Epic Real Estate Investing - This Comes Before Any Action You May Take | 832

Episode Date: November 10, 2019

“The best thing you can do is the right thing, the next best thing you can do is the wrong thing, and the worst thing you can do is nothing.” General George Patton Instead of doing nothing, get prepared, and take action! Matt shares 5 steps and 3 beliefs you have to take in order to close the deal and EPIC approach to get the best results out of it! 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-A's.com.

Here's Matt. And in the words of General Patton, the best thing you can do is the right thing. The next best thing you can do is the wrong thing. And the worst thing you can do is nothing. So let's do something today. Let's get our minds right. We'll start there. And then tomorrow we'll actually take that mindset and put it to action.

And the end goal here being today, the goal that we're going to set together, is an extra real estate transaction, at least one, at least one extra one as quickly as possible. And we're going to put an extra four-figure check in your pocket. That's what we're going to go for. And ideally, we're going to do that before the end of December. Yes, December. Remember?

Most people are slowing their business down, right? In December, this is a time where you can encounter much less competition, which equates to more opportunity. And my experience has convinced me that the opportunities in December are bigger. They're bigger and they're easier. It might not be as many, but the ones that are there, they're bigger and they're easier. And I mean, just think about it. What would cause someone to actually sell a property during the month of December amidst all the hustle and the bustle of the holidays?

Well, I'm actually not entirely sure, but whatever it is, it's something in their life that will cause them more pain if they wait until after the holidays. And to me, that translates to motivated seller or sellers. So getting you paid on an extra transaction in December is a very real real thing. goal and it can be a really big payday. However, I don't just want you to complete the transaction and get paid for it. I want you to complete the transaction. I want you to get paid for it. And then I want you to understand everything that happened during that process so that you can rinse and repeat as many times as you want. And so you'll be running on all cylinders during the spring, the most active time of the year for real estate. You see, your ability to understand the basics, no more, no less

to transacting the deal from start to finish. That's what's going to give you, independence. That's what's going to give you long-term predictable independence. And you just, you can't put a price tag on that. And just think you paid absolutely nothing to listen to this podcast. But you did, however, you gave me something much more valuable than your money. You gave me your time. And that is something that I don't take lightly. I don't take that for granted. All righty. Now, everyone's situation is different. There may be certain factors or unknowns affecting your success. but what I will share with you will not be one of them. It's one thing you can depend on.

And this approach has been thoroughly tested and proven over and over again. Not only is it working for me every day in my own real estate business, it has worked and is working for thousands of people that came before you. And I've had so many of them on this show where they've shared their successes. And they're all still up for you to listen to, by the way. So feel free to go back through the archives. Lots of great success stories there. So there's no question that the information I'm going to share with you works.

The question is whether or not you are down for it, if you're going to work, if you're ready to do this. And I just don't want you to sell yourself short. I'm not going to let you do that. I promise that you are better than you think you are. So just be bold with your ambition over the next two months. And let's go make some real money. Okay? So the simple basics are this.

One, you've got to find the deal. Two, you've got to secure the deal. three you've got to promote the deal four you've got to analyze the deal and five you've got to close the deal now those are the five things that you've got to do with every deal and the sequence there is very specific and I'll go through that in a sec

but those are the simple basics of the epic approach and we're going to dive into all five of those this month but for these these five stages to work for you you're going to need to operate from a set of beliefs, if you will. And belief number one is that you are a problem solver, right? Your motivated sellers are people with problems. And if you can solve their problems, they're going to give you equity in exchange. That's how it works.

That's the exchange there. You give them peace of mind. They give you equity in exchange. So the most empowering position I think a real estate investor can operate from is that of a problem solver. So talk to your motivated sellers more from a consultation perspective rather than trying to sell them, right? Align yourself with the seller with the common goal of solving their problem. It's going to get you more deals and it's going to get you deeper discounts. So that's number one. You're a problem solver. That's the first belief that you have to adopt. Number two, you are a

shopper of deals. You have a minimum deal standard and you will not sway from it. You deal in absolutes, you do not take risks above your minimum deal standard. So what is your minimum deal standard? Well, that's just the amount of money, the minimum amount of money that you're willing to get up and go close a deal for. For example, if your minimum deal standard is $250 of monthly cash flow per deal, obviously this would be for the deals that you're going to hold. So if it was $250 a monthly cash flow per deal, don't do a deal for $225 a month just because you think it might pan out better. Or if all the planets align, you could probably squeeze out that 250. So that's, if you find yourself thinking, well, it's close. If I can find the right tenant, maybe, I could hit my number. If you start ifhing

your deals like that, if this, then that, or if that happens, and then this is going to be fine. And if you start doing that, you start inserting unnecessary risk in your deals. And what happens is you have inadvertently set your new deal standard at that $225 a month. When that next deal comes up, that pays you $200 a month, you're going to consider that. consider it and likely do it because it's not that far from 225 a month now, right? But your minimum deal standard is really 250. So in my opinion, the more you're in this business, the higher your standards should rise, not lower.

So be a shopper of deals. You're not a buyer of deals. The best investors are shoppers. You know exactly what you're shopping for. And when you find it, that's when you pull the trigger. If it doesn't meet your minimum deal standards, then you let it go. You don't, you just let somebody else that go buy that. They're the buyers.

You are the shopper, right? The best investors are shoppers. Number three is you make fast decisions and you change your mind slowly. It's your mission to get deals under contract as fast as possible for a price that's just within the ballpark of your minimum deal standard. And that's how you make fast decisions because you know your deal standards. And it's really simple. If you're going to flip a property, you know, what's the minimum amount of money that you're willing to accept to do all of that work. You may have one number for a wholesale deal. You may have another number

for a fix and flip deal. And if you're going to hold a property, what's the minimum cash flow or ROI you're willing to accept? And if you're just kind of clear on those specific numbers, those kind of three different numbers, one for a wholesale deal, one for a fix and flip. I would also put time in that fix and flip as part of your minimum deal standard. So I'm not going to do it for less than 10,000 bucks and inside of 90 days. that might be the fix and flip standard. And then when you hold, you can do it by $250 a month of cash flow, like we talked about. And that's just an arbitrary number. Your number can be whatever you want it to be.

Or it can be an ROI, like a return on investment, how hard the money you put in the deal is actually working. And that could be your minimum deal standard. And if you just kind of clear on those different numbers for yourself, it's really easy to make fast decisions. You know, for every deal you come across, just start with your minimum deal standard and just work your way backward through the deal to come up with your maximum allowable offer to hitting your minimum deal standards. All right? It's pretty simple.

So those are the three beliefs you really have to operate from for this to work and for it to work well for you and consistently over the long run. One is you're a problem solver. Two, you are a shopper of deals. And three, you make fast decisions. You aren't scared of making those decisions because you know your minimum deal standards. You know that you can always cancel the contract if you have to. And so there should be no, nothing holding you.

back from making those fast decisions and getting properties under contract. All right. So now, the two basic no money required strategies are the two strategies I feel are the most simple and efficient strategies to a paycheck. If you decide to later become a member of the Epic Pro Academy, I'm going to introduce you to another 10 or so no money required methods. But for right now, I'm going to focus on just these two. They're absolutely enough to get you started.

By the way, right now I'm granting free access to the Epic Pro Academy for a limited time this fall and you can have access to everything if you just agree to share with me your feedback as to what you liked about it and what could use some improvement or what you'd like to see more of or maybe what you'd like to see that doesn't exist there at all. Over the next three to five weeks, I'm doing a major overhaul with some very special friends, some investors and some educators with the intent of making the Epic Pro Academy, the elite virtual training facility in the world of real estate investing. All righty.

So let's get back to this. Now that we've got our, that's at Epicproacademy.com, by the way. All right. Now that we've got our minds right. What's next? Well, start at the beginning, right? Of course.

That's where we start at the beginning. And so it's important to know that all active real estate investing strategies have a four-step process in common. Regardless of what strategy you use, whether you're out to do multifamily or single-family, storage facilities, mobile home parks, lease options, wholesaling, wholesaling, wholesaling,

mobile home park lease options, whatever it is, regardless of where you have your site set on, you're going to have to find the deal, secure the deal, analyze the deal, and close the deal. So that process forms the basic sequence of the epic approach. And in a little more detail, it breaks down like this, I've broken down the word epic into an acronym. So the E is evaluate the deal and decide. Evaluate the deal. So you're looking for the deal. You're going to evaluate it.

does it with quick and dirty math, do I hit my minimum deal standards, and then just decide. I'm going to write an offer or I'm not. That's it. P, present the offer and get consent. So once you've decided you're going to move forward with it, you present the offer and present it in writing. Everything changes when you do that, when you present in writing. And get consent, meaning get the signature, get the seller's signature. So that's the P.

I investigate and negotiate. So a lot of people will have this come before the presentation. And you can certainly do it that way. People succeed that way. I prefer to get the property under contract as soon as possible so nobody can come in and take it away from you while you're doing your investigating and your potential renegotiating.

So I like to do it after. And so I get into contract under that quick and dirty math. And then once I'm under contract, then I'll go and conduct my due diligence, my investigation, and just confirm that that math, that dirty math, is accurate. And if it's not, then we go back to the seller and say, hey, we went into the contract based on this information. Now that I've conducted my due diligence, we have new information.

So we have to restructure how we're going to do this and move forward so we can both get what we want out of this. All right. So that's the I have out of our epic acronym. And then C, come in with the cash and close. That's last, right? And there's one big pitfall here. It's a pitfall that many inexperienced investors succumb to.

And I don't want it to happen to you. It has to do with this last step. As many times people place just way too much focus on the coming with the cash and close phase being the last phase. And, you know, people who don't have the cash up front or the foggiest idea of where they're going to get the cash, they never even take the first step. They never even look for a deal. So don't do that.

You know, I mean, how ridiculous we're going to be. would it be if you were parked in your driveway in the morning, ready to go to work, and you waited for every light between your home and your office to turn green before you ever pulled out of the driveway. You would never get to work, would you? But that's how most people approach real estate investing. Most people wait for every light to turn green before they ever place their foot on the gas, let alone even start the car. So don't do that. The lights will never all be green at the same time. Travel as far as you can see, and when you get there, you'll see further. And the The first journey you are to make is finding the deal.

That's first. We're not worried about coming in with the cash and closing yet. If you take this seriously and do it this way and do for the next few years what most people won't do, you're going to be able to do for the rest of your life what most people can't do. So this is really important just to return back to the basics and just knock these basics out and really commit to them for the next few years because most people won't do it. And that's where your opportunity is. and because they won't do it, you're going to be the reaper.

You're going to reap all of the rewards from your efforts. And you'll be able to do for the rest of your life with all those other people that didn't do it, what they can't do. You'll be able to do it. So now that you've got the big picture and you've agreed to moving at the speed of instruction, we're ready to get to work. And that will begin tomorrow. Ready? So God bless to your success.

I'm Matt Terrio, living the dream. Yeah, yeah, we got the cash flow. Yeah, yeah. the cash flow. Yeah, yeah, we got the cash flow. You didn't know, home for us, 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.