Epic Real Estate Investing - The Most Expensive Lesson You'll Get for FREE Today! | 795

Episode Date: October 4, 2019

“So I have to ask myself in advance if this problem happens today, what would my business look tomorrow?”, Matt Theriault If the answer to this question scares you, tune in! Matt shares the most expensive lesson you can get, for free! In addition, you will learn about the upcoming new lead generation pilot program that the former Epic student has created for selected investors. 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 R-E-I-Aase.com.

Here's Matt. Hey, Rockstar. Today I want to help you save a lot of money. And it's not by the way of me selling you something at a discount, nothing like that at all. And what I'm referring to is, you know, what made me even think about this episode today or even to talk to you about this today is because, you know, I frequently come across advice, like because of just the nature of the business I'm in or the side business of teaching people how to invest in real estate.

I frequently come across advice and hear this all. all the time in forums online and just overhear it in conversation. People saying that you should never pay for a real estate investing education. It should be free. You can find that information anywhere. How do these people sleep at night charging so much? And, you know, I suppose they're right in the day and age that we live in, that there is a lot of information online and probably just about everything you'll need to succeed

and just about any venture that you take on. If you know where to look, if you have the patience to look for it, it's all out there, I agree. And, you know, but I see the one word in there. It says, it should be free. Like, who says? Like, how do you become so entitled to somebody else's experience

and the hard work and investments that they've made into themselves? Why does that, why are you entitled to that for free? Anyway. But I hear that type of stuff. And sometimes, you know, investing educations can be really pricey. You know, the author of the Rich Dad, Poor Dad, who is probably among the cream of the crop when it comes to the price point of an investing education.

I know if you were to go through that whole program, and he's got some competitor that I'll do something very similar. I mean, that could be above six figures if you were to take on and enroll in the entire program. And a lot of people think that's absolutely. ridiculous and foolish and something that should be avoided at all costs, that you're somehow an idiot for paying something like that. But you know what? When I think about it, I mean, gosh, I had 15 years in the music business and then had to restart life. And now I've got pretty

close to, I guess I'm right around 15 years in real estate. You know, I had the first three or four years as a real estate agent in the last, you know, 10 or 11 years as a real estate investor. I don't know, somewhere in there. Those numbers are close. They're approximations. that's about it. The lessons that I've learned outside of the classroom, outside of that educational environment were far more expensive than the ones that I paid for and the ones that I was proactive about where I did throw money at that education. I mean, case and point was one of my very toughest lessons, which cost me more than half a million dollars to this point. That lesson was the importance of diversifying my property managers.

It's a lesson that I actually should have learned when I came out of the music business. You know, I had one music distributor. And when the digital download came along and wiped out the whole CD market and essentially just wiped out that distributor at the same time, I didn't have distribution for my music anymore. Not to mention that people weren't really buying music or consuming music in the way that they had in the past. You know, I had all of my eggs in one basket.

So I wish I would have thought earlier to eliminate all the single points of failure inside of my music business. And now being in real estate, I wish I would have thought about that earlier. I wish I could have transferred that lesson from the music business into the real estate business. And specifically when it comes to property management. I mean, just that one single point of failure could have had a dramatic impact, a positive impact on my future or my whole career and certainly my future.

and certainly my future going forward. You know, I had over 20 of my own properties plus 60 of my client's properties. And I had guaranteed rents for the year on those 60 properties. That's how we started cash flow savvy. That's what we thought we needed to do to compete and provide a nice service for people. But that's, you know, that's what we did

when we first got started. So when that property manager went down, I was stuck. And when you have those many properties to manage, without management, and you have guaranteed rents on those 60 properties. I had to write a lot of checks over the next four or five months trying to find a solution for that property manager. Certainly all the money that I made on those properties,

I gave it all right back. And it was an incredibly expensive and stressful lesson to learn costing me hundreds of thousands of dollars. I mean, I would be afraid to actually tally it up to this point. I mean, because that was several years ago now, but I'm still paying for it. Like it still creeps up on me. Little things come from the nooks and crannies

and there's still some people have to make hole. And, you know, we're not totally out of the woods. That was a long time ago. And, you know, like I said, there's still checks that come up from that. And the long distance, far-reaching reverberation of that should have put me out of business. I mean, how I got through it, I have no idea.

If I had been diversified at that point and had another manager in that same area, it still would have been tough, but I could have transitioned a lot easier over to that other manager. Instead, I basically had to build again from the ground up. I had to start all over. And when a property manager shuts down, you know, I basically just had to go into action mode. Scramble mode, really, a desperate scramble mode. And that's never where you want to be as a real estate investor because then you're making these emotional decisions. And there's a saying that when emotional.

emotions rise, intelligence falls. And I can certainly relate. So I have to ask myself in advance, if this problem happened today, what would my business look like tomorrow? And if that answer scares me, it's time for me to put some work into sheltering myself. Now I'm spread out over multiple markets. I have multiple property managers in each market. I have single families. I have some duplexes and some fourplexes and I have some seller finance notes. So I'm diversified now in my property types and my assets. I'm diversified in their locations. And I'm diversified in my property management in each location.

So lesson learned. But boy, was that an expensive education? I had to learn it the hard way. I had to learn it from that old school of hard knocks, right? You know, I heard Mark Cuban say in an interview once that a good question to ask yourself about your business and ask it frequently. And this would really go for any business, but it certainly applies to real estate.

It's not excluded, that's for sure. And that question was, if you were your competition, how would you put yourself out of business? And, you know, imagine yourself being your own competition, knowing what you know, and start strategizing how you would put yourself out of business. And what that's going to do,

it's going to start to reveal all the weak points in your business. And that gives you an idea as to what there is to preserve what you've built up to this point. And now we've sealed up a lot of those spots because of that very expensive real world education. You know, for most investors, it's not just doesn't come down to property management. Some can be too dependent on just one contractor. They're doing fix and flips. They've got a bunch of projects with one contractor.

And if that contractor goes south or just walks out and the street one day and gets hit by a bus, they're in trouble. Others are too dependent on just one marketing channel. And I've learned that that can be a really costly position to be in as well. Because this concept of single point of failure, it applies to every asset of your business in any business, in any industry, and especially when it applies to your direct money-making systems, your money-making activities, your money-making resources,

and your key contacts and vendors and customers. And if you're dependent on a single marketing channel or your marketing channels you are in, if they're not working as well as you'd like them to, as well as you'd need them to, you may be interested in something a former epic student is working on. It might be a good place for you to look after you've asked yourself that question, that it's your marketing channel is where you're vulnerable. You might be interested in what he's doing. And he asked me to help him out, so I'm a little bit involved.

And what we're doing is we're starting a new lead generation. pilot program. This is with Josh Miller. I've mentioned his name frequently here because he is one of the epic rock stars of all time. He's on our epic hall of fame or our wall of profits, if you will. And this pilot program, it gets started on October 8th. And he and I were looking for a very small group of people to work with to help them generate motivated sellers at a fraction of the cost of how most people go about it. It's the very method that Josh used to start his real estate investing business and retire within 18 months with him achieving his cash flow goal. It took about 18 months to amass a small portfolio of about 85 cash flowing properties,

a small portfolio of 85 properties. And what he's done is he's taken the system that he originally put together himself. He pieced it together with various services and things you call web hooks and zaps and all this stuff, essentially just band-aids, bubble gum and duct tape and wire and string. and what he did is he kind of broke it all up and tore it down and then polished each piece and kind of put it back together professionally and developed it so that anyone could duplicate his results and he's going to be releasing it to the public at the top of the new year. It's a big project he's really excited about.

But before he makes it available, he wants to make sure it's turned out the way that he wants it to be and he wants to create some amazing case studies around it to really help with his marketing so he can help more people with this service. So if that's something you'd like to volunteer for you, it's only available here because you're listening to the epic podcast that will be available to the world here come the top of the year. But right now, only here. And if you want to get in on this and you can,

if you can do these five things. One, if you are already taking action in real estate and getting some results. Two, if you've closed at least one deal that wasn't your primary residence. Three, if you have time to work, two to three new deals in the month of October

and kind of halfway through November. And four, if you are friendly and coachable, that is a requirement. And if you're willing to share your results and provide feedback. And number five, if you can keep a secret. So text the word epic.

If you can do all those things, text the word epic to 562, 5262, 527. 7-8-28-58-5-6-2-5-26-7-8-28. And what you'll do is you'll get an instant response with all of the details. And you can take a look and then you can decide whether or not it's something that's going to work for you of something that you want to participate in. And we'll be spending a lot of one-on-one time with the participants over the next, I think it's seven or eight weeks to see to it that everyone that is involved and that is participating and it is putting forth the effort that they get the results that they're looking for. you're going to close a few extra deals next 30 to 45 days. And what a great time of the year to do it just before the holidays.

I mean, who couldn't use a few extra deals closed before Christmas, right? So we're getting started October 8th. So if you're listening to this after October 8th, you can still text anyway, and Josh will go ahead and put you on the wait list for early bird notification of the official launch. But if you get in before October 8th, you could start using it right now and be so far ahead of everyone else, once the world gets access to it in January. All righty, so text Epic, EPIC to 5662-8-8-8.

All righty, that's it for today. God bless to your success. I'm Matt Terrio, living the dream. This podcast flow. Yeah, yeah, we got the cash flow. Yeah, yeah, 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.