Epic Real Estate Investing - What to Do When You Feel Like Quitting REI | Episode 197

Episode Date: March 21, 2016

Do you know someone who gets really excited when they learn about a new way to make money?  The type of person who is fully committed to taking action for a short while until they hit a challenge or don’t achieve success quickly enough?  The kind of person who puts the tough idea aside in favor of a “better” plan – only to repeat the cycle all over again?  If this story sounds familiar, you are in luck!  Today Matt is sharing 3 specific actions you can take when you feel like quitting. ------- 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

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go to cashflowsavvy.com. That's cashflow savvy.com. This is Terrio Media. Casting from Terrio Studios in Glendale, California, it's time for Epic Real Estate Investing with Matt Terrio. Hello and welcome. Welcome to Epic Real Estate Investing, the place where I show people how to escape.

the rat race using real estate. Just got to shift your focus from making piles of cash to making streams of cash and just do that one thing 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. But don't quit. Don't quit before the exciting part comes. You know, that comes up frequently.

People get all excited. They get started. And, you know, they, They start taking action and the results somewhat fail to meet their expectations or maybe it significantly fails to meet their expectations. And then they just quit and then they go find something else to go do. And they find out that they go through the same cycle there. They get all excited. They take some action.

They get maybe some little bit of results. It's like new and it's fresh. And then the results, the long term big results that they thought were going to be there don't really show up. And then they quit. and then they go do something else. And they do this over and over and over. And, you know, depending on this is your first time feeling that way or your 10th time feeling that way, there are some specific actions to do that you can do when you feel like quitting.

You know, I know you're frustrated sometimes when, you know, the work is getting tough or you haven't seen results in a while. If ever, self-doubt starts to creep in. I mean, you start to fear that this is never going to work out the way that you thought. it would. And, you know, you just want to get back to where the work doesn't feel like work, right? Remember that? When you really enjoyed it, when you're excited about what you're doing, and you want to start seeing some results. You just want to, you know, you just want to start getting compensated for your efforts at the very least, but you want the results to come in.

You want that big money to come in that you originally envisioned for yourself. And you want it to come in consistently because maybe you have experienced a little bit, but it's just not coming in consistently enough for you. And you just kind of overall, well, overall, want a boost in your confidence. You need, you remember how, you know how you are when you're at your best, when you're feeling good. And like just everything that you say to a seller, it's, everything is perfect. It's like a beautifully choreographed dance.

You're just awesome at it. And when you're talking to buyers and you're confident and you know you got a hot deal, you know, you can put those deals together left and right. And you know just when you're confident, that stuff kind of just all happens automatically. You want to make a consistent income from real estate. and you don't want it to be any, take any extraordinary effort, right? Right. Exactly.

That's what we all want. That's why we got into this in the first place. So last week I shared a book with my coaching clients, my coaching clients, the follow-through crew. And it's a book that comes to mind to me from time to time when whenever something really big that I'm up to gets a little tough or even when it gets really tough. And the book is Seth Godin's The Dip. And what it does is it just kind of illustrates that moment.

in between, you know, when you, you're, that excitement of getting started and then what you actually got started for. And then there's this period in between that can be long and painful and tough and rough. And this is the moment where most people quit. This is the dip. And so I want you to think back. Think back the last time you set a goal, got you started a new venture, you got into a new relationship.

Think back to the excitement. Think back to the enthusiasm. I mean, nothing you did at that time, it felt like work. Nothing felt like work because it was all just so new and fun and exciting and fresh. And then regardless of whatever, you know, whether it happened gradually or boom, if you just hit a brick wall and it happened overnight, you reached a point at which that new endeavor or that new venture, that new relationship, it just no longer felt so new. The excitement was gone. In fact, it felt like work and maybe a lot of work. Well, congratulations.

You just hit the dip. That is the dip. The dip is that critical turning point when, you know, the joys of starting, that those joys that they've faded, yet the proverbial, you know, the light at the end of the tunnel, it's still at a reach. Maybe you don't even see it yet. So what do you do when that happens? I mean, you just bail and find a new venture?

I mean, we've all done that before, right? Or do you stick with it and you tough it out? You know, I know it was the words of, say, Vince Lombardi, the world famous historic icon in football, football coach. People have just told you to suck it up. Winners never quit, right? Suck it up. Quitters never win.

You hear those types of things, right? And I tend to agree. But, you know, no matter what Vince Lombardi would tell you, or maybe is nearby and close to say your, your football, your high school football coach, or maybe your gym teacher. Quitting is often the very best option available to you. What? What, Matt?

Like, you're saying I should quit? Well, this is what I mean. Imagine if you'd never quit your first job. Think back, what was your first job? And what if you were still working there? What would life be like right now? Or what if you're like me? I'm five foot nine.

I've got short legs. I'm slow. I can't jump very high. And what if I never quit trying to play professional basketball? Where would my time be right now? Or what would my life be like right now? I mean, how much time, energy, and resources would you continue to waste trying to pursue a goal that is likely unattainable?

Probably unattainable. So winners never quit. Hey, that's terrible advice. Instead, start thinking or replace that with winners never quit with the short-term focus. I mean, winners, they definitely quit when they hit a dead-in path. When big picture planning helps them realize that the end payoff doesn't outweigh the work requires that it's required to cross the dip. Winners quit losing propositions in order to focus all resources on the winning ones.

So there are times when quitting is good. But not when that big picture that you got started for in the first place, when that is is bigger than the current pain that you are experiencing, that's probably not the time to quit. You know, in one of Seth Golden's more vivid analogies in his book, he compares an unfocused person to a woodpecker. A woodpecker can tap 20 times on 1,000 trees and get nowhere, but stay busy.

Or he can tap 20,000 times on one tree and gets dinner. He gets fed. And the moral of that story is, choose your tree carefully, then stick with it. And more millionaires and billionaires have been created right here in real estate than anywhere else.

I'd say this is a really good tree. So stick with it. And here's some insight on how to do that. You know, with the idea of starting with the end in mind, what you to ask yourself these following questions? Think about the end, where you're headed. You know, what is your world going to look like when you're closing deals consistently?

how will that impact your life? What are the long-term benefits? And be specific and visualize them. I mean, write them down if that's going to help. The truth of the matter is that most people quit a pursuit in a moment of short-term weakness based on emotions. You know, when emotions rise, intelligence drops, right? For example, if your resolution is to hit the gym at 6 a.m. every morning,

chances are that if you're going to bail on that goal, it's going to be 15 minutes before 6. It's going to be at 5.45 a.m. You know, short-term pain has more impact on most people than long-term benefits do, which is why it's so important for you to amplify the long-term benefits of not quitting. That's why I ask you, you know, what is your world going to look like when you're closing deals consistently? answer that question, what your world is going to look like, and then amplify that.

That's why it's so important. So these little short-term moments of pain don't derail you from your greatness of what you're really headed for. So here's a fact. You're going to hit a dip. So just face it. If you haven't yet, it's going to happen. If you have, well, good.

And here's why. You should embrace the dip. I mean, any path that you take that's worth pursuing, anything that's worthwhile, anything that has big rewards, the dip, it's waiting for you. It's going to happen. Anything worthwhile will have a challenging period in there somewhere. You know, after the excitement of those first beginning days of worn off and before the fulfillment of that dream.

And while the dip may seem long and painful, the good news is that it's actually a shortcut to success. Yes, that long, grueling, struggling period, it's a shortcut. Here's why. The dip. It weeds out the competition. most people are going to quit during that period and the spoils are going to go to the last one standing it's analogous to the you know that midpoint that mid marathon and you're just feeling you know

that mid marathon feeling where you are exhausted right and your mind starts playing tricks on you and you just want to start walking in fact you just want to go and go back to the that and crawl into bed and take a shower and crawl back into bed or it's like that the brutal hazing condition conducted by the best fraternity on campus. You've got to go through that hazing if you want the long-term benefits of being a part of that association. This is the point at which many give up.

Therefore, if you can make it through the dip, you're going to come out on the other side of it as one of the very small number of people who can call themselves, you know, masters of their field, experts of their field. And everybody goes through this. Mark Zuckerberg, Michael Jordan, Oprah Winfrey, Bill Gates,

Stephen King, they've all experienced, they've all persevered through and survived the dip. That's why you know their name is because they made it through. So let's talk about the dip now in more specific terms and you in real estate around what we do. Well, I've got three tips to help you get through the dip. Okay, three. One, environment. Be intentional about creating your environment. Surround yourself, associate with, like,

minded people, but even more importantly, people that are succeeding at doing what it is that you want to do. Because there's nothing like evidence all around you to not just inspire you, but to create that idea that what you're up to is real. So be intentional about your environment. And what happens inside that environment, new thoughts are created, new relationship are created, new shortcuts come about. you it's you know just just be intentional about who you spend your time with second feed your mind the right things books tapes videos seminars workshops you want to feed your mind the right things

you want to be feeding it positive things you know uh strategic things like if it's another real estate investing podcast or it's a it's a real estate investing seminar or it's a real estate investing book with tips or maybe it's just a business book with tips and and strategies and hacks and you know it's it's just or maybe it's a life book on how to look at life and how to live life whatever that may be feed your mind the right things because there's so much negativity around us that that can get in and start playing games with us and causing us to doubt ourselves you've got to feed your mind the right things because what you put into your mind is what helps formulate your thoughts. And those thoughts, what do they do? They dictate your actions.

And then your actions, those become habits and those habits that becomes your character. And your character creates your destiny. Okay, so you want to feed your mind the right things. And then number three, specifically, let's get into some real action, is you got to follow up with your leads. You know, the fortune is in the follow up. Only 2% of all of your sales are going to come from that very first contact. 80% of your results, 80% of your sales are going to come to you

between the fifth and the 12th contact. All right? You've got to follow up. Half of you don't even follow up with the first time. That's what the stats say. And only 25% of you

call more than once. But all of the success and all of the results, all the money is waiting for you after between the fifth from the 12th. So you've got to follow up. And there's so many different ways you can do that.

You can follow up good old fashioned way. Just keep on picking up the phone and keep on calling. You know, we're already mailing. So get your mailing consistent. And then you've got your call capture phone number in your mailing pieces. So now you've captured all those phone numbers. Now you can follow up. So good old fashioned way is the phone.

If you want to leverage technology, do a voice broadcast. You can do text broadcast. You can do email broadcast. you can have a virtual assistant. Go over to VAs for Real Estate.com. VAs for Real Estate.com, get yourself a virtual assistant to work for you, one that's already trained and ready to go. They can do all your follow-up calls for you.

They can do all of that stuff for you. They can send out your voice broadcast. They can send out your text messages. They can send out your email broadcast. And they can do your follow-up calls for you. Whatever, regardless of how you go about it and how you do it, just follow up and keep following up. That is going to get you through the dip.

if you keep on spending money on marketing and you're not following up, you're going to go broke before you get through the dip. You got it? You got to keep on following or following up. Now, one of the more inspiring stories for me in the last 12 months is my friend, my client, Lisa, and we had her on about a year and a half ago. If you've been listening for a while, you know who I'm talking about. And I haven't had her on since she's actually, you know, achieved her success, so to speak.

and she's had her breakthrough, and I guess I should have her on. That would only make sense to tie up those loose ends because that's a story that began a year and a half ago. And she had been in the dip for a really long time. But she knew the outcome if she just stuck it out. She always saw the light at the end of the tunnel. And sometimes it got really dim and she got really down on herself and really depressed and discouraged.

And she kind of went away for a little while, but then that light kind of appeared. So she came back and remembered why she got started in the first. place. And she is so good at surrounding herself with positive, like-minded people. She's got great friends. And she's got a great community that she interacts with on a regular basis. She's always listening to a podcast or something. She's always attending personal development trainings. She just loves workshops. She belongs to an organization that specializes in personal development. And she's just, she's absolutely relentless with the follow-up of her leads. Relentless. and she closed her first deal a little over a month ago.

She actually closed it and got the paycheck and everything. We posted it inside the private Facebook group. And that was a big celebration around here. So she did that about a month ago and she's closed two more since then. And she's really starting to get the hang of it now. She's actually unstoppable. She's like a new person. I've never seen her like this before.

And she's coming out the other side of the dip. And her confidence is slowly being restored as she's reaping the benefits of her efforts. and she's not just, you know, it's not just possibility in her future anymore. She doesn't see what's possible. She now sees what's probable. But that's Lisa's story. Let's talk about you. What did you find most valuable here today?

To what parts of this do you relate the most? How are you going to take action on what you've learned today? You know, real estate is the final frontier where the average person has a legitimate shot creating real wealth. as it's produced more millionaires and billionaires than any other industry or investment vehicle. So you're that woodpecker. You're on the right tree, right?

Now you just got to keep on going after your dinner. And when you get through the dip, you're going to be one of those millionaires too. So if you're at a loss as to what to do, here are three action items for you that I can give you. Action item number one. Go online and Google Ria meetings. Put them all in your calendar and attend to them.

Go to meetup.com and look up real estate investing. Find the meetings that are in your area and put those in your calendar and attend. Surround yourself with like-minded individuals. Get close to the ones that are doing. I can't explain to you how impactful evidence of success will be if you hang around it all the time. There's probably nothing more powerful that you could do. And just good fortune will come out of it. it.

Luck. Well, you'll find yourself being lucky and stuff is going to fall into your lap. But you've got to be in the right community. You've got to be around the right people. Everything that's possible for you, everything that's great exists in other people. It's going to come to you through other people. So that's why you want to get around the people that are doing what it is that you want to do and they're doing it well.

So that's number one. Okay. So go and look for meetings online, put it in your calendar and attend those meetings and keep attending. It's not just magic ain't going to happen at the first meeting. It could, but the real magic happens over longevity, over consistency. Okay. Number two, go pick up a new book.

Let's start there with what you're going to put in your mind. Pick up a new book. Perhaps you go pick up The Dip or perhaps you pick up Think and Grow Rich or get Awaken the Giant Within by Tony Robbins. I still read that book once a year. And it's a different book every time I read it. I love that book. And it's a different book every time I read it because I,

I'm different every time I read it. So new things resonate with me every time I read it. The Answer. Love this book by John Asaraph. Get the answer. Or the magic of thinking big. Awesome, awesome book. See, it doesn't have to be real estate specific.

I just want you to put something positive in your mind. I want you to keep your head up. I want to, I just want you to keep educating yourself. I want you to keep putting positive things in your mind because those positive things, those thoughts that you gather from that type of material, it formulates your thoughts. And those thoughts, they lead to your asser. actions, the actions lead to your habits, the habits to create your character and your character.

That's going to deliver you to your destiny. Okay, so pick up a new book. There's another action step. And then number three, create a follow-up schedule for your leads. Okay, let's put that in your calendar too. If it doesn't get scheduled, it doesn't get done. So we're going to schedule our meetings. We're going to go get a new book and we're going to read it.

And then we're going to schedule our follow-up leads or follow-up system for our leads, follow-up schedule. So, for example, what does that look like? Okay. first Monday of every month, I broadcast. I send out a voice broadcast to my leads. Second Monday of every month, I sent out a text broadcast. Third Monday of every month, I follow up with a phone call, or I have my virtual assistant

follow up. Okay? Then fourth Monday of every month, I send out a email broadcast. And then I make sure that my mail is going out once a month. So that's a very simple follow-up schedule, right? So schedule your follow-up. So there you go. You're going to go online.

you're going to find where groups of people like you meet, people that are doing what it is that you want to do and they're doing it well. You want to get around them and stay connected to them. Two, pick up a book, maybe more. Subscribe to another podcast. Go look for a workshop. Look for just any old thing, okay?

Just something that's positive that's going to keep you in the right mindset. Don't let any of the negativity that's out there in the world. Don't let that creep in and derail you from what you're really going after. This tree that's produced. more wealth than anything else, okay? And three, go ahead and create a follow-up schedule for your leads and stick to it. Okay?

Take on those three things and watch. Magic will happen. All righty? You just got to get through the dip and these three things are going to help you get through the dip and probably help you get through the dip much quicker than you would without doing those three things. All right. So that's it for today.

I'll see you next week. 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.

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