Epic Real Estate Investing - The Epic Edict - Rules for Real Estate Investing Success | 726

Episode Date: July 27, 2019

Inspired by recent Epic Intensive, Matt came up with the 13 rules for real estate investing success. Bell is ringing, grab your headphones, the class is about to start! Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terrio Media. Success in real estate has nothing to do with shiny objects. It has everything to do with mastering the basics. The three pillars of real estate investing. Attract, convert, exit. Matt Terrio has been helping real estate investors do just that for more than a decade now. If you want to make money in real estate, keep listening. If you want it faster, visit rei-aase.com.

Here's Matt. Hey, rock star, welcome to the Epic Real Estate Investing Show. Getting back on our regular track of brand new episodes. We've been running some of the great, some of the classic, some of the encore presentations of our most popular episodes. And we are back from the Epic Intensive, as you have probably heard by now. And we are back in the office. We just changed our office. We just moved.

and we're back to regular operations. And so, yeah, welcome back to the epic real estate investing show. And today what I wanted to do is share with you these rules for real estate investing success that I've been working on. I've been working on these for quite a while, and I wanted to have, like, nice round number of 10 rules. But I've got 13 here. And I'm going to refer to this as the epic edict. And an edict is like a rule or a law or a doctrine. I chose edict because it starts with an E and so does Epic.

So we went with Epic Edict. I don't know. I don't know if that's going to stick. But I've been thinking about this for a while and a really long time, in fact, and it is subject to change, but I've got it to a point where I feel pretty good about it. You know, at this last Epic Intensive, we were lots of people there and at lots of conversation, lots of questions. By the way, the web class highlights of the Epic Intensive are now live.

The replay has been posted. So if you missed it and you want to catch it, the best of the best stuff from the epic intensive you can at epic webclass.com. I will happen to record that live class that we did just a couple nights ago. And you can go catch it now at epic webclass.com. The replay is up for your pleasure. All righty. So at the recent epic intensive and, you know, based on four straight days between the VIP day,

the mastermind sessions and the three days of instruction and training, you know, there's just tons and tons of questions. I mean, that's what the event is for. And there really was nothing that I haven't heard before. And what I started to notice is I can tell what's going through a person's mind, where they are at in their real estate investing journey, what their fears are, what their obstacles are, just based on the questions that they ask. It tells me a lot about a person. And after doing this for a decade, you kind of become a student of humanity as much as you are a student of the real estate and business. So I can just kind of tell where people are and what their fears are, their obstacles are.

And I can tell people that are really doing it out there in the trenches and people that are still kind of teetering around and trying. And some that just have yet to try anything at all. So I went back into my filing cabinet on this little document that I've been working on, these rules for real estate investing success. And like I said, I was trying to come up with a nice round number of 10, but it looks like we've got 13 of them. So I made a few edits, added a few things. And I'm pretty happy with it right now. It's subject to change, but I wanted to read it to you and, you know, just kind of go through this. And there are rules for real estate investing success or they're kind of come from another document I had a while back called your core beliefs.

And so we're just kind of putting them all together. All right. So let's just get into it. And I'll kind of explain each one to you a little bit. Real estate investing is the easiest path to financial freedom. Real estate investing is the easy. path to financial freedom. That's number one. And, you know, real estate investing, that's not saying that real estate investing is easy because we know anyone that has ever tried it, they recognize,

wow, this isn't so easy. But compared to everything else that's available to the average person, it's probably the easiest. And if you look at the statistics and the amount of wealth that real estate has created, you know, knowing how humans operate by choosing the path of least resistance, it's produced more wealth than anything else on the planet. So right there, the statistics would suggest it is the easiest. And, you know, I've tried a few things. I haven't tried everything, but it's certainly the easiest one that I have found. It's probably the most certain one as well,

which also helps with people's effort and their will to push forward and persevere. Right. So real estate investing is the easiest path to financial freedom. That's number one. Number two, not every seller is qualified to sell to you. you. Not every seller is qualified to sell to you. And what that means is just because a seller is willing to sell you their house, even give it to you for free even, doesn't mean you should take it. They might not be qualified to sell to you to where that property is going to fit your

deal standards. All righty? So not every seller is qualified to sell to you. Just because someone is willing to give you house doesn't mean you are supposed to take it. Number three, your job is to get information, not give it. So when you're talking to a seller, we call it the nine point seller interview on purpose. It is an interview. You're supposed to grab as much information as you can to determine whether or not this seller is qualified to sell to you. And you don't want to be the person that's giving free consultations to sellers and giving them enough information, enough ammunition to go and negotiate against your competition who they'll ultimately give the deal to. So your job is to get information, not give it.

Number four, we are doing sellers a favor by buying their property. They are not doing you a favor by selling it to you. You are doing them a favor. That's the position you have to have. That's where you have to be. you're doing them a favor, right? You buy and sell houses all day long, and you buy as many as you can,

you'd like to help as many people as you can, but you can't help everybody. You can't buy them all. They're the ones with the problem, not you. So if you help them by buying their property, you have done them a favor. They're not doing you one, okay? Number five, set expectations up front.

The best way to deal with surprises is to preempt them up front, by setting expectations for both sides. You know, we've called this an upfront contract. We've called it a transition agreement. I think there's another name we had for it, but you don't need another name. You just know that you need to set expectations up front.

Basically, at every junction of a real estate transaction, you're going to tell the seller, this is what's going to happen. And this is our desired outcome. And if we don't reach that desired outcome, then this is what happens. It should take about this long, and then when we get there, Either way is 100% okay with me.

All right. So that's kind of how that goes. Setting expectations. Every single time that you change juncture, change direction in a real estate transaction, you want to set those expectations. Okay? It builds trust. It shows competence.

It makes you likable. It makes you basically shows that you know what you're doing and you're trustworthy, which is really important in this type of transaction. Right. Number six, you want to give the seller always the permission to say no. Right? You want to give the seller permission to say no. And what that means, and you've heard me say it here probably many times, this is part of my nature now.

But when I say, hey, you can say yes, you can say no. Either way is 100% okay with me. By saying everything's 100% okay with me, that's saying, that's giving the seller, hey, it's okay to say no. You can totally say no. If you want, that's fine. Because when you give the seller permission to say no, when they give you a yes, you know it's a true yes. and you're not just being blown off or jerked around. Okay?

So you want to give permission, the seller permission to say no. The next one, number seven, it's their loss if they do say no. It's their loss, not yours, right? Because, you know, you need sellers to build your real estate investing business. You need sellers to make money. You need sellers to sell to you at a discount to make money. But you don't need any one seller. You're just going to go help the next person.

that actually needs you more than this person. And that seller, they're going to have to go deal with whoever's coming next, likely your competition, who's not nearly as good as you. All right? So it's their loss if they say no. It's better to miss out on a good deal than it is to buy a bad one. So stick to your guns, all right? Number eight, sellers sell for their reasons, not yours.

Got it? So the seller is going to sell for their reasons, not yours. So understand that. So you want to focus on their reasons, not yours. Number nine, never answer an unasked question. So don't volunteer information unless the seller has asked for it. All right? That can put you in all kinds of binds and pickles.

That can kill deals. So don't do that. Number 10, you can be a part of your own plan or a part of someone else's. So run the show. All right? Have your minimum deal standards set before you go. You set the expectations. and you're going to go in and qualify the seller to determine whether or not they are qualified to sell to you.

That's your plan. If you follow around and do what other people suggest and follow the seller around, just trying to get the deal, just trying to get the signature signed, you're going to be part of someone else's plan. Got it? Number 11. No mind reading aloud. Now, this came up frequently at the Epic Intensive. What I mean by that is, you don't want to assume you know what the seller is thinking. You don't want to assume that the seller would never take your low ball offer.

No, when you start thinking and reading minds and thinking for the seller or thinking that you know what the seller is thinking and making those assumptions, what you are essentially doing is negotiating against yourself. Corey had a post on Facebook saying, hey, I got this baby for free today. And people like the amount of, what do you call that, cynicism and skepticism and just kind of rude comments below in that post were from people that saying, there's no way you got a house for free? Of course there is.

Because Corey doesn't read minds. He asks questions and he gives sellers what they ask for. And if they had a situation where getting rid of that house and taking no money for it, if that was going to solve the problem that they had that was bigger, that was a good deal for them. Right? You're not stealing from people if you get a house for free. and you're never going to get a house for free if you assume that the seller's not going to give it to you.

All right. So no mind reading allowed. Number 12. No motivation, no discount. No motivation, no discount. So if the seller isn't motivated, you likely are not going to get that discount. Now, they can be motivated before you get there, or they can be motivated after you get there based on the conversation that you have. Like when you start asking questions, why haven't you called?

a realtor. Why don't you just fix this thing up yourself? That's what I'm going to do. Why don't you fix it up? You could make all the money. How long has this been an issue? How long has this been troubling you? What types of things have you tried to fix it? What happens if you don't fix it? Those type of impact questions can cause motivation or put a magnifying glass on the motivation that's already there. All right. So focus on that, on their motivation. The foundation of every deal lies within the seller's motivation to sell. So if there's no motivation, there's no discount. And number 13, I don't think we're complete.

I've got 13 here, but I think I'm going to add to this. So this is not a final list, but I've got some good ones here. Number 13 is you cannot fail at the money-making activities unless you fail to act. You got that? So the money-making activities, and what I'm referring to is what's on the daily success report. all of those money-making activities, as long as you do them and you do them consistently and you do them long enough,

you cannot fail. It is impossible to fail. The only way to fail at the money-making activities is by not acting on them. Got it? All righty. So those are my 13 laws, my 13 rules. We're coming up with a good name for this.

The epic edict, the 13 laws for real estate investing success. We'll call it that for right now because that's really simple English and we can all comprehend that. By the way, if you'd like to go deeper into this past Epic Intensive and what inspired this epic edict, then you might want to head on over to EpicWebclass.com and take a look and, yeah, just go ahead and watch, really. That's all there is to do is just watch. Okay, so if you found anything here useful today or you know someone else that might find it just as useful, feel free to share it.

I really appreciate it. Your referrals are what keep this podcast going. You sharing this with your friends, family associates. Keep doing that as you have been. For the last almost a decade, we're coming up on our 10-year anniversary, and I owe it all to you. And that's why I'm here each and every day for you. All righty.

So thanks for listening. 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, yeah, we got the cash flow. No home boy, we got cash flow. This podcast is a part of the C-suite radio network.

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