Epic Real Estate Investing - Top 3 Skills of Successful Real Estate Investors | 441

Episode Date: August 10, 2018

This Financial Freedom Friday, Matt Theriault teaches the top 3 skills of successful real estate investors! Learn about the 3 skills that will impact your investing AND your entire life, how to invest with discipline, and how to become a "people person." Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terrio Media. Hey Matt here at Epic Real Estate and welcome to another episode of Financial Freedom Friday. It's time for Financial Freedom Friday with Matt Terrio. Okay, so the question that came in this week was, what are the top three skills that you need to become a successful real estate investor? And I had to think about it for a second, but I came up with the three skills. And if you don't develop these skills, real estate, you're going to have a tough go at it. But if you do develop these skills and treat them like a skill and practice them like you would any other skill,

you can make a whole lot of money with these. Okay? So the top three skills of a real estate investor. So the first one would be you have to have a certain level of math skill. You got to know your numbers. Okay? You have to know what it's going to take for as far as the, money going in to acquire an investment and then how is that going to pay you back and hopefully

if you do it right it pays you back more than than you put in and that's really what you're called calculating your ROI your return on investment and when it comes to return on investment there's a lot of different types of returns you can get you can get piles of cash or you can get streams of cash or you can get a combination of both so you have to also know when it comes to your math is how your math corresponds with your oops with your xx strategies. So that's really important. And that's what extra strategy you deploy is going to significantly depend on two things, what you need right now and what that investment is capable of returning to you. You know, some investments might be capable of giving you some really,

some really quick cash, and you need that quick cash. Maybe you got some bills or you got you got marketing expenses to pay. You got payroll to cover. And you need some quick cash. So you can wholesale it and you can you can flip a contract, something like that, get some really quick cash that way. or you might need a little bit more than that so you see a value add opportunity and you're going to fix it up and then you're going to flip it, sell it full retail and get a giant chunk of cash or maybe you want to hold on to this one because your cash reserves are fine and you really want to work on building your wealth and creating your wealth and creating that passive income and you're going to go ahead and hold it. Or maybe you've got enough cash and you got enough cash flow,

you got enough property that you're managing and you want to do the best of both worlds and you want to go and finance it. So I mean you can you can fix and flip it. You can just regular flip it. You can hold it or you can finance. And all three of those things, are going to produce a different ROI. All three of those things have different math involved. So math skill is really important, especially if you want to get paid more than, more than you're putting in. Okay? Second thing is, would be marketing. You need to develop a marketing skill. And yes, you are a real estate investor, but you're really, you're really a marketer first. And one of the three things that, one of the things that you need to really focus on being a marketer is you need to be able to identify

problems. You've got to identify problems. And the reason you need to identify problems is because no one is going to sell, no one in their right mind is going to sell you their house at a discount unless they need to, unless they have a problem. And there's plenty of opportunity out there for people that have problems that are looking for you to come and solve it. And they'll gladly give you equity in exchange for the peace of mind that you can provide with your solutions. That would be the second part. You need to be able to market your solution. And when you can market your solutions to people with problems, what that attracts is leads. Leads are really the lifeblood of any business.

If you don't have leads, you don't have a business. That's going to be a struggle. And if you've got consistent leads, then you've got consistent business. So you need to be a really good market. And one of the ancillary benefits of generating a lot of leads and consistent leads is it really strengthens your negotiating position when you are talking to a buyer, when you're talking to a seller, you're talking to a potential lender or a money partner. Because if you hit an impasse with a certain negotiation and you don't want to give any more concessions because that's going to put you below your minimum deal standards, you can just walk

away. And it's really easy to walk away there because you know you've got another opportunity sitting in your office back on your desk, right? So if you got a lot of leads, it gives you a lot of opportunity and it really makes you, I don't know, a better, more shrewd investor, makes it easy to invest with discipline. Discipline becomes really easy when you got a lot of leads. All right, so that's the second one. The third one is, which I think is really probably the most important, are your people skills, your people skills. You've heard me say this at least once, that this is a people business. And every piece of real estate you buy or sell is going to be from or to another person.

And so the better your people skills are the more business you're going to do. And so the real goal of having good people skills is so that people like you, they trust you, and they have confidence in your competence. And the way to do that is you want people to be interested in you, right? So the way to be, to get people interested in you is to be interested in them. if you want people to think you are interesting, if you want people to like you, trust you, have confidence in your confidence,

be interested in them. Be concerned about what it is that they need. And if you find out what they need, the next part is you want to be a giver. You want to give people what they need. You know, I think it was Zig Ziglar that says, if you give enough people what they want, they'll give you what you want.

And that's the mindset. This is a skill. This takes practice. This is not ingrained, and this is not an inherent. quality in most people. Most people are selfish just by the nature of being a human being and you want what's in it for you. That's all you're concerned with. It's everyone's favorite radio station, right? With them. What's in it from me? So you want to switch that around and really

practice these people skills in this regard because, you know, you're going to need this people skills when it comes into three different scenarios. You're going to need it with buyers. You're need it with sellers and you're going to need it with lenders when it's time to raise money right because if you can't make those three work you're really not even going to have a business doesn't matter how good you are at the math and how good you are at marketing if you don't have the people skills in place and you can't get people get buyers and sellers and lenders to like you trust you and have confidence in your competence you're going to have a real tough go of this so if you get these three down you're gonna I got high hopes for you.

You're gonna be a very successful real estate investor. And when you look at these, you know, you might be looking at this right now. I don't know if what you're thinking, but maybe. I'm no good at math. I hate math, right? Maybe you're thinking that or I'm not good with people. I always feel so awkward and uncomfortable.

Well, no one was born a natural mathematician. No one was born a natural skilled people person. Skills like anything else, they need to be learned. And like, so they, and because they can be learned, they can be practiced and you can become really good at that. Certainly someone might have a natural inclination towards something. They might have a natural affinity towards one of these. They might have a little bit of a talent in these.

But still, you can practice and you can learn any skill just like you do anything else. I mean, if you're going to go out to play golf, you wouldn't just on day one, grab a bag of clubs and go out and start playing. No, you'd probably grab that bag. You go to the drive range. You take a bunch of practice swings, maybe countless swings, and hitting the golf balls out there on the driving range. before you actually went out to play the game.

You know, if you're going to learn to play the piano, you wouldn't just say, I want to play the piano and go and sit in front of an auditorium and start playing. No, you'd have to do years and years of practice. A lot of repetition, right, before you were good enough to play in front of a crowd. Or something as simple as juggling three tennis balls. That's a skill.

To be able to do that, you have to practice, practice, practice. It's all through a repetition. So if you want to make a lot of money in real estate, look at these three areas. Your math skill, your marketing, skill and your people skill, look at them just like any other skill. Like riding a bike. You're not going to ride it on the very first. You're going to fall down a couple times and be okay with that. And just understand that's part of the learning process. But the more repetitions you do, the better you get

it riding that bike. The more repetitions you do here, the better real estate investor you become. And these three skills, really, they'll pay you massive dividends inside of your real estate investing business. But you'll be able to apply these all over life. You'll find how they impact your entire life. You know, McKenzie up in San Francisco. an Epic Pro Academy member. She was able to purchase a company last year using some of the people and math skills that we show inside of the Epic Pro Academy

and what we show at the Ground and Pound Boot Camp. Richard and Cannon and Utah, they have a concrete business, and they've been able to use these people skills and this marketing skills inside of their concrete business as well as their real estate investing. So these transfer all over in all areas of life.

But we're talking about real estate today. If you want to be a successful real estate investor, develop a math skill, a marketing skill, and a people skill, and you're going to be all right. Okay? So I'll see you next week on our other episode of Financial Freedom Friday. This podcast is a part of the C-suite Radio Network. For more top business podcasts, visit c-sweetradio.com.