Epic Real Estate Investing - The Season of Real Estate | EREI 169

Episode Date: August 24, 2015

Today Matt answers several questions from investors including how to reduce seller resistance, how to manage expectations, how to grow your buyer’s list, how to structure your LLCs, and the importance of credibility in this business.   Additionally, Matt shares his new vision for Epic Real Estate and his career in general.  It’s another can’t-miss episode!  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

This is Terrio Media. Podcasting from Terrio Studios in Glendale, California, it's time for Epic Real Estate Investing with Matt Terrio. Yeah. Hello. Hello, and welcome. Welcome to Epic Real Estate Investing, the place where I show people how to escape the rat race using real estate. All you got to do is just shift your focus from making piles of money to making streams of money, change that one thing, just one time, and you are on your way to financial freedom. It's not the most exciting path, but it is the fastest.

And once you get there, life then becomes exciting. I mean, that's what we're doing this for anyway, right? So if you'd like to get started the same way that I did, that's the only way I can teach you is the way that I did it because that's the way that worked for me. So that's what I share here on the show. And I got started with no money and, well, very little money, and a credit score that was just embarrassing.

And if you'd like to get started that way, if that's your situation, I got great news for you. possible if your situation is not that bad. Hey, you're way ahead of me and you're, you've got a huge advantage here. You can access that free course that I created just for you at free real estate investing course.com. Free real estate investing course.com. All righty, I hope you all are having a fantastic summer. It's been a very, very hot one. This has been one of my best summers, actually, in a very long time. My son, turned four years old this summer. He's started to recognize me as a person for one, which is very

refreshing. I didn't think that would ever happen. And he's also recognized me as a source of fun for two. Daddy is a fun guy now. And I got to tell you, the first couple years were absolutely no fun for me. And if you're a father, you may understand. I mean, from what I hear, that's pretty normal for daddies and a newborn those first couple years. But what probably added to the misery of those first two years for me and extended that in an additional years, that my son, he stays with his grandparents, Monday through Thursday, while Mommy and I go to work in,

and with Spanish being their first language, the grandparents' first language, and still their predominant language, I had, you know, that my son picked up Spanish much, or way before he picked up English, and I had trouble communicating with my son for really the first three years of his life.

But I'm happy to say that his English is all caught up to his Spanish. He's fluent in both, And now I'm finally, I feel like I'm finally one of the family that I get to, you know, communicate with him. So we just got back from a very long vacation in Florida. It was half business, half fun. We did the whole Orlando thing at the beginning. And then I went over to Tampa for some business and finished up there and we had some more fun there. Got a lot of pool time in.

Been a lot of time. It's been a long time since I'm able to hang out at the pool, which was very nice. And also got a lot of thinking time in. You know, it was totally detached. And every day I left my cell phone in the hotel room. room and just went down to the pool and it's like, don't bother me. And I haven't been able to do that in a very long time. And with that thinking time, was compounded by, you know, three days with my mastermind group.

We meet once a quarter and this was the week that we did it. And as I've shared here, the constant and never-ending recurring theme with my mastermind group is, how do you make more money and do less work? And that question, it's not so much of a, how do I make more money? That's part of the question, but it's not so much focused on that idea as it is the, how do I get more of my time idea? How do I get more life out of my work? How do I get my work to feed my life, not give up my life to feed my work?

It's that concept, more time. So when you spend a few days with a bunch of real estate rock stars and you couple that with a lot of quiet time pool side, you know, I got to thinking, as I'm sitting there by the pool, like, why don't I do more of this or why can't I do more of this? You know, what made me so successful in my business when I got started? How did I seem to have more free time when I was making less money? What was I doing differently? And those were the types of questions that were, you know, going through my head these past

a couple weeks. And, you know, I was like, you know what, these are questions worthy of answering and worthy of, you know, shifting what I do from this point forward because, you know, I need more of this. I like the pool, the poolside lounging. I like the waitress bringing over the margarita. I like that. I like playing with my son in the pool. He loves for me to throw him up as high as I can.

I think I almost, you know, ruptured my spleen one time. I pushed him so hard, but he was just like, more, daddy, higher, higher. I was like, how do I get more of that? And so I was like thinking, what was I doing differently when I had more free time and I was making less money. And, you know, what I realized was that I was focused on just one thing every day. I was focused on creating passive income by way of building a real estate portfolio of rental properties.

That was it. That's all I was focused on. I just wanted to do what the rich dad, poor dad book had said. I wanted to get my passive income to exceed my expenses. That was it. That's all I was focused on. It was my entire focus. And I got up each and every day.

I had a mission to do just that. and my mission was, I'm either going to buy a house and hold it today. And if that house isn't one that fits my criteria, I'm going to flip it to put some more money in my pocket so I can hold the next one that does fit. And with that solitary focus, in less than four years, I was able to get my monthly cash flow to exceed my monthly expenses. I did it. I escaped the rat race. And as soon as I did that, I essentially declared retirement. I retired for about 30 days.

me. It was about 45 days. And after a few trips to Vegas, I love me some Vegas. And a dozen or so rounds of golf. I love golf. A couple of wine tasting trips. I love that. And filling the rest of that time, traveling back and forth to Blockbuster with my movie rentals. That's remember you had to do that back in the day. Not too long ago, you actually had to go to a store to rent a movie and you'd drive back home to watch it and then you'd take the movie back. We actually had to do that. And I decided to create, after, doing that, I was just bored and I had to do something and I decided to create a second stream of income teaching people to do what I had done through my network and my and my friends and my associates. There was a lot of interest. A lot of people were wanted to do what I had done. So I was like, well, let's go teach it and see if we can create a second stream of income. I was listening to a lot of podcasts at the time. That's where I got hip to this internet marketing thing. And I was like, okay, let's give this a shot. I'm pretty good at it. I did it. So I can certainly teach people to do exactly what I did. So that's what happened. In 30, 45 days, retirement was over. Now, it didn't

happen quite that seamlessly. But that is the gist. And after I launched this podcast, the one, this one right here, and I launched the Epic Pro Academy, where I built up that inside a platform to teach people, that self-paced learning platform, I found that I had inside of that academy, and this is where it all began, this is where all began to spiral out of control, is I found that I had two types of of people as students. I had those that wanted to be hands on. They wanted to do it themselves. They wanted to take control of their life. They wanted to go out and get dirty. They wanted to do the marketing. They wanted to do the mailing. They wanted to shake hands with the sellers. They wanted to do the negotiating. They wanted to close the deals. They wanted to collect the checks.

They wanted to do it all themselves. So I had won that group. And then I had this other group that thought they wanted to do all of that. They thought they wanted to be hands on. And from that second group, I noticed a need. I recognized an opportunity. So that's where we created cash flow savvy, our turnkey operation. That's how that was born. And then through that, I got to meet a lot of different people, a lot of different people that had a lot of money, but not a lot of time. And so from there, I created a lot of investing partnerships and people that didn't necessarily want to invest in real estate at all, but rather invest their money with me while I went out and did all the investing in the real estate while I did all the work.

And so then at that point, it grew and grew some more. And I created so many of these LLCs with various partners, various structures and various strategies in different parts of the country. And that, you know, it got so, I don't know, just kind of big and tangled that in order for me to manage all this while maintaining my sanity, that's when I decided that I was going to reform the hedge fund and operate all of my business operations under the hedge fund. that would simplify everything for me. I know starting a hedge fund seems very complicated and big, at least it did to me at the time. But I actually started it to simplify my whole interactions with my partners. And so we did that and got a couple false starts,

but we're back up and running and on our way forward again. And then this, you know, we started to hold live events. We started to do the property tours. We started to do the Grub and Grow Rich events. And this last event, we did our first epic intensive. We did that in July. And all this to say, this past couple weeks that I took a break, I stopped for a second. I looked around and noticed that although I'm making a significant amount more money than when I was just living off of my cash flow, it was at the expense of my time.

And I think at that very moment, I would have liked to have given back a lot of the money that I'd made to eliminate the challenges and the hassle. and get my time back that I had taken on along with the additional income. So, you know, I've just, I've taken on so many additional opportunities, so many additional responsibilities that I have zero free time. Now, I'm sharing this with you for a few reasons, but one thing I would like for you to get out of it is be careful that you don't head down this path yourself. And you might never have a podcast.

You might never open up an online academy. But it is very easy that once you start making money, Once you start experiencing some success, you start noticing additional opportunities. I mean, I have a grass-fed way protein business now. And that would have never happened if it weren't for real estate. So just that's one thing I hope you get out of this. I also want to just kind of share with you the state of epic and where we're at and where we're going. But I also want you to get something out of this for yourself, especially if you're feeling any amount of overwhelmed.

Maybe you're in too many markets. Maybe you're trying for too many different property types or too many investing strategies. you have too many partnerships. I don't know. But just know that unless you set it up correctly, that more money comes in exchange for your time, even if you are an entrepreneur, even if you do have things like passive income, even if you are using different points of leverage. And if you just say yes to every opportunity because you think that's going to be, you know, I built this one successful thing so I can build another one. Two is better than one, right? well, not always.

Sometimes, often. But when you get to three and four and five and six and seven things, I mean, I got up to a dozen things and it's just like, whew, I want my time back. Okay, this is not what I signed up for. Yes, I wanted more money, but I want my, not at the expense of my time. So in the last six years, you know, I've just kind of went from having a ton of free time to do all the things that I love to do. And that was too much because I got bored of those things. So that's why I started the whole podcast in the first place. I went from having all of this free time to do anything that I wanted to do, to having zero free time to do any of that.

You know, unless I plan two months ahead for it. I have to make an appointment with myself to be able to make room to do that type of stuff. So what I've done is I've made a decision. I did this pool side, by the way, with a little piece of paper, a little notebook. And I decided to pull back a bit, actually pull back a lot and find a happy meat. medium in there somewhere. I'm going to venture more on the side of more free time than I am on more money. And now I'm saying no. I've made a decision. I'm going to say no to all new opportunities. I have no vacancy for a new opportunity. And, you know, I've just, I've proved to

myself that I can go from vision to profitable venture relatively easy. And I don't need to do that anymore. I don't need to prove that to myself anymore. I can do it. I know how to do it. And I can repeat that process. And so rather than going wide with a bunch of opportunities, I'm going to trim a ton of fat from my professional life, and I'm going to go deep. I'm not going to go wide anymore. I'm going to go deep and make a couple of things really extraordinary. So I've decided to do a few big things greatly instead of a dozen things, mediocrely. So this year, I've had some amazing breakthroughs in my real estate business. You know, the last few years I've learned a ton of very painful and very expensive lessons. But this year, I've been able to,

Take that experience, take that knowledge, to take those expensive lessons. And I've been able to apply all of that and have created a very strong virtual wholesaling business that enables me to cherry pick the best properties for my cash flow savvy clients and my own personal portfolio. And then I can turn a very nice profit by flipping all of those properties that fit neither. And the breakthroughs that I've experienced have actually got me excited about real estate all over again. And I want to give more of my time back to that.

So that's going to be one of my three primary endeavors. More real estate. You know, I see the market shifting. I see prices rising. They're not skyrocketing, but they are rising slowly. The margins are getting a little bit smaller. And I feel like this window that I've been talking about ever since I started this podcast, I feel like I can feel this window closing a little bit.

And I don't feel like I've purchased enough. I don't feel like I acquired enough stuff. So I need to go out and get more incomprehend. property. So that's going to be a really big focus of my, one of my top three focuses. So I'm going to have three primary focuses, and that's one of them, my real estate investing business. Now, the second part that I'll be focusing on is my, the Epic Pro Academy and my coaching program. And so what I'm going to be doing there is I'm going to be completely eliminating one-to-one coaching. I've shared that with you here before, and you know, that you that are in my, one

to one coaching program right now. You know, you're the last group at December 31st, the stroke of midnight. That all ends. And so I'm going to eliminate that and then leverage what I've learned from the last few years of one-to-one coaching and leverage technology to a one-to-many format. So my coaching program, the Epic Pro Academy, are going to look very different by year's end. It's my commitment to make my education programs effective, interactive, and accessible so that I can help more people succeed in real estate and very important.

I want to be more effective and easily, more easily accessible to those that want to take that on. I mean, I know exactly what works now. I know exactly what doesn't. And not what works for me. What works for people in general is what I'm speaking of what I can have duplicated inside of anybody that wants it. And I know exactly how to deliver the information and the sequence of which to deliver

it to get maximum results for my students at a minimum investment for their coaching and education. I'm very excited about this part of my professional life. So that's the second endeavor. My third and final endeavor will be following through with my hedge fund. We've just been kind of moving at half speed since we started it. We had a false start where we sent everybody's money back because we had some change in personnel here in the office, so I couldn't handle it at that time.

And so I didn't want to leave them all hanging and hold their money hostage until I was ready to open. So I sent it all back. So we're starting over again. And this is for the people that don't want to do all the heavy lifting that real estate investing can and often does require. And it's for the people that want to invest in real estate but want a completely passive role in it.

And it's for those investors who have had some success in other areas of their lives and are looking for alternatives and diversification in their own investment portfolios. So the Epic Wealth Fund will be a place where I can serve them as they'll be able to invest in my overall business and investments and receive a nice 9% preferred return and a 60-40 split of the profits above and beyond their 9%. on a totally passive basis and more on that to come. But I just wanted to give you the gist. One, it's, I'm focusing this point forward on my own real estate investing,

building up my own portfolio. Second, I'm going to serve more people through the Epic Pro Academy and the coaching program and make that more accessible. And three, the Epic wealth fund. All righty. So anyway, that's just the heads up. I didn't intend for that to go so long, but it did. And here we are.

So we got what we got. So that's what's going on over here at Epic. And I'm starting immediately right now. As I think I've shared with you all already, I have completely eliminated all the one-to-one coaching programs. My last students, December 31st, it's done. The next thing I'm cutting are live events. It was a tough decision because I really like the live events.

And I've made some great friends through these events, but they're just so time-intensive. And they take me away and my team away from our core business investing in real estate. not to mention they're rather stressful, and all of a sudden we found ourselves moving from real estate investors to event planners. And we're not very good at the event planning. We're better at the real estate and we can be more effective there and it's a much more efficient machine there. So I'm not going to say there'll never be another live epic event, but I have deleted all live events from the calendar moving forward. Now, there is the event in Nashville, Tennessee, this first weekend of October, October, 1st, 2nd, and 3rd to be exact.

and there are a few reasons that I'm going to follow through with this one. But its format is also going to change a bit, and I'll get to that in just a second. But first reason, I made a commitment to my existing coaching clients, and many of them, I think almost most of them, have already RSVPed. So I'm not going to let them down, so I've made that commitment to them. Second, there's another half dozen or so people that have purchased tickets, so I don't want to let them down. And so I'm going, okay? But it's not going to be the big three-day event that was planned.

It's not going to be the big epic intensive. It's going to be a one-day mastermind meeting, a very intimate roundtable-type meeting of training and discussion, where I'm going to go over what I'm calling the REI success code. And we're going to go over that the first few hours. And this code consists of all the breakthroughs that I've had this year around my own real estate investing, what I'm doing right inside of my business and what's working, what's allow us to really scale big and do a lot of deals. So I want to share that with those that are in attendance. Then we're going to, we'll break for lunch and then resume in the afternoon our normal mastermind format where each attendee will be able to share one thing with the group that's working for them. So everyone can benefit and take this one thing from each member of the group and go back and use it in their market and put it to work in their business. And then each attendee will share the one area where they are struggling the most, which then the group in return,

collectively will offer their suggestions and solutions to help so that they can take that solution back to their market and continue with their growth, their business growth. Then, in epic real estate fashion, we'll wrap up the day with good old beer and wings and some Nashville entertainment. I hear that's the entertainment town. I've only been there once. It was a long time ago when I was a kid. I went into a hotel and never left the hotel.

So I hear the nightlife there is awesome. So we're going to find a really fun place, beer wings. And I guess it's going to be country music, right? So I can try anything once. And by the way, drinking beer, not required. Okay, don't let that scare you. Highly encouraged, but not required. So that's what it is.

That's the last live event that I'll be doing in the foreseeable future. And for those of you that have registered for the entire intensive that would you purchase tickets already, you should have already received a 50% refund on your purchase. If you want the rest of it back, let us know, and we'll make sure you get a full refund for changing the plans. But for those of you that would like to attend this round-take. day with me. I've cut the price in half and you can register at epicinsiders.com. Epic Insiders.com.

Now, there are only 25 seats available and I'd like to tell you about this event. I kind of told you all about it, but I want to tell you what it's not going to happen. What is not going to be? What is not going to happen at the event. So if you're brand new and you've never done a deal, you're welcome to attend, but just know that this will not be a workshop on how to wholesale properties. okay that's not what this is about it's not going to be how to fill out a contract or how to build a buyer's list nothing like that that's what the epic pro academy is for most people that i see right now

that are already register are already doing deals at the very least they're not on their first or second deal so this is not a get started event that's what i'm trying to say but rather get to the next level event with a huge focus on making more money by doing less work so i just want to be clear on that before you register if you're considering attending. So if you go to Epic Insiders.com, you'll see a very basic registration page. There's no hype. There's no sales gimmicks.

I'm not trying to convince anyone to come. You know if you want to go or not. I'm already going. I'm going to be there. My coaching clients are going to be there. My inner circle is going to be there. And I only want people in the room that want to be there. Okay?

People that understand the value of being in the right room around the right people. That's who should be there. So I'll make no more announcements of this event. I'm only sharing this with you, the podcast audience, and the Epic Pro Academy members. That's it. Okay, so that's that. The upcoming Epic Intensive in Nashville on October 1st, 2nd, and 3rd has been modified to a one-day roundtable training mastermind meeting on Friday, October 2nd. And because of this, I have reduced the price by 50%.

There are only 25 seats available. And if you'd like to join me and my Epic coaching clients, my inner circle for this one-day event, the last live event I'll be holding for the foreseeable future, go to epicinsiders.com and register epicinsiders.com. All righty. So all promotions for this event are now complete officially over. There'll be no more promotions. You won't hear another word about it. Okay, deal.

Great. Let's talk real estate. Hey, that's what this is all about. So I've spent the last few days working my way through my email coaching inbox as they backed up quite a bit while I was on vacation. But I have now gotten back to everybody. and while I was going through them, there were a few questions that came up more than once, more than twice even. And when that happens, it often indicates a quote unquote season in the business, whether that's market

driven or whether it's driven based on someone's own personal economy or a situation, whether it's driven individually. And so if these questions come up more than once in the last 14 days and they came up in the last 14 days, that means to me that there are probably more of you that have these same. questions too. So I'm going to share those questions with you and the answers right after this. There are two steps to wealth. First, stop doing what poor people do. Second, start doing what wealthy people do. The wealthiest people do what they do best and delegate the rest. If only you have the time and resources to do it. Now you do. We're VAs for real estate.com and we have some

free information for you. Get the five-step shortcut to hiring a rock star virtual assistant that will make you millions. Go to VAs for Real Estate.com. Stop doing what poor people do and do what wealthy people do. VAs for real estate.com. All righty, so the first question comes from Dan. Dan writes me,

I've been receiving calls, awesome, exclamation point, he writes. Anyways, I wanted to discuss things I can say to reduce resistance to suspects and prospects. I find myself saying the following when people ask about my intentions. So this is what Dan says. He says, I work with a group of real estate investors and I'm wondering if you are in a position or are interested in selling your property. This feels like an honest and straightforward answer.

I like it. However, is there anything else I should say to develop more trust and reduce resistance? I am also considering if they are not interested asking them if they are actively seeking investment properties and if it would be okay to contact them when I get a deal in place. Add them to my buyer's list is what he's saying. Would you recommend doing this? I figure they are potential cash buyers and it would help give me. me some credibility. All right. So good questions, Dan. First, you want to reduce resistance to suspects and prospects. Well, the first thing to understand is no one is going to sell you their

house just because of something that you say. If they're not motivated, there are no magic words to reduce that resistance. So the foundation of every deal lies within the seller's motivation to sell. All right. So it's not the magic words. Now, you can certainly be more graceful and professional to make that smoother process, or that process smoother. But at the end of the day, they're going to sell because they need to sell, all right? Not because of anything that you say. Here's what I say.

So let's give you another idea. So you say you work with a group of real estate investors and you're wondering if you're in a position or interested in selling your property. Okay, that's fine. It works. Nothing wrong with that at all. Here's what I say. My wife and I buy rental property in the area and your property on the surface fits

our criteria is yours for sale. That's what you say. I would say my wife and I, I don't want that. It's just personal preference. And I'm sure people that say, hey, I work with a large investment firm or I sit at the board of an investment group. You know, I've heard all of these different approaches. I just say, my wife and I, hey, we buy rental property in the area and your property on the surface. Hey, it fits our criteria.

Is yours for sale? I always end with a question and I always get to the point. You know, one of the intentions of my business over just the last couple months is to be quicker. in sorting your prospects from your suspects. I want to expedite that. I want to work through more numbers. Because I'm starting to see the numbers play out. And I was like, okay, I just need to get more prospects, more prospects, and get offers to more

of those prospects. That's where the deals were really coming from. So I want to sort those quicker. I don't want to spend any time with the suspects. I want to spend very limited time with suspects. So don't be afraid of being direct. Okay. But when I say, is yours for sale?

Is your property for sale? Just be direct. For example, you just can't say the right thing to the, the wrong person and rarely will you say the wrong thing to the right person. So be direct. Don't be afraid of that. Don't waste yours or your prospects time. If you find there is some motivation there, then you can spend some time there to build some rapport. But with regard to the less or zero motivated suspects, wrap that call up, wrap it up, wrap it up and send them a quick offer and move on to the next lead. Okay. And then what was the next part of your question is that you're also considering

if they're not interested asking if they're actively seeking investment properties because you think they might be cash buyers. What I recommend doing this. Recommend no. Is it wrong? No. You could do this, but I would really, Dan, I'd rather see you focus on the purchase of the property because you make your money when you buy. All right? I wanted you to focus on the purchase of their property. And I want you to sort quicker. So kind of back on what I just mentioned, I want you to sort quicker. I don't want you to spend a bunch of time trying to sell people property at the same time you're trying to purchase their property. So once you market a few properties, though, you know, when you do get them under contract,

your buyer's list is going to seemingly grow all by itself without any extraordinary effort on your part. Okay. So don't worry about finding buyers. There's going to be more than you can handle. You know, I just, for example, I just launched a brand new website, dirtyfixers.com, where we're promoting the properties that don't fit my cash flow savvy clients or it doesn't fit my personal portfolio criteria. And gosh, that's only been up for 30 days. And the site has been, yeah,

it's only been live for 30 days. And I've got almost 400 people that have opted in to receive future announcements of properties that we require. I've got 400 buyers on the list already in 30 days, 400. So don't worry too much about building a buyer's list. As long as you have a place to capture their information, as long as you have a place to send them and then capture their information, the buyers list, it's going to grow all by itself. All right? And then what was the other thing? Let's see.

Oh, you wrote. I figured they are potential cash buyers and would help me give some, it would help me give me some credibility. Don't worry so much about conveying any sort of image, nor be concerned too much about credibility either. A lot of people think that, like, should I get a postcard or should, what should, or not a postcard, a business card, or should I get T-shirts or should I get a professional shirt? So I get the signage on the side of my car.

to provide some credibility. You're not a service provider. You're a private buyer and seller. You're an investor. You're not out there to give them financial advice or represent them in any way. You're not there for counseling. You don't need credibility for that.

By being someone that talks straight and follows through on their word, you'll gain all the credibility that you'll ever need. Just keep that in mind. You're an investor. You're there to buy a low. sell high and make a profit so you can feed your family. That's your job. You're not a service provider. You're not out there for customer service. Right. No, there's nothing wrong with that either.

I just don't want you to spend a bunch of time worrying about it and spending a bunch of time trying to create it because I don't think it's necessary. You don't want to be a jerk off either. You don't want to do that. You don't want to damage your credibility, but I don't think you need to spend time building it. So I'm reading this email and this entire email has a feeling, I don't know, That's kind of has an underlying feeling of fear. A fear of looking bad or a fear of doing it wrong or a fear of loss, maybe losing out on an opportunity. And I understand how this person feels.

I understand how you feel, Dan. I've worked with a lot of people that have felt the exact same way. And that's why I'm reading your emails because this comes up frequently. And what I've found over the years is that this business is much more dependent on one's drive. It's much more dependent on one's character, much more dependent on one's perception. then it is dependent on the actual skill. Sure, the skill, it's important. Absolutely.

And the better your skill, the better you're going to do. But if you have the right drive in the beginning, you've got good character and you've got and you're persistent and diligent in your daily activities, your money-making activities, if you're tenacious in your pursuit of the deal, the skill's going to come. It has to.

In fact, it's the only way to get the skill is through a massive repetition. But to go through the massive repetition, you know, you've got to have the drive. You have to know why you're doing this. You have to have the persistence. You have to have the tenacity in place. So here's what I have to say on this, Dan. The fact that you're even concerned about this tells me you do have the character.

And you have enough skill to be successful at this already. So just back your character and your existing skill with relentless tenacity and putting deals under contract. And you're going to do great. And if you back all of what you currently have with the tenacity, to pursue the deal, the skill is it's going to build all by itself without you even and have to think about it. All right. So good question.

Next comes from Sean. Sean asks, how many properties do you keep in a single LLC? Do you keep all properties under one LLC or do you have multiple LLCs and put a few in each? This is a very popular question and I must proceed or preface this comment with I'm not an attorney. I can just tell you what I would do. personally, I like to limit my holdings per LLC to $500,000 or less. It's not right. It's not wrong.

It's just my preference. This is going to be a different answer for everybody. It really depends on your risk tolerance and how much a hit to one of those LLCs can contribute to your financial well-being or your financial destruction. So, you know, if you've got, if $300,000 loss to you is going to turn your life up side down and send you to the poor house because you have it all invested in one LLC, then you might want to diversify that a little bit and separate that. But, you know, the bigger you get and the better you do, the bigger the game that you're

going to play, you know, that number goes up. So maybe the hit to one $500,000 LLC because you have five others just like it, maybe that's not such a big deal anymore, right? So that's going to be a personal answer for each and every one of you and each and every one of you are in a different situation. different place in your journey through your real estate, I don't know, your real estate wealth building. Okay. So diversify it at the very point where it would hurt if you lost at all that was in that LLC.

That would be my quick answer. Good question. Thanks, Sean. Jeff says, hey Matt, a while back you were partnering with a private lender and you called it Epic Fast Cash or something similar. Is that funding source still available and can it be used for purchasing property? Thanks. Answer real quick is yes and yes. It's not Epic Fast Cash.

It is Epicfastfunding.com. We've talked about it a lot here. They're one of our primary sponsors of this show. If you go to episode 28 and 29 of my turnkey real estate investing podcast, Turnkey Real Estate Investing, that's the name of the other podcast. Episode 28 and 29, two very recent episodes. They are part one and two, creative financing for long-term buy and hold. And I didn't even do those episodes.

My partner Mercedes did those episodes. And she interviewed the two companies that we do most of our funding with. And those two companies have been cooperating together, working together just for us. They came together just for Epic because they're two separate companies with two, really two different strategies, two different goals. But they've come together to cooperate to maximize our buyer's borrowing power. And it's not just for turnkey clients either. It's anyone with the strategy to buy and hold can and will benefit from what is shared on those two episodes.

So episode 28 and 29 of Turnkey Real Estate Investing, the other podcast. It's for busy people. Okay. But those specific episodes will work for any buy and hold strategy. So that's a good lesson. And then Jeff, that website is Epicfastfunding.com. And to answer your question, yes, it can be used to purchase property. Listen to episode 28 and 29 of Turnkey, Real Estate Investors.

investing to hear how you can maximize those purchases. All righty. So let's see. This one comes from Jason. Actually, actually we saw two of these on our Facebook, our private Facebook page, and one came in an email,

so I thought I'd go ahead and just kind of smush them together. And Jason wrote, I had my first run in with an angry homeowner that found out I was marketing their property. I think I saved it, but it was dicey for a few minutes. I know I have the right to do it per the contract, but does anyone have a better way

to inform the owner that you are going to try to flip the property. I don't want to hide it, but I also don't want them to try to cancel the contract or make the process miserable. Very good. We all come up. If you've done this for any length of time, you've probably experienced this.

And you're like, gosh, what are the magic words? What do I say? Well, the best time to address this issue is right up front before you experience any uncomfortable situations. You know, the only time you're going to experience any type of real uncomfortable situation like this, any disruption in the transaction or in disruption in your deal, is when there are unmet expectations. So you want to set those expectations up appropriately right up front.

So as soon as the property is under contract, as soon as I have a signature, I don't even wait for the signature to dry. I don't wait for the signature. No, the ink to dry. That's the saying. I go ahead and I tell the seller what's about to happen next. Now, I'm always telling them this is what's going to happen next. This is what's going to happen next.

So I say, thank you, Mr. Seller. I'll begin my due diligence with the property inspection, and I'll likely have my contractor stop by real quick just to give me a bid on any repairs. Based on what you shared with me, I've taken everything into account when I gave you my offer. So I don't see any reason why this shouldn't be a quick and easy process. However, should something come up during my due diligence that disqualifies the property for my portfolio, don't worry about it. I know a few people whose portfolio it will likely fit. and by slim chance it doesn't fit theirs. I'll just go ahead.

I'll tap into my network and I'll find a buyer for your property. Regardless though, Mr. Seller, whatever happens, I'll see to it that you get your money as promised. Because, you know, at the end of the day, that's what's most important, right? Does that make sense? And I leave right there. And I always get an agreement there. Now, it's, the words change a little bit every time. But that's the gist, is that I say, hey, I'm buying this property.

That's my intention. But if something comes up in my due diligence that, you know, kind of a flag comes up and said, hey, this is not a good fit for your portfolio. Don't worry. I'm not going to let that get in the way of your money, Mr. Seller. And I'm not going to make it more difficult on you either. I've got a couple buddies that this property will fit their portfolio. And by a slim chance it doesn't fit theirs, don't worry.

I got a very large network. We're going to find you, we're going to get you your money as promised. Okay, so that's what you want. You want to put them at ease. So if they do try a Google search one day, stumble upon their property on online or on Craigslist or something like that, you don't get those angry calls. Like, what's going on?

I thought you were buying the property, blah, blah, blah, blah. No, remember Mrs. Selle, I told you, I had my contractor go by and, you know, they found a few extra repairs, and now those numbers kind of squeeze my numbers out of the ballpark. So we could do one of two things. I could ask you to share in this newly found liability with me, but I didn't want to come back and ask you for a price reduction right away. So I thought I'd try and get you your full amount of money first.

Is that okay? There you go. Boom. All right. So you set the expectations up front. And we'll be right back. It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so.

Flipping houses can make you rich, but holding them will make you wealthy. Subscribe to a new real estate investing podcast. Hold that house. Matt Andrews and Matt Terrio. Subscribe for free. Listen, learn, and earn. Hold that house. Subscribe today.

That's it for today. I'll see you right here next week on another episode of Epic Real Estate Investing. 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. tunes and share your thoughts. Thanks for listening. We'll see you next time here at Epic Real Estate

Investing with Matt Terry O. This podcast is a part of the C-suite Radio Network. For more top business podcasts, visit c-sweetradio.com.