Go to R-Ei-Aase.com.

Tell me a little bit about your business. I'll get you all the details on how that works. All righty. So God bless to your success. I'm Matt Terrio, living the dream. Yeah, yeah, we got the cash flow. Yeah, yeah, we got the cash flow. Yeah, we got the cash flow.

You didn't know home for us, we got the cash flow. This podcast is a part of the C-suite Radio Network. For more top business podcasts, visit c-sweetradio.com.