Epic Real Estate Investing - Survival - The Second Level of Real Estate Investing [Encore] | 714

Episode Date: July 15, 2019

Matt explains 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

Making offers and cashing checks. What's new? What's next? With Ashley Montaigne. Hey guys, Ash here, Matt's assistant. Let's get right into it today and start with what's new here at Epic Real Estate. So in our first or next deal course, our free real estate investing course, Matt typically hosts monthly coaching calls, but we are actually going to start hosting weekly coaching calls.

That's right, weekly coaching calls with Matt. You get direct access with him. We get to go over all your questions, analyze your deals. Whatever it may be that you need help with, we are here to help you. So please take advantage of those. Those will still be on Thursdays at 4 p.m. The join link is in the members area of the course. So please take advantage of those calls.

And of course, when you get that first deal done, email support at Epicproacademy.com to get your pledge back. Speaking of our first or next deal course, I wanted to welcome some of the new members that joined this past week. So I wanted to welcome Hannah, David, Bob, Amir, Carlton, Sarah, and Carlos. Those are just a handful of our new members. If I missed you, I apologize.

But to any new members, welcome. We're super excited to have you. If you're interested in getting your first or your next deal done, visit free real estate investing course.com. Sign up. We're here to help. Speaking of what's new, let's talk about some wins from our Epic Pro Academy members and our private Facebook group.

So Anita, she closed on a flip purchase and got under contract to purchase a riverfront resort property. Ooh, that was kind of a tongue twister. Chris, he hit his. new daily record and closed on four purchases in one day. So a little bit about these properties. Two of those are cash slowing already. One at $4.80 a month. The other one at $520 a month. And there's 15 to $20,000 spread in each of the other two. Congrats, Chris. That is freaking amazing. You're totally killing it. Keep it up. Jack and Josh closed a deal for $20,000 in profit. Man, that's just becoming pocket change for you guys

every single week. That is just truly amazing. Parker, he closed four deals this past week. And John close the deal that Elmer referred to him. Those are two of our members of the Academy as well. One is an RIA Acer. Congrats there, you two. And Ryan, he got a buyer for a wholesale to sign a contract to purchase and he has another closing in the works for a flip project. Thank you guys for sharing your wins. It was another awesome week. If you're a member of the Epic Pro Academy and our part of our Facebook group, I encourage you to share your wins on follow through Friday. We're here sharing them every single week. So let's hear about all the amazing stuff you guys are doing out there. So what's next here at Epic Real Estate? We are here. It's Epic Intensive. Yay, we are so excited.

We've been working very hard to put this workshop together for you guys. And we're so excited for everything that we're going to share. Again, Matt holds nothing back. If you're a member of the Epic Pro Academy, the Epic Intensive recordings will be up a couple weeks after the event, so you'll be able to access them there. If you are not a member of the Academy and you cannot attend the intensive, but you'd like to see those recordings, see what all went on, see what Matt's going to share. I'd encourage you to join the Epic Pro Academy as well. Just go to Epicproacademy.com. Get your free access.

There's a 30-day trial right now. And yeah, sign up, join, and we got you. All righty. Well, that's all that I have for you guys today. I'll see you next week for what's new and what's next. Enjoy the show. 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 Lighthouseadvocates.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 flow. You didn't know, home world, we got the cash flow. Yeah. Hello. 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've 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

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 real estate in the first place. 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. and the base, the foundation, the starting point where most of the people reside and most of the people 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. 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, if 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. 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 tangency. 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. I mean, 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. Um,

you're a little flush, uh, 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. Um, things might not be as consistent as you want them to be. So you're a little nervous there. You've got this little nerves in your, in your system about consistency. Well, I really be able to make this happen and keep it going. Um, you're feeling pretty busy though. Nonetheless, you're, you've, you've got a lot to do. And because you're busy, you know, you might be falling. 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 to 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, 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 bid 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 plug up.

So be careful. and don't get distracted by the shiny objects. That's a real vulnerability at this moment. And you're falling behind on paperwork. And if 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 right? So those are some of your vulnerabilities in the survival phase.

So here's what there is to do. 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 with 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 close. 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 and your lead generation. You've got to really focus on consistency because this up and down, up and down with you've got leads coming in and then they're 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 are 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 that'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.

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 as 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 or 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 too. 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 R-EI-Aase.com and have all those systems and a bunch of this stuff just done for you just like that. And you can go to R-EI-Aase.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. You didn't know, home boy, 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.