Epic Real Estate Investing - THE Real Estate Investing Game Plan - A step by step guide (Look no further) | 494

Episode Date: October 12, 2018

Having a concise real estate investing game plan is a path to the ultimate wealth creation mode! In order to achieve it, learn how to make residual income, what it means to be a business owner, and when you should start diversifying the assets. Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terio Media. Hey Matt, over here at Epic Real Estate, and today I'm going to give you a real estate investing game plan, a solid one, one that you can get behind, one that you can trust, and one that you can move forward on on today's episode of Financial Freedom Friday. All right, so real estate investing game plan, you know, you need this, because if you don't have one, or if you get it wrong, you're not actually going to know where to start, let alone do you even know where you're going to end up, right? So that can be very frustrating. The second thing is you're just not going to know what actions to take, what daily actions to take that is actually

going to get you to where you want to go, the reason that you're getting involved in real estate in the first place. And the third thing is you're not going to have the right exit strategy. You're not going to know which exit strategy to deploy that's going to get you towards your financial goals the fastest. And so many people share these frustrations in the beginning. And, you know, It's no wonder that so many people never even get started. But with the right real estate investing game plan, you have a clear ending point. You know exactly where you're headed. And more so, you know exactly where to begin.

So you can take action today. And then you know exactly what daily activities that you need to take. So you had a good game plan. You would know exactly what to do right now this very second. So with a good game plan, you'll have that. And the third thing is when you get those deals, you start knocking down your deals, you'll know exactly what exit strategy to implement, what's the proven strategy that's going to get you towards your goal the fastest. Because really all we want is all this stuff that real estate promises, right?

We want the riches. We want the freedom. We want the wealth. We want all of that. You know, when Mercedes and I got started, our game plan, we had a very simple, basic game plan that worked wonderfully for us. And this is the game plan I'm going to give you today, is that we started just flipping properties. That's how most people get started. We started flipping properties. We started doing really well for ourselves. We started making some good money. and then once we got to that point, we're like, okay, we're making this money. Now we've got to make some residual money. We read the book Rich Dad, Poor Dad, Too.

So we were all about cash flow. So we had a formula. We're going to knock down five. We're going to flip five and hold the sixth. Flip five, hold the six. We do that a few times. We're like, okay, I think we can now flip four and hold the fifth. Flip four and hold the fifth.

And that was our plan for a while. And then quickly went to flip three, hold the fourth, and then flip two and hold the third. and then flip one, hold one, flip one, hold one. And ultimately, it created enough residual income to where we didn't have to flip properties anymore to pay our bills, to survive. And so once we got that residual income to exceed our monthly expenses

that paid for our lifestyle, our cash flow started to create more cash flow. Our assets bought more assets. So our money was creating our wealth. It wasn't us working for the wealth anymore. Does that make sense? Good. So let's go ahead and I'll show you

how we did that. Okay. So let's go with our, we'll just call it R-E-I, our real estate investing game plan. Okay. There's our real estate investing game plan. So a real estate investing game plan. Step one, we're going to go after independence. Okay. That's our first step. We're going after a financial independence. And this is where you are in control of your income. in control of your profit. Okay, so that's what you need. You need to be in control of your income and control of your profit. And to do that, you need to become your own, let's see, boss. You've got to become your own boss. If you're going to be financially independent, you can't be dependent on somebody else. You have to be dependent on you. And that's where the independence comes from, okay? So you've got to

become your own boss. The second thing you have to do is you have to decrease your expenses. I hope you see that you see that so become your own boss decrease your expenses and the third thing is you got to work you got to work like hell because you've just become your own boss but what so many people forget is that in the beginning you're also your own employee as well and businesses just don't run without employees so you are your own boss you're on play you got to work work work until you get your your get your own income to pay for your lifestyle okay so that's step one step two or the second goal i should say is freedom freedom you've got your independence up here meaning

you're making enough money all dependent on you that's paying for your livelihood right now freedom is you're making this money, now you've got to create residual money. Okay, so that's the big focus. So what we do is we start developing systems. Systems around your income generating activities. So those income generating activities happen with or without your direct participation. Then you have to focus on creating cash flow from your assets. Okay. So your properties, your income properties. Got to focus on creating there. And then

kind of your first level of protecting your freedom, kind of a poor man's version of asset protection. You want to start diversifying the locations. Okay? You want to diversify geographically. You want to diversify your teams as well, but that kind of happens as a default if you're diversifying your locations. But that's the three things you want to do to create your freedom. Then once you've got your residual income paying for your lifestyle, the next goal is going to be, okay, that's the third one. And this is where your money starts to make your money. And so many people go about creating wealth in a very, I don't know, the long way, I think

in my opinion, the more difficult way is they work, work to save this giant pile of money so that someday down the road they'll eventually be able to create a residual income from it and live their life then. What we're doing here, we're focused on creating the residual income first so we can live life right now. And once we've got enough to live our life right now, we can take the excess and the excess can now create that pile force down the road. Okay? So our money is going to make money. You have, uh, uh, kiyosaki, you got a lot of backlash when he said, the rich don't work for money, right? Remember that?

And Peter, like, what are you talking about the rich don't work for money? And a lot of people had a twisted idea of what that actually meant. But what he really meant was they don't work for money. Their money works for their money. And so this is the real estate investment game plan that I'm giving you right now on how you actually make this happen. Okay. So, in the wealth, I guess the wealth phase or the wealth level,

you're going to become, you're no longer going to be working so much in the business. You're going to be working more on the business. You're going to be managing your assets that create more assets. So you're going to become a manager of managers. You're not managing the properties anymore. You're not the property manager. You're going to manage the property managers that manage your properties. That's where you become a little bit more of a business owner.

The next is your cash flow is going to create more cash flow. Here your assets are going to buy more assets for you. And the third part, the next level of kind of protecting your freedom and above them beyond the legal structures that you'll put in place. But you're going to start diversifying your assets. Diversify the assets. You know Mercedes and I, we got started flipping single family houses. And then we started holding single family houses.

We moved to some duplexes and fourplexes. We got ourselves a 14 unit building. We got a 16 unit building and an 18 unit building. We got a 40, 40, a building and a 50 unit building. 50 in a building, so we diversified into multifamily. And then we started taking a lot of those properties. And once we did a little balance in act of how much income we could create and then how much active income we could create to go ahead and basically maximize our income by

eliminating our tax liability. And so we did that by going into notes, creating our own notes. So we increased our cash flow. And then the properties that we held on offset the excess or the extra tax. burden on that and then we started them went to to single family multifamily when it notes okay and now we're going into land but we're doing that all that afterwards right this is part of our wealth mode a lot of people start diversifying all these assets and getting all these different things way up here way too soon for that so this is just a

very basic real estate investing game plan kind of just looking down on the whole thing so I want to give you get a little bit more specific I promised you step-by-step instruction so I'm going to give that to you but I just want to give you a big picture we're first going for independence once we hit our financial independence, we're going to go for our financial freedom. Once we go for our financial freedom, or once we obtain that, now we go into wealth creation mode. So here's what these next three levels look like, or what these three levels look like broken down. And I already have this from a previous training that we've done here on our channel.

So I didn't want to write it all over again. But it's kind of, this is our real estate investing pyramid. This is the six levels of real estate investing. We have right down here where we start in startup mode. we're making zero to $5,000 a month, and then we go into survival, making $5,000 to $10,000 a month, move up to stability to $20,000, success, to $50,000 a month, scaling up to $100,000 plus. Okay? So these first two levels, this is kind of our financial independence mode, where we're building our financial independence.

Then we're up here in the middle. We are working on our freedom under the stability and the success phase, and then under scale and significance, this is where we're creating our wealth. Now, to get to each level, there are very specific steps. by step instructions or very specific actions to take to get to the next level. And if I went through every single one, this could be an hour long video and I don't want to do that to you. Besides, you don't need to know all of this right now. You just need to be able to identify where you are right now in your business. You know, are you making zero to five thousand or five to ten thousand a month,

10 to 20, 20 to 50, 50 to 100 or 100 plus. Okay, so depending on just kind of isolate or notice where you are, are you in startup mode, survival mode, stability. And then all you really need to know is what do you need to do specifically to get to your next level. So to help you figure that out, what I've done is I put together a little survey, I guess you call it. You can go and just answer a few questions about your business. And then that will help me identify exactly which level you're on. And then boom, instantly, I'll give you the exact action steps that you'll take to get to your next level. So if you'd like to take that on and go ahead and get a list of step-by-step actions that are specific just for you in your situation, go to what's my next level.com.

Go to what's my next level.com. Answer a few short questions there. And then you'll instantly get a list of actions that you can take to get to your next level. All right? Because you don't need to see the whole staircase to take this first step. You've heard that before. I think as Dr. Martin Luther King said that. You just need to travel as far as you can see. When you get there, you'll see further. That's going to be your fastest path up this six levels of real estate investing. That's going to be the ideal real estate investing game plan, the most efficient, fastest game plan that you can execute. All righty.

So go to what's my next level.com, answer those questions. You'll get your specific list of actions that are just for you. And I will see you next week on another episode of Financial Freedom Friday. Take care. This podcast is a part of the C-suite Radio Network. For more top business podcasts, visit c-sweetradio.com.