Epic Real Estate Investing - The 3 Most Likely Reasons You've Yet to Succeed and What to Do About Them | Episode 134

Episode Date: November 24, 2014

The title says it all.  On today’s episode, Matt explores the 3 most common roadblocks that stop would-be investors dead in their tracks.  And more importantly, he explains how to overcome each of them.   If you’re a long time listener who has yet to do your first deal, grab your pen and paper and prepare to take action!  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

Broadcasting from Terrio Studios in Glendale, California. It's time for Epic Real Estate Investing with Matt Terrio. Hello, hello, and welcome to the Epic Real Estate Investing podcast, the show where I show people how to escape the rat race using real estate. So, hope you enjoyed your weekend. A quick announcement before we get started, Fernando. He just uploaded new hot properties over at CashflowSavvy.com. three hot properties of which qualify for our acquisition assistance program.

And if you don't know what that is, it allows you to put 50% down and take up to three years to pay off the balance. And if you pay it off within 18 months, all of your interest payments will be applied to the principal. And if you've been thinking about picking up another or maybe the first rental property for your portfolio, and should you happen to say need a tax write off this year, it's getting that time of year. There's not too much time left to make that happen. right now is as a good a time as any considering the three awesome hot properties that he just posted. So if any of that makes sense for you in your situation, go to cashflow savvy.com and click on the hot properties tab right there in the navigation and take a gander. All righty.

So let's get on with the show. About four weeks ago, I extended a limited offer to the Epic Pro Academy members, the members that were already members. Well, duh, the members that are members. to work one-on-one with me inside their business for the next 12 months, as this is going to be my last year doing one-on-one coaching. I'm going to be delegating this part of my business after 2015. So this is kind of like the last chance, and I wanted to go out with a bang. I wanted to create some really awesome success stories.

And so I was just going to make myself available for 20 committed students because I wanted to work with those that were really committed. and all 20 of those spots were snatched up right away. Like, boom, I think within three or four days they were all gone. And this week, this last week, I had all of those initial coaching calls with that group. And, you know, given a more efficient coaching structure that I put in place, I figured I could handle some more. So I just finished a promotion, a new promotion, offering 10 more spots to brand new members.

So people that had yet to join the academy and they could add the way. one-on-one coaching to their membership. And there's still a few of those spots left. So if this is the first you've heard of this and working together one-on-one for the next 12 months inside your real estate investing business, if that's an idea that you'd like to explore, go to Epicprocoaching.com to get the details, Epicprocoaching.com. But that's not why I'm sharing this with you right now. I'm talking about this because of the 20 initial individual calls I had this past weekend.

And one of the questions that I ask in that initial phone call, as we're getting to know each other, is what do you think has prevented you from succeeding or succeeding as much as you would like? And I just want to know what they think. What's their reason? Because they probably know. Most of us know why we're not getting the results that we want. And so I asked that question, and it just gives me good insight as to where we're going to go from there.

And the answers I got to this question were far and wide. However, there were three specific answers that came up over and over. So I thought I'd share those three answers with you since they were the most common. And then I'll share an idea or two on how to overcome each one of them. So since they were the most common, I figured they'd probably be the most applicable to the entire audience here at the Epic Pro or the Epic Real Estate Investing podcast. Okay. So before I do, though, I want to reveal the only two reasons that you will fail in your real estate investing,

because there are only two reasons that you are actually going to fail. And reason number one is you'll fail in real estate if you lose the belief that real estate works. And we know that's ridiculous, right? I mean, considering real estate has created more millionaires and billionaires than anything else. So it works. But if you lose faith that or the belief or the faith that it's, that, that's, that. it works, you're going to fail. You're going to give up.

Okay. Or reason number two. You will fail in real estate if you lose the belief that you work. And we know that's ridiculous too. You know, none of us have to look very far to find multiple stories of people of less talent, less intelligence, and less resources that worked and realized great achievements. And when I ran down that list of less talent, less intelligence, less resources, there's probably a person or two inside of your immediate circle that popped to mind or that came to mind.

So we know that's a ridiculous reason too. And as ridiculous as those two reasons are for failure are, people still do fail. They still fail. Even though we know that those are two ridiculous reasons to, or ridiculous reasons to fail. And we consistently find that, you know, just a little bit of help, a little bit of direction, a little bit of support from a mentor or a coach would have made all the difference in the world. So after these initial phone calls that I've had with these 20 people, I think some support and

a mentor of which to interact with is exactly what's going to make the difference for them. And I'm very excited about that. It's because with regard to all 20, it's amazing that they're all so close. they are right on the cusp of experiencing massive success. And they just needed somebody from the outside looking in to point it out to them. And that's happened in my business several times where I've hired a coach. Like I coach people on how to do this, but I hire a coach to coach me. And they can just see stuff that I can't see.

And anyway, they're all so close to experiencing massive success. And I have no doubt, no doubt each and every one of them will reach their 12-month goal. So if you guys are listening, it's good news for you, okay? I've got no doubts. But what I want to do today is I want to cover the three top answers that I got this past week as to why they think they haven't succeeded or haven't succeeded as much as they'd like. Because some of them have experienced some decent amount of success, but just not to the level that they want to. So number one, number one reason was lack of spousal support. That was one of the number one of the number one answers or that one of the top three answers.

that I got. And, you know, I actually wasn't surprised to hear this either. It's been something that's come up in my, and our coaching business or our service business for quite a while. I mean, I've been married two times. And I can certainly relate personally. And I can relate professionally because of all the people that have been able to deal with over the last, you know, half dozen years or so.

And, but personally, with both of those marriages, you know, I had great support when things were going good in my business. And at that time, it was the music business. but when times were rough, eh, not so much. The support kind of waned a little bit. I heard a lot of, why don't you just get a real job and do the music thing on the side? And sometimes I even heard, well, maybe it's time to just give this music thing up all together and do something a little bit more dependable.

Time to be an adult, Matt. Let's take responsibility and do something, you know, reliable. So I heard that a lot. And so I can relate when people talk to me and they say that they, you know, they have a little bit of an issue with spousal support. And, you know, like I said, we also experience this when we speak to prospective clients at cashflow savvy.com. We experience it there too. You know, one of the primary reasons that we've witnessed where people don't pull the trigger and pick up a cash flowing property is that they and their partner have very different views on finances and how those finances should be handled for their future.

You know, in my do-over coaching, I saw the same thing. one of the people and the couple have more of an entrepreneurial mindset while the other has more of an employee mindset. And, you know, I don't know about you, but I've heard this in my entire life that the number one reason for divorce is the lack of ability to get on the same page with regard to their finances. Money. That's it. Money is the number one reason for divorce. And, you know, actually someone corrected me once and said, actually, Matt, marriage is the number one reason for divorce. And I suppose that's true. I thought that was funny, but I, really, money. That's it. Okay. So if you subscribe to marriage is the number one reason for divorce, I guess money is the number two reason.

But when we're really looking at it, seriously, what we're talking about, money and the inability to agree on it is the number one reason for divorce. So what do you do with that? How do you overcome that obstacle if you feel that's getting in your way? Well, I've got a few things to say on this. And since it's come up so many times, I've thought about it a lot more. And so the first thing I would want to say is if you're not yet married or if you're thinking about getting married or even if you're engaged, this is a conversation you want to have before you tie the knot. Seriously, I know, I know you're in love or I know you're going to fall on love or I know love and a relationship and being with the right person is much more important

than money. I know all of that. But really, after the honeymoon is over and life hits, real life happens, if you're not on the same page when it comes to your finances, how you generate money, how you invest your money, how you protect your money, it's going to be an issue. I promise you. We live in a society of which nothing replaces money in the way that it serves us. Money is very, very important.

I know it's all about the love and money can't buy the most important things in life. I know all of that. But money or the lack of money will certainly interfere with the things that it can't buy. We'll certainly interfere with the love. Okay, so that's first. You got to get on the same page, and that's something you have to have a serious conversation about if you're fortunate enough to have not been married yet, to have that conversation first.

I mean, learn from the statistics. You know, as Mark Twain said, learn from other people's mistakes as you won't be here long enough to make them all on your own. All righty. Heed that advice, okay? Don't be dumb like I was two times.

That's not me. That's not going to happen to me. Yeah, it's going to happen to you. You're human being, it can happen to you, okay? All right. So that's number one. Second thing, or, yeah, second thing, If you are married or in a serious relationship and say entrepreneurism or real estate investing is important to you,

you must sit down with your spouse, your partner, your mate. You must sit down with them and let them know how important it is to you. I mean, be direct. Don't beat around the bush and don't sugarcoat anything. Let them know this is something very serious for you. And if they love you, if they are the right person for you, they'll get it and they'll support you. But you got to be direct. You got to be serious.

Don't sugarcoat it. Don't beat around the bush. And if you do it that way and you're honest about it and they're the right person for you, they'll get it. They'll understand and they'll support you. Okay. Third thing you can do is involve them. don't keep them at arm's distance. Don't keep them away from what you're up to.

You know, from three major relationships in my life, and this has been across the board, if I share something I just learned that I'm all excited about, and I know all of my married people can relate, I get a much less response and much less enthusiasm and much less understanding than if my spouse had heard it from the source themselves. For some reason, they don't believe me when I say it, but they believe it the exact same words from the person

that I heard it from or even just somebody else besides me. So involve your spouse in what's important to you. And if real estate investing is important to you, involve them in it. Okay. You know, if my 20 coaching clients, a half dozen or so are husband and wife clients, and they were both on the call. And I have the highest hopes for them. and two more of them actually wanted the recording of their call, because I record all the calls

and send that to them, they wanted the recording of their call so they could actually let their spouse listen to it, which is very, very smart, very smart, very forward-thinking, very smart and important for their long-term success. They're involving their spouse, okay? So that's the third thing I can say about this. The fourth thing, and this thing is, this is actually what I feel is the most important because you can do all of the above, everything that I just shared with you. You can do all of it.

But if you don't do this, your support from your spouse, it ain't going to last forever. Okay? As much as they love you, as much as they are the right person for you, as much as they understand, as much as you involve them, as much as they know how important this is to you, if you don't do this, that support will not last forever. and that fourth thing is you've got to perform, all right? I mean, if you're all talk and no action inside your relationship, you are going to struggle with this part. I mean, and if you quit, if you give it a shot because they supported you and you quit,

it's only going to be that much more difficult to get support when you bring up the next big idea to your spouse. You've got to perform. You've got to prove what you're up to. to your partner that it's worth supporting. You've got to produce results. And really what this boils down to is, if you don't perform,

is either your partner is going to lose the belief that real estate works or even worse, they're going to lose the belief that you work. And if they lose that belief, that's going to reverberate far and wide into many other areas of your relationship. So here's the answer to your unsupportive spouse, if this happens to be a challenge for you. Here's the short and sweet of it. Tell them what you're going to do and do it.

Simple. That's the very definition of integrity. And without integrity, nothing in life works. So integrity has to be in place for life to actually work. And so you should exercise this in every aspect of your life, by the way. Honor your word. Say what you're going to do and do what you say. say, do that.

And most, if not all, of what ails you will completely disappear in all aspects of your life. That reaches far beyond real estate. Okay, so just you got to perform. You got to produce the result. That's probably the most important thing I can say to the lack of spousal support issue. Is you got to honor your word and you got to perform. Okay. And if you do that, it'll be really tough to find a naysayer.

whether that's your spouse or your in-laws or your own relatives or your friends or family, if you perform, all that chatter goes away. Okay? So that's the first thing or the first answer I got to that question. The second most popular answer I got one asked, what do you think has prevented you from succeeding or not succeeding as much as you'd like, was, you know, people just said, I'm afraid. They admitted fear.

And where it really kind of boiled down to was fear of fear of getting, to a point and not knowing what to do next. Fear of not knowing what to say. Fear of looking dumb. Fear of looking like an idiot in front of other people. So this right here, this is easy. This is easy to address. Listen, it is impossible to learn something new and look good doing it.

I mean, there is something that right now that you are really good at. There's something that you're really good at right now that at some point you didn't have a clue about. And you can look back, I'm sure, and remember times when you messed up, when you looked silly, when you might have looked clumsy, you might have looked flat out like an idiot. But you persevered. You're still alive. It didn't kill you. And here you are today. And you're very, very good at it.

You're very, very good at that thing. In fact, it's probably even second nature now. It might be even something that you take for granted. And you look back and you possibly wonder why it took you so long to get started back then. Or you wonder why you were ever afraid back then. Well, this, real estate investing, it's just like that. And you progress through it and you get good at it in the exact same way. Through repetition.

You travel as far as you can see. And when you get there, you see further. and then you continue to travel. And then when you get there, you'll see further and you continue to travel, one step at a time. You know, death by real estate investing, that's not in the cards for you, okay? Going to prison for investing in real estate,

that's not in the cards for you. Nothing here is going to hurt you, okay? The only thing potentially in danger, the only real danger here is that you really got to be. got to watch out for. The only thing that could really mess things up is some slight bruising to your ego. That's it.

That's all that can happen. That's what's stopping you. And even that bruising to your ego, it's temporary. If it even happens. I mean, whatever regret it would be, or what a shame it would be, I should say, is that if you didn't take a shot at this because you were concerned about. a little damage to your ego. Think about that.

What will have you missed out on if that's actually what stopped you? Something so silly. What could you experience or what could you achieve if you don't let something so silly like that stop you? So the fear thing to answer that, I'll leave you with this. It's impossible to learn something new and look good while you're doing it. So get over it. Get over yourself. There ain't nothing here going to kill you.

And you're not going to jail. You're not going to prison. You're not going to mess this up. Okay? It ain't rocket science. Not by any means. Not even in the realm. So travel as far as you can see.

When you get there, you'll see further. Okay? Third thing, or third most common answer to the question. And actually, I think this was the most common. So what do you think has prevented you from succeeding or not succeeding as much as you'd like? that was acknowledging a lack of consistency. And I actually think this is the most valid answer. It's the most valid answer I got.

I mean, why the lack of consistency? That's a deeper question. But really, lack of consistency, I think that's it. Because it's key to your success in this business, in any business, in any endeavor. If you want consistent success, you have to produce consistent action. And I could speak on this subject right here for a very, very long. time, but I want to focus in on real estate investing specifically. And it's, and it's very simple. Okay, let's do it this way. What do you need to earn through your real estate investing on a

monthly basis in order for it to be your only gig, okay, your only income source? What would you need to generate there? And I know, and I know you've thought about this. I know you have a number in mind. And so just because I can't hear you right now, okay, so let's just say it's $10,000 a month. If you can generate $10,000 a month, this is all you need to do. Okay, you'd be a full-time real estate investor. So to generate $10,000 a month consistently, you need to consistently do the activities that required, that are required to generate it. So let's say your minimum profit per deal is $5,000. That means you need to do two deals a month to generate $10,000, right? So if your minimum deal produces $5,000 and you want to generate $5,000, and you want to generate $5,000, that means, you need to do.

$10,000, you've got to do two of those deals a month. So to do one deal, you need to speak with at least 30 leads per month, 30 prospects. So, but you need to do two deals. So how many leads do we need to talk to a month? We need to talk to 60, right? 30 leads per deal. So we need 60 leads per month to do two deals. Now, your marketing and or prospecting efforts, what you need to focus on are the daily activities to generate 60 leads per month consistently for you to generate $10,000 per month consistently. So what it really comes down to, you need a system that's going to produce these leads every single month.

You need a lead generation system. And the more of the human factor that you can remove from that system, the more reliable and consistent that system will be and the more consistent your income will be. So at the very least, you need to put one of your lead generation systems on autopilot. You got to put one of them to generate those 60 leads per month. And you can do more than one lead generation activity. You can try all different types of strategies and techniques and to finding motivated sellers. And I actually recommend that.

But at the very least, one of those systems needs to be on autopilot. And probably the most simple one of those systems and the one that you can implement the fastest to get it on autopilot. autopilot would probably be your direct mail. Okay? And it doesn't matter what type of direct mail it is, whether it's a yellow letter, whether it's a white formal letter or it's a postcard. It doesn't matter what type of postcard. That's probably the easiest thing that you can put into place that goes out consistently.

So what you do is you pull your list, you choose, your design, choose your mailing piece, you send it all to a mailing house, and then you schedule that mailing for the next four to six months. Just schedule it. It's going out. It's one, it's one couple of hours. You schedule for the next six months for it to all go out automatically. And now you know you're going to have the required leads each and every month to generate your $10,000 per month. And that was pretty much the first step or the first list of action steps that I assigned to these 20 coaching clients. Lack of consistency was probably, like I said, the most common answer as to why they haven't succeeded as much as they'd like. So consistency was the first order of business. Now that that's established for them,

for all of them, we're going to move on to the next order of business, of which we'll find out what that is for each and every one of them. And it's probably going to be something different for each one of them. And so we're just, we're traveling as far as we can see. And when we get on our next call, we'll see further, and then we'll continue to travel. Like I said, I, I, I, I've got a few more spots left if you think this type of mentorship makes sense for you. Maybe it does. Maybe it doesn't. If it does, go to Epicprocoaching.com and snatch up one of these last spots for you and

an eye to work together over the next 12 months, as this was pretty much the last opportunity that I'm going to extend this offer is that I'm not going to be doing this one-on-one anymore. Okay? So if that makes sense for you, go to Epicprocoaching.com and maybe we get to work together. All right. Now, if that all just sounds like too much work for you, go check out Fernando's, new hot properties at cashflow savvy.com.

And we'll just do it for you anyway. All right. So it's that time. You know what time it is now? It's time to give away this episode's $100 Amazon.com gift card. And today's winner is Meg Roberts. And Meg Roberts writes, her headline is great info. She gave a five-star review.

Thank you very much, Meg. And then she wrote, Matt has great tips and real people who inspire me daily, exclamation point, thanks, exclamation point. That's all that Meg had to do. win 100 bucks. So Meg, you are welcome and thank you for the nice words. Send me an email to postcard. Excuse me postcard. I got mailing on the mind. Send me an email to podcast at epic real estate.com and I'll reply with a $100 Amazon.com gift card. And for those of you still waiting for yours, don't worry. I'm going to have this all done for you today. And today being Monday, November 24th.

So look in your inbox within the next 24 hours. And if you don't get it, just me. means that I did not get your email at podcast at epic real estate.com, but I'm going to take care of all of those today. All right. So if you'd like to participate, if you haven't done so already, go to iTunes, leave us a review, and you will be entered during the month of November when I'm giving away one of these gift cards every single episode this month. And if you've already given one a review of this show, then there's nothing for you to do. You're already entered. Okay, simple. Now, I guess that's it. I'm Matt Terrio, living the dream. You've been listening to Epic Real Estate Investing, the world's foremost authority on separating the facts from the BS in real estate investing education.

If you enjoyed this show, please take a minute to visit iTunes and share your thoughts. Thanks for listening. We'll see you next time here at Epic Real Estate Investing with Matt Terrio. This podcast is a part of the C-suite Radio Network. For more top business podcasts, visit C-sweetRadio. com.