Epic Real Estate Investing - Three Simple Focuses for a Prosperous 2014 | Episode 82

Episode Date: December 30, 2013

It's common knowledge that if you focus on too much, your power dissapates... and results are minimal. Real estate investing is one of those things where you can focus on as much, or as little, as you want. Face it! There are a lot of moving parts and variables in real estate. The good news is, you need only focus on a few things to experience propsperty and financial independence. On this episode, Matt shares three simple focuses for 2014 to be a prosperous year for you. Learn more about your ad choices. Visit megaphone.fm/adchoices

Broadcasting from Terrio Studios in Glendale, California, it's time for Epic Real Estate Investing with Matt Terrio. Yeah. Hello. How goes it? Good to see you. Good to see you again. Welcome to another episode of Epic Real Estate Investing. This is the show that I'll show you how to escape the rat race once and for all so you can spend your time doing what you want and doing it when you want to do it and with whom you want to do it with.

that, I mean, that's financial freedom. And anyone can do that in a relatively short period of time. Relatively, is the operative word there. But, you know, that's available for everybody in a relatively short period of time if they do just one thing. They only have to do one thing. And they only have to do this one thing one time. And that one thing is to shift, permanently shift their focus from making piles of money to making streams of money.

Piles of money. Stop doing that and start focusing on money. making streams of money. In the real estate world, that's what we call cash flow. And with that shift in mindset, we call that a cash flow focus. And as I've mentioned in the past, it's very easy to get sidetracked by that pile of cash mentality. I mean, there's a lot of money that can be made in real estate.

And that money can be very seductive. It seduces me almost on a daily basis. So I'm constantly having to ask myself what I really want out of my real estate investing. And I ask my a lot of students that. I ask my coaching clients that. You know, sometimes it's the very first thing that I ask, like, why real estate? What do you want out of real estate? So I have to ask that.

I have to ask, why did I start investing in real estate in the first place? And I ask myself in this specific way. Matt, do you want a big bank account but still have to go to work every day to maintain that big bank balance? Or do you want to do what you want when you want with whom you want every day, knowing that regardless of what you do, your bank account will be replenished every month. Now, that's an easy question for me to answer. The latter, of course. I mean, a monthly replenishing bank account, regardless of what I do with my days, that's far

more preferable. But if it's such an easy question for me to answer, why do I have to ask myself it so frequently? Well, the reason is that the actions I take on a daily basis, the big decisions I make in deciding which deals to do and what to do with those deals once I've acquired them, Those actions and decisions can be and often are significantly influenced by the pursuit of a big bank balance. Meaning, you know, when you're faced, you've got this decision to make on this deal. Do I flip it and put $30,000 of cash in my pocket? Or do I hold on to it and put $300 a month of cash flow in my income statement?

Same property, but you've got two different exit strategies. Do you want the $30,000 of cash or do you want the $300 a month of cash flow? You know, the $30,000 flip on the surface, it always seems to be my initial instinct. I mean, that's a lot of money. And it's my instinct because I've got a lifetime's worth of conditioning, like most people do, that the definition of wealth and financial independence or financial freedom means having a lot of money in the bank. That's what I've always thought that was, having a big bank.

account, a big pile of money. Now, there's nothing wrong with the big bank balance. You'll get no judgment from me if you have a lot of money in the bank. If that's your goal, then by all means, keep doing what you're doing and keep doing it. However, if your goal is financial freedom, by focusing on that pile of money and getting that pile of money larger, you're actually extending your journey to financial freedom. You're extending your journey. You're making lots of money, but your journey is going to be longer if financial freedom is your end goal. And that can be a tough concept to get a grasp of. But by taking the big cash payouts from your real estate deals,

you are actually extending your time to exiting the rat race. I mean, it's very counterintuitive, isn't it? I mean, it doesn't seem right. It doesn't make sense, does it? No, it doesn't. And that's why I have to keep asking myself about what my goal is, having lots of money in the bank, or having my bank account replenished regardless of what I choose to do with my days.

I mean, the big bank account, it doesn't mean anything. But doing what you want with your days without the worry of money. Ooh, that's what I'm talking about. That's what I want. And if you're listening to me right now, I'm guessing it's probably what you want as well. I mean, that's what the show is about, and you wouldn't be here unless that was of interest to you. Now, I've talked about this extensively on this show and my do-over podcast.

I talk about it so frequently because it's essential to keep at the front of mind if financial freedom is your desired result. I mean, this mindset is important whether your vehicle to get to financial freedom is real estate or anything else. Keeping that residual income mindset, that cash flow mindset, that stream of money, multiple streams of money, mindset at front. That's really important if financial freedom is your end goal. And I've discussed this in great detail, and I'll continue to bring it up. I'm not going to stop, and I'm not going to go into it in great detail about it right now. But for those that are hearing this for the very first time are those that don't quite have a grasp on how this $30,000 a decision actually moves you further away from financial freedom and how the small little $300 a month

the decision moves you closer, okay, I'll go ahead and I'll provide a very quick explanation. The norm. See, the normal thing for people in our society to do is to work 40 years of their lives saving money for retirement. That's the norm. The goal there is to save a large enough amount of money, a giant pile of money so that in retirement, that pile of money will create a residual income to live comfortably in retirement. That's the goal. goal. We want the residual income. And the means that we're taught to go for it is to save enough money that the interest from that money creates the residual income. That's what we're taught from day one. But what we're not taught and what nobody will ever voluntarily tell you,

voluntarily tell you, you can go out and find this information, but you have to, you know, most people don't even know to look for it. What we're not taught is if you were to flip that plan over, just reverse it. So instead of focusing on the pile of money, but you first focus on creating the residual income and then saving the large pile of money, now it's no longer a 40-year plan. It's a 10-year plan.

And it's a 10-year plan with really no super discipline or extraordinary effort either. So that is how choosing the $300 of monthly cash flow over the $30,000 cash payout moves you to financial freedom faster. focus on building the cash flow first. Then, once you have the cash flow at a level that allows you freedom with your time, then you can focus on creating the big bank account.

I mean, if that's what you want. I'm not saying you're not allowed to have a lot of money. No, we all want a lot of money. But the path to getting a lot of money is not saving a lot of money first. It's creating the residual income that gives you time freedom first. So now you can go out and spend your time. doing what you want to create that big bank account. So the strategy, it's not sexy at first.

In fact, it's downright boring in the very beginning. But, you know, after you've repeated that process, you picked up a few of those $300 cash flowing properties. After you've done that a few times, you now have $900 a month, $900 a month flowing into your bank account at the top of each month. Now it starts to make a little bit of sense. Okay, $300.

Wasn't that big of a deal. But now we're close to $1,000. Now it kind of makes a little bit more of a deal. We got $900 a month. Well, you only need $12 of those, only $300 cash flow properties to achieve the national median household income of $44,000 a year.

You only need $12. So with some focus and a little bit of effort, how long would it take you to acquire $12 of those $300? properties, those $300 cash flow of properties. Well, if you acquired just one per year, that'd be 12 years, wasn't it? 12 years, that's it. The most recent study that I could find just did, I just did a few quick Google searches and found a few, and they all kind of said the same thing.

The median retirement income right now in America is $34,000 a year. So the average retiree actually makes $10,000 less than a household income. So $34,000 a year in retirement. So at a very, very slow pace, acquiring just one very small investment property per year, you could achieve in 12 years what is taking the average retiree to achieve in 40 plus years of working. And they're working 40 years and they're still not even getting what you're getting. and just 12 years of effort. You see, if you were to choose the $30,000 route

and never spend a penny of it, so you keep taking these $30,000 cash payouts and you can't ever spend a penny, and how real is that, right? But if you did that and you never spent a penny, meaning every time you took the $30,000 cash payout, you put it in your retirement account, how many of those deals do you think you'd have to do

to generate the same $44,000 a year? Okay, you don't need to bring out. Calculator, I'll cut to the chase. I'll be, and I'll be very generous and give you a 4% rate of return in your retirement account. If that were the case, you'd have to save $1.1 million in your retirement account and never be allowed to touch the principle. You can never touch the principle.

You'd have to execute 36, 36 of those $30,000 cash payout deals to achieve the same thing. That's three times as many. deals to achieve just the national median household income. So you compare. That's 36 cash deals or 12 cash flow deals. You know, I can go deeper and deeper into this. Seriously, I can talk about it forever. I have to stop myself or else I will.

I've worked the numbers on this from so many different angles and so many different scenarios and it always comes out the same. choosing that $300 a month cash flow over the $30,000 cash payout will get you to your financial freedom. It will get you out of the rat race so much faster, three times faster, at least, as I just demonstrated, three times as fast, at least. Probably four or five or even ten times faster. I'm not exaggerating. Maybe even ten times faster, once you factor in appreciation, once you factor in tax deductions

and once you factor in inflation. See, you can take this as deep as you want to go. And the deeper you go, the more compelling and the more of a no-brainer it becomes. So as we head into the new year, as you're making your plans, as you're setting your goals, as you're committing to yourself

that this year will be better than last, shift your focus to creating streams of money. Stop focusing. on creating piles of money and start focusing on creating streams of money. Your future, your immediate future, relatively speaking, will be so much brighter and easier, and in a few years, your New Year's resolution won't have anything to do with making more money

because you'll have it. It won't be an issue for you. You can set a new resolution then, like losing weight. That's mine this year. Or spending more time with your family. spending more time at church, spending more time volunteering at your favorite charity, or traveling the world, or perfecting your golf swing, whatever it may be.

But no more money resolutions. That's what a creating streams of money mindset will do for you. And I'm naming this episode three simple focuses for a prosperous 2014, or any year for that matter. I mean, these three focuses I'm going to give you are valid for any year, and I want your focuses to be just a few. Just a few. And they need to be simple also.

I mean, if you have too many focuses, that disperses your energy and you lose your power and you lose your effectiveness, your efficacy, I never remember which one to use there. Okay? You become less effective. And your results will typically be nil than nothing. The more you focus on, the fewer results that you're going to get. And you need your focuses to be simple as well. The simpler, the better.

And I was actually inspired to record today's episode, not just because it's the last episode of the year and the timing is right. Even more so, because lately I've been cruising several real estate investor forums to see what investors are talking about, to see what the hot subjects are. You know, I'm revamping the academy and I'm just, I want to see if I'm missing anything. What's a concern for people that I might not have addressed? And so I've been cruising these sites and I've just been flat. out amazed by what people are so focused on and are so willing to spend such a significant amount of energy in debate, in conversation. Like, what deed to use or what type of insurance to get or, or double closings versus assignments. God, there was, I don't know, there's like

a hundred replies on that debate right there. And so many people were so wrong. I could tell some of the people that were saying that were for one or the other had never done the other. And the conversation versus, should I wholesale or should I fix and flip? Should I buy and hold or should I do lease options? How do I go about getting hard money? How do I get proof of funds? And I need, should I use a big bank or a little bank? How do you flip HUD homes?

Or should I focus on pre-foreclosures or short sales? Are they the same thing? Or are they not? Residential versus commercial, single family versus multifamily, estoppel certificates, evictions. This one guy screwed me over. What should I do in land surveys and blah, blah. blah, blah, blah, blah.

I mean, it goes on forever on what people are talking about. You know, and every one of these subjects, I'm not belittling, belittling their conversation, I mean, every one of these subjects, they have their place. And, you know, it's very easy to see how a new investor can look at all this stuff, because it all sounds very important. And when it's appropriate, it is. But I can see how a new investor or an investor that's just currently dissatisfied with their current results that's looking for some.

answers, I can see how they can all get so overwhelmed and involved in stuff that should be of absolutely no concern, at least of no concern until the situation arises. I mean, if you remember from the last string of investor interviews I had on the show, the one common theme intertwined into every single story in interview was, travel as far as you can see, and when you get there, you'll see further. Every one of them said the same thing in different words, but they all said the same thing. If you focus on too much, like having to know which deed to use and where to find a hard money lender, and should I be investing in residential and commercial, if you've got all that stuff going on,

if you focus on too much, you're never going to start traveling. You're not going to go anywhere. So that's what really inspired today's episode. I probably would have made this episode for you right now, whether it was the last episode of the year or not. Anyway, it just kind of seems appropriate also because it is the last episode of the year. So let's keep it simple. I'm going to give you three simple focuses. And the first one, I've essentially already given to you.

That's kind of where I went into the whole different, the mindset thing. So the first one, your first focus of 2014 is to make it your intention this year to hold every single deal that crosses your desk. make that your intention. I'm not saying you can't fix and flip. I'm not saying you can't wholesale. What I'm saying is go into every single deal with the intention of holding it. You don't have to, but that should be your intention.

Unclassify yourself as any other type of investor other than a buy and hold investor. I mean, if it's your intention to exit the rat race and experience true financial freedom, you are now a buy-on-hold investor. Restructure your property criteria and restructure your deal criteria, your minimum deal standards to that of properties you would hold. Analyze them from a hold perspective

from this point forward and analyze them from a hold perspective at terms that will move you towards your goal of financial independence. Okay, so that's number one. Make it your intention this year to hold every single deal that crosses your desk. Now before, just thinking about this, before I get to the number two and number three focus, I want to extend a great deal of gratitude to you for your support of this show this year.

Thank you so much. You know, through your subscriptions and your awesome reviews, and I've read them all. Thank you all so much. You have made this the number one real estate investing podcast on iTunes, at least as of this morning, it was. It teeters in and out, but as of today, it was number one. And I super, super, super appreciate it. You know, I ask for you to leave your reviews and leave your thoughts on the show.

And that's not a big vanity play. It actually calculates into iTunes algorithm. The more nice reviews you got, the higher you go up in the rankings, the more exposure the show gets. And for us podcasts, that's just about all the exposure we can get, is to have our show up in front of people that are already listening to podcasts. So thank you so much. They help a great deal, and I read them all.

So I really appreciate your feedback. And thank you for making this just an awesome year. And we're going to make 2014 even better. Deal? Super. All right. So your number one focus was to make it your intention this year to hold every single deal that crosses your desk. Number two, I want you to double your lead generation activities.

It's your second focus. Double your lead generation activities. Regardless of what you're doing right now, whatever you're doing for lead generation right now, double it. you need more leads to get you where you want to go. I mean, if you're listening to my voice right now, you fall into one of two categories. Either one, you're not doing deals or two, you're not doing as many deals as you'd like.

That's it. I mean, why else would you be listening? I mean, if you're listening because you find me entertaining, ah, God bless you. Thanks for that. I appreciate that. That makes me feel good. But I doubt that's why you are here.

So regardless of which of those two categories you fall into, more leads is what you need for 2014 to be better than what your business has been. You need to double your lead generation in volume. And here's the key. You need to be consistent with that lead generation. Because lead generation, it's exponential. It builds on top of each other. It's kind of like the snowball thing rolling down the hill.

You know, just collect a little bit of snow each time it makes a revolution. and it's just the same amount of snow each time, but then it just gets bigger and bigger and bigger, and it gets really powerful and it gets unstoppable. And that's what consistency in your lead generation will do for you. So for your lead generation, there are three areas of it. You can network for leads, you can prospect for leads, or you can market for leads,

or you can do a combination of all of the above. And so if you haven't been networking for leads, start and be consistent. Put it in your calendar, and schedule it. Find your local real estate investor club and put their meetings in your calendar. And here's the kicker. You actually have to go to them.

Okay? Go. Be consistent. Hit it every single month. And if you're already doing that, find a second club in your area or even out of your area and put that group's meetings

in your calendar and go. Double it. If you're not prospecting for leads, start. Do something as simple as visiting three for sale by owners per weekend. Just go knock on the door, three for sale by owners and say, hey, I'd like to buy your house.

Do that. And if you're already doing that, visit six, double it. And do it consistently. Do it every weekend. Or say, two weekends a month. But do it consistently. And if you're not marketing for leads, start. You know, something is as simple as 10 yellow letters a day.

will impact your business significantly over the year. Just think. Just 10 yellow letters a day. There are 52 weeks a year. There's five days a week. That's 260 days times 10 letters a day. I mean, how differently do you think your business would look after sending out 2,600 letters?

And if you're already doing 10 letters a day, double it. And do it consistently. And if you've already doubled that once, double it again. if you don't have a high volume consistent lead generation system in place, you don't have a business. And if you don't have the time to do it, hire it out. It doesn't matter how you get those leads, but you have to get the leads. If you don't have a lead generation system in place, a consistent lead generation system in place, you don't have a business.

Okay? So that's number two. Double your lead generation activities. Then number three, write offers. Specifically, don't leave a meeting with a motivated seller without writing an offer. The seller won't take your offer, or if you guys didn't have a real meeting of the minds during that face-to-face meeting, it doesn't matter. When you get back home, mail your offer to that person. Mail your offer to that seller.

The bottom line, always write an offer. And here's why. And actually have a few reasons why. first reason is if there's no offer, there's no deal. An offer is absolutely required for a transaction to happen. So no offer, no deal. So that's probably the most important reason. The second reason is an offer in a written format, like when you actually write it down, and this is on maybe on a bar napkin or on a formal agreement, when it's in the written word changes the entire context and dynamic of a deal.

Changes everything. I mean, if I tell you that I'll give you $100,000 for your $150,000 property, you'll be like, yeah, whatever, maybe. You'll probably ignore me or not take me seriously. But if I write it down and give you a piece of paper with that $100,000 on it, now you're going to, you'll take me seriously. You'll consider it. I mean, you still may not accept my offer, but it will get your consideration.

or it may get me a counteroffer. And now the conversation is open. Okay? The third reason. A no today does not necessarily mean a no tomorrow. I mean, if I write my offer down and I give it to you and you say no today, I mean, something can change in your life tomorrow or next week or three months from now or even a year from now. It's happened.

It happens. I'm not going to say it's happened all the time, but it has happened to me. We're on offers that I wrote six months ago, nine months ago, I totally forgot I wrote. They called me. Because something happened in that person's life, that seller's life, that increased their motivation. And when that got to a point where it was a little bit more urgent for them to sell that property, who were they going to call? They're only going to call the person that put the offer in writing. They forgot about everybody else.

and probably they don't have any way to contact anybody else. So put it in writing. It changes everything. And there are many, there are many other reasons, but here's a fourth reason. And this is something that's actually recent occurrence for me. So that's why it's top of mind right now. Some of your best deals, your very best deal, some of your home run type deal, some of your greatest fish stories are going to come from offers that you wrote that you

didn't think had a chance of being accepted. I'm going to give you two examples that happened. These deals actually happened in my office in the last 60 days. Okay, so as the year was coming to a close, I decided back in November that I didn't want to acquire anything new until after the holidays. I decided I wanted to focus on increasing the net operating income of the assets that I already own. Some of them are performing really well, but some of them have kind of fallen back. I've lost sight because I've been acquiring so many that I haven't given the attention to the ones I already have. haven't been given them the intention that they deserve.

So I wanted to set a couple months out to really focus on those and get everything performing. But my rule is to always write an offer. And so I don't break this rule. It's just my rule. So a nice package of single family homes in North Carolina came across my desk, 41 properties, to be exact. And it was a nice deal. It was a nice deal the way it was presented, a deal that I would normally probably jump all over. but I didn't want to add anything else to my plate because I wanted to spend time

improving the performance of the properties that I already have. But my rule is to write a deal, or excuse me, write an offer. So I did. And if I'm going to compromise my time of my existing assets by acquiring a new one or a new group of assets, it's going to have to be a hell of a deal. So without a whole lot of thought, I wrote out my typical three-old, adoption letter of intent, and I just randomly tripled my minimum deal standards. Just, I wrote obscene deal and three obscene offers.

And I've wrote them thinking that there wouldn't be a chance in hell that they'd get accepted. And you know what? It was accepted. I got 80% seller financing on these 41 properties with a 15-year principal-only loan, of which would give me, just the cash on cash, was giving me a 33% return. I have all my money out in three years and own them all outright in 15 years. And I didn't have to pay for them.

That they were already occupied, the tenants would have paid for everything. In my opinion, that looks like they're free. I just have to manage them for 15 years. Smoke and deal, right? And initially, a deal that I didn't want. I got an absolute steal just because I wrote an offer. Another offer, I wrote way back in September. It was a 45.

unit multifamily building and needed a ton of work. It was completely uninhabitable. And so I got the, I submitted the offer. And as I was analyzing it before rehab, it was about $4,000 per door. After rehab, it was going to take me to write about $9,000 a door. And so that was a, that was a really good deal. I mean, the market rate in that area is about $22,000 a door. That's the fair market of value. So I'm at 9,000 fair markets at 22,000, so smoking, right? Another smoking deal. But it almost did kind of seem too good to be true. But I got under contract under those numbers and I wrote the offer, got it accepted, and it was worth the investigation. And after performing my due diligence, the building, I had some other issues as well, the rehab came in much higher

than I estimated, which put me closer to market value than I really wanted to be. So I just canceled the contract. I had my contingency clauses in place and I canceled the contract and forgot all about it. Well, just last week, because I had been the only person to have written an offer on the building, the seller called me and offered me the building at just $1,000 per door. Yep, 44 units for $44,000. I mean, the bricks to build the building would cost more than that. And I'm sitting on an acre of land too. So needless to say, we reinstated the contract. But I got those two home runs of deals all because I have a rule to always write an offer. And since my intention is to hold every deal, I will hold these.

But what if I decided they didn't make good hold deals? I still have them under contract, and I can then wholesale them to someone else of which the numbers fit their deal standards. and if if neither of those turn out to be an option, I cancel the deal, I had my contingency clauses in place. There's no risk in writing offers if you write them correctly.

And I show you exactly how to do that in the free real estate investing course at free realestateinvesting course.com. I show you exactly how to do that. So, you know, going back and your intent is to hold every deal. That's your intent. After reading all of these posts

and the forums and stuff, There are so many that have the intent and wholesale questions. Like their primary intent is to wholesale property. That's a piles of cash mindset. And I spent a great deal of this episode on what that does and how much longer it takes for you to get to your financial freedom with that mindset. Now, you can still be a wholesaler. But just make it your intent to hold the property.

And if it gets to a place like this is too expensive for me to hold, because I don't have any money, then you wholesale it. But write your offers in a way that you could hold on to it if they accepted your offer. Maybe you get seller financing with no money down. Maybe you get seller financing with no money down and a moratorium on your payments, meaning you don't have to make any payments for six months. Maybe that's in your offer. Or maybe because, you know, the property needs rehab that the seller has to split

or leave a certain amount of money in escrow for six months to pay for any maintenance costs that come up. Maybe something like that. I mean, if you had absolutely no money, you could still hold a property under those deal terms. That's where I want you to think. And then, but if you can't get that, your offer gets accepted in some other way,

hey, then you're a wholesaler. Then you're a fix and flipper. But if your intent is to exit the rat race, make it your intent to hold every single property. Okay? So that's your focus. Number three is to write offers. And that's what I want you to focus on.

Those are the three focuses for the new year. Number one, intend to hold every deal. Number two, double your lead generation. And number three, always write an offer. And if you maintain those three simple focuses and you follow up those focuses with correlate consistent action, there's not a chance that your 2014 doesn't totally rock. It's going to.

I promise you. And as you go into the new year with all of this in mind, I'm going to suggest that you be patient. Okay? You know, I love to have my coaching clients and the superstar academy members that get amazing results right away. I like to play that because I want you to know what's possible because all of that is totally possible. I mean, gosh, I forget the numbers now. We've interviewed so many people, but I know, you know, our brads, Brad and Cleveland, Brad and St. Louis, you know, they made a good amount of money, you know, 40, $50,000 in their first 60 days of their new business.

But then we also have Jesse, Jesse Milner out in, I think it was North Carolina or South. I always get those two confused. You know, it took him five months of steady, consistent action before he got his first deal. But after that year passed up, he had, what, eight or nine deals completed? What would have happened if he gave up after 90 days because it didn't work? That's what I was amazed by that question when people, ask me, well, is this going to work or I'll give it a try and see how it goes? No, this is a commitment. It's not a give it a try and see how it works type thing. Okay? You know, and even my

story, I mean, I got my first deal inside of 60 days. I got a really nice fix and flip inside of 60 days, but it took me eight more months before I got my second deal. What if I had to quit after five or six months or seven months or eight months? I wouldn't be here today. I'd probably be selling insurance or something, but I stuck with it. I had my, had my, consistent, persistent action, and I had the right focus. And so I want you to be patient, okay? Be patient. Everyone grows at different speeds.

Everyone has different resources available to them. Everyone has different experiences behind them. But if you do the right actions, each and every one of you will get the results that you're looking for. And the second thing is I want you to be mindful of your reputation. I want you to honor your word and I want you to treat others fairly. It's a small industry. It's a small business.

And your reputation will follow you, and it will speak volumes of who you are. It will speak loudly within your community. So honor your word and treat others fairly. Doing that is going to generate more leads and deals for your business than anything else will. Okay? Conversely, dishonoring your word and cheating people

will kill your business quicker than anything else will. I mean, I've sadly had to terminate some whole, wholesaler relationships this year. Some people that I just met through the epic wholesalers thing because of their dishonest dealings, their misrepresentations. And I've had to terminate some property management relationships this year because of dishonest dealings. And this isn't just me. This is how everyone operates in this business. And whether they're conscious of it or not, I mean, they might not articulate it in the same way. But that's how it goes down. People give their business and their loyalty to those that honor their word and play fair.

Okay, so to sum it up, focus on these three simple things this year and your year will rock. One, intend to hold every deal. Two, double your lead generation. And three, always write an offer. That's it for today. Happy New Year. 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 and share your thoughts. Thanks for listening. We'll see you next time here at Epic Real Estate Investing with Matt Terrio. This podcast is a part of the C-Suite Radio Network. For more top business podcasts, visit c-sweetradio.com.