Epic Real Estate Investing - The Secret to Excellence in Real Estate | 916

Episode Date: February 2, 2020

This weekend, Mr. Theriault reveals the secret to excellence in real estate! More specifically, you will learn how to use it to make more money with your investing and beat the competition. Tune in and find out more! Learn more about your ad choices. Visit megaphone.fm/adchoices

Hey, Rockstar, it's Matt Terrio from Epic Real Estate. Have you ever wondered why repetition is important? Well, summed up, the repetitions in our world of real estate investing are going to help you crush your competition and destroy their will to fight back. And here's why. If you're feeling a little overwhelmed and you're lacking some confidence and you're getting discouraged with your real estate investing efforts, you know, maybe you're thinking your market is saturated or maybe even oversaturated and maybe you miss the real estate investing both this time around and now you're going to have to wait for the next one to come around, the next cycle. That's the most common fear for aspiring investors at our epic intensives. And I get it. And I totally understand. I mean, I was there. You just

got to put in the reps. That's all. That's the answer. That's why repetition is important. It makes all the funky stuff in your head. It makes it disappear. And when that stuff disappears, you get better at what you do. And you get more deals done, bigger and better deals done. And not only do you crush your competition, you can scare the you know what out of them. So let me show you how I got through the reps so you can do the same. You can beat the competition in your market and you can get those bigger and better deals for yourself. 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-aise.com. Here's Matt. All righty, I'm going to show you why repetition is important and how to use it to your advantage so you can make more money in your real estate investing. As the saying goes, repetition is the mother of all skill. and in investing in real estate, that's a skill.

It's just like any other skill. Because, I mean, you don't have to be born with a certain gift or talent. No, nothing like that. It's like any other skill, real estate investing can be learned. And what makes this skill different, it just pays more than most skills, much more. And I've got no doubts that you can learn it too. You know why I'm so confident that you can? Because you've done it before.

And you didn't even realize it. Here's what I mean. There's something. in life that you're really good at, right? Like maybe you play a musical instrument, or maybe you're an athlete and you excel at a certain sport, or maybe you can juggle three tennis balls,

or you can do card tricks, or you're an expert at something. Or an expert at maybe at something is as common as simple as tying your shoe, because that's a skill. The main point here is you can become a highly skilled, highly paid real estate investor. And I'll show you how to take your experience

in learning to tie your shoe and apply it to your real estate investing and how to do it in the easiest way possible in a way that you won't learn anywhere else. Imagine if you could make money in real estate as easy as you can tie your shoe. I mean, what would that be like? Imagine the possibilities because it is possible. All righty. So let's get into it. To turn your successful shoe tying lessons into successful real estate investing, it's going to help you greatly if you understand these three principles. Number one, the process that you went through to become a master shoe tying rock star. You got to remember the process and understand that. Two, you got to know what to expect as you do it again with real estate. And three, you got to know how to do it the easy way so you can get

through it fast. And then at the end, what I'm going to do is I'm going to give you the one place to implement this that it will pay you the most. Basically where the big ROI is for you and your business with regard to your skill. Ready? So stay with me until then. So to jar your memory a little bit. Let's just kind of walk through the process that turned you into a master shoe tire. And we call this the four levels of learning. You might have seen this before, but, and I've seen it countless times, but I get something a little bit different out of it every time I see it. So let's go through this real quickly. Four levels of learning. Got a little off, center there, but you get it, right? So first level is what we call unconscious, in

competence. This is when you're in that place where you don't know what you don't know. Because there was a time when you didn't even know, you didn't know what a shoelace was, right? Might not be able to remember it, but there was a time where you didn't even know what a shoelace was. Then once you discovered a shoelace and you saw that it keeps people's shoes on, you were like, ah, that's a shoelace. You tie those so your shoes don't fall off. So you became consciously incompetent. Now you knew you didn't know. And then one day, maybe your older brother, older sister, your mom, your dad, a friend of the family, whatever it may be, sat down with you and started helping you tie your shoe and showed you the little secrets and you take the little rabbit, you go down the hole and you wrap around the neck and you pull it tight. I don't know how you learned.

That's kind of how I learned in my house. But you went through that and then you had to practice it, right? And it was really tough in the beginning. You fumbled with it. You were all thumbs and you couldn't get it quite right and you couldn't make it all even on one side or the next. and but eventually, with a little bit of practice, you were able to tie your shoe. Still had to think about it. Wasn't a perfect bow, but you got through it and you could keep your shoes on, right?

So you became consciously competent, right? So you became consciously competent. And then so every day you got to get up, you got to put your shoes on, you got to tie your shoes, and you've done that over and over every single day for years, for decades, depending on how old you are. but you've done it over and over and over again. And now you can tie your shoe without even thinking about it, right? So now you are unconsciously competent. So these are the four levels of learning.

And when you're learning something new, you have to go through them. There's no getting around them. Think about it when you went through the piano or you learn to play the guitar, you learn to juggle or the car tricks, whatever may be, riding a bike. Right? You went through these four levels of learning. And the only way to get from level one to level four is through massive repetition. That's why repetition is important.

And here's the sad part. Right about here is where most people get stuck. This is where most people give up. They didn't know what they didn't know. Then when they discovered that they knew they didn't know it, they got really excited, they got started, they tried it a few times, didn't quite work out. and they say this doesn't work and they quit. Right?

This is where most people get stuck. So I'm going to show you how to get through this so you don't get stuck. All righty. So as you go through the four levels of learning, you're going to go through what I call the emotional roller coaster. Your mind's going to be playing some tricks on you, okay? But you just got to be smarter than your mind. You got to get through it. And I'll show you how to do that.

But this is kind of what the roller coaster looks like. Starts up here, goes down, and goes back up, just like a regular roller coaster. right so up here there's going to be four points in your journey going through these four levels of learning right about here is what we call uninformed optimism right so when you were tying your shoe you got a little bit excited like ooh I want to learn how to tie a shoe and you got really excited about it but you had this amazing optimism about getting your shoe tied and being able to do it yourself and then you gave it a few tries and all of a sudden you like wow

this is difficult. This hurts. This is painful. It's frustrating. Why can't I do it like mommy? Why can't I do it like my brother or my sister? Why can't do it like daddy? And you get this little point right here where we call it informed pessimism. Informed pessimism. And then right down here, you keep trying, you keep going, and you hit this point where you're really pissed off. You're really frustrated. And you've got this point where you're at what we call uninformed pessimism. Uninformed pessimism. And this is a critical point when you're ever trying to learn anything. Because this is a point where we call the crisis point. We call this the crisis point. Because what happens is people come through and they're going through these four levels of learning.

Right about here is where people, give up. They fall off. Now, thank God you didn't do that with tying your shoe, but it happens in real estate investing all the time. But if you understand the four levels of learning, you know, you just need more repetitions. That's why repetition is so important. So you keep pushing through, because you know, this worked with when I learned to play the piano, it worked when I learned to ride my skateboard. It worked when I learned to learn how to ski. And it worked when I learned how to tie my shoe. And it's going to work when I'm learning how to invest in real estate. So you push through and you hit this point right here, and we call this informed optimism.

So this is the emotional roller coaster that's going to be going on in your brain, right? And understand that none of this is real. It's just what your brain is doing is your brain is talking to you. So you got to stop listening to that stinking thinking that's going on. You need to, as Zig Ziglar you say, you need a check up from the neck up. So ignore this part because this is what's really happening. This is reality. This is imaginary. This is what's really happening. You see, there's this green line here that's going right up, right through everything.

Just like that. Okay. And what this line represents is your skill. Your skill. And through those repetitions, the skill improves, improves and improves as you work through those repetitions. So, this is what I want you to notice. right here at this point at uninformed optimism like when you signed up for that course or you heard that podcast or you read that book

or you watched that TV commercial, whatever may be, you got really excited and when you were at your highest peak emotionally and mentally and you were ready to do this, you were at your lowest point with your skill level. And as you went through and your mindset started to play some tricks on you

and you started to get a little discouraged and frustrated right here at your lowest point, right when you were about to quit, ironically, that's when you were your most skilled. That's when your skill was at its highest point. That's what's the truth. That's what was really happening. This is what's going on in your head. This is reality, and this is where they cross. This is the moment of truth. This is the crisis point. It's where most people fall off. But if you understand the four levels of learning, you know you just have to keep on going. So just keep working the repetitions. You start improving. You're getting better and better. start to get some success, and now you've got this informed optimism.

You're like, boom, yes, I'm doing it. You've got this amazing confidence moving forward. So I'm going to show you how to do this the easy way, right? Because this looks a little challenging. Like no one really wants to deal with this low point down here, but I'm going to show you how to do it the easy way, okay? So I'm going to show you how to get through those four levels of learning the easy way. I'm going to show you how to get through that emotional roller coaster, the easy way. And instead of using our metaphor of tying a shoe, we're going to throw that out.

And what we're going to focus on is learning how to ride a bike. All right. So we've got this bicycle here. And we're going to learn how to ride this bike. And we have two different scenarios. Actually, two different people are going to try to ride this bike. We've got Ricky. And we've got Rhonda.

They both have been playing outside. They've seen all the older kids riding their bike, having a great time around the neighborhood. Beautiful sunny day. and they're like, hey, Rhonda, would you like to ride a bike? Ricky, that's a great idea. Let's learn how to ride the bike. So to learn to ride this bike, we're just going to choose an arbitrary number, but they've got to fall down 24 times before they pass through those four levels of learning.

Right? So they start at level one. They're unconsciously incompetent. They don't know what a bike even is. They don't know what they don't know. Then they walk outside and they see all the kids riding the bikes and they go, wow, we want to do that. Now they know what a bike is. They're at that second level of learning.

but they're consciously incompetent. They know what it is, but they don't know how to ride it yet. Then they have to get through the third level where they're consciously competent and get to that fourth level where it becomes second nature, unconsciously competent, okay? So Ricky, he's going to try first.

Ricky gets on the bike, and he gives it a go, and boom, just a couple seconds, and he's on the ground. He picks himself up, dusts himself off, gets back on the bike, gives it a go, and boom, crashes. And he's like, wow, this hurts. It's a lot easier than it looks, or it's a lot tougher than it looks. Everyone out there is making it look so easy. He says, I'm done.

I don't want to do this anymore. That hurts too much. He lets a month go by, comes back outside, and he's like, wow, look at all the kids riding the bike. I remember I gave that a shot. It doesn't look that too difficult, I'm going to give it a try again. So he gets back up on the bike and boom, he falls down, scrapes his knee a little bit, get there, he says, ouch, this is exactly how I remember it.

Gets back on the bike, goes after it, and boom, falls down again, eats a little bit of dirt. And he's like, yep, this is exactly what I remember. This is not for me. I don't like this bike riding stuff. I can give up. So he stops. Comes out the following month and he goes to that same process again. Gets on the bike, falls down twice, and quits. Comes back the next month, gets on the bike, falls down twice and quits. And he keeps doing this. This is his cycle that he's going through, right? And for a whole year, he gets it until he's finally falling down 24 times. Ricky is now falling. on 24 times. So is Ricky made it through the four levels of learning? Did he make it? Is he unconsciously competent? Is riding a bike second nature to him?

He fell down 24 times, right? Probably not. Because you know what happens? If you let too much time pass in between the repetitions, you take a little bit of step, a couple steps backwards before you progress again. The repetitions, they

don't count as much when you let too much time passing between them. All right? So Rhonda, she's on day one. She's, I'm going to learn how to ride this bike. And she does a little bit differently. She gets on the bike, falls down 24 times in a row. And now that she's fallen 24 times all in one day, has she at the fourth level of learning? Yeah, she has, hasn't she? And then by the end of the year, at the same time that Ricky finally fell down the 24th time. Who is the better bike rider? By far, Rhonda is, right? Rhonda went through the four levels of learning on day one, and through massive repetition at the end of the year, she's a far better bike rider than Ricky. So, to crush your competition, you've got to put in the reps to develop

your real estate investing skill. And it's easier to do it fast than it is slow. So with real estate investing being a people business, the most important skills, meaning the most lucrative skills for you to develop are your people skills. And specifically, the skill of the conversation with sellers. You know, as they say, you make your money when you buy real estate. That's when you make your money. So the most valuable skill where you could apply, what I just showed you, is your buying skills.

And that begins from the very first time that you answer the phone, answer that phone call with a seller, to the rapport building, to the presentation of price and terms, to getting the contract signed, to take into a transaction all the way to the finish line. Here's why this is important. If this represents 100% of all real estate transactions, of all properties sold, you've got up here, this is 95% of the transactions. And down here, you've got 5% of the transactions.

And up here, these are the people that want to sell. 95% of the people that want to sell, not really motivated. Down here, you've got 5% of the people that need to sell. Now, it's my belief, and I'd be willing to really have this conversation with anybody that up here, it is impossible for you to say the right thing to the wrong person. So don't worry about it. don't get discouraged when it doesn't happen for you. And conversely, down here, it's really tough to say the wrong thing to the right person.

All right? So what I'm saying is, based off of the people skills you already have that's gotten you to this point in life, there's enough there for you to do deals and make money here. There's plenty of opportunity there for you. You've got everything it takes. But when you start developing the people skills that we're talking about, what starts happening is you get to start playing in this little area where they intersect. The better your skill is the better you get to play in more of this little 5% pie.

And the more you practice, the more you go through those repetitions, the more you get to venture a little bit even outside the skill and start turning all of this into opportunity for yourself. And this is an area where your competition is unable to, to play because they didn't go through the repetitions like you. They didn't develop the skill like you. And what gets even more exciting, all the stuff that you're going to get anyway, all these deals down here you're going to get anyway where the motivation is really high with the seller, what you'll see there is your discounts start getting even deeper. So practice your dialogue.

Put in the repetitions. Put in the repetitions. Practice your objection handling. Put in the repetitions there. Practice your scripts. Whether they're my script, or someone else's or my frameworks, whatever it may be, put in the repetitions and practice them in the same manner that you would, you know, your golf swing or playing the piano or jumping rope. Practice them all with massive repetition. It's why repetition is so important. It's the only way whatever you apply it to will actually become a skill.

It's the only way to get through the four levels of learning. Massive repetition. You know, if you practice your seller dialogue in the same manner, an NBA basketball player practices their free throws, your earning potential, because you and I, we're in real estate, our earning potential is greater than NBA's biggest stars. You feel like that's an overstatement, maybe? Too much of an embellishment?

Well, let me ask you, who signs LeBron's paychecks? And as of the recording of this video, it's the bust family, the owner of the Lakers. They're real estate investors. That's how they bought the Lakers. All righty, can you do this? You can, right? So when will you begin? God bless to your success.

Now, go make it rain. This is flow. Yeah, yeah, we got the cash flow. Yeah, yeah, we got the cash flow. You didn't know, home board, 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.