Epic Real Estate Investing - When Does It Get Easy and Fun | HTH030 | 608

Episode Date: March 13, 2019

Today, we are going back to our beginnings to share how it felt when we faced our first real estate issues, what it takes to go through the rough times, and finally come to the point where business gets fun. Learn why you shouldn’t take everything super seriously, how you should regard the problems you encounter, and why the goal itself isn’t the most important thing on your way to success. Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terrio Media. Don't wait for appreciation to buy real estate. Buy for cash flow and wait. In other words, Hold That House. Your host's Matt Andrews and Matt Terrio. Hey, flipping houses can make you rich. Holding them will make you wealthy.

We say it each and every week. This is the Hold That House show. I am Matt Terrio and over there is Mr. Matt Andrews. I can't feel my face. And I like it. And before we begin, we've got a free gift for you. Go to hold that house.com and download the four-hour work month, the 10 commandments to managing property managers,

the very key ingredient to financial independence through real estate that they're not telling you about. And you can get that for free at hold that house.com. Cool. And guys, take advantage of that. Those of you that haven't, those of you that are, especially you regular listeners, we made that for you to save you heartache, to save you money, and we created it because we lost money. We had a lot of headaches and heartache learning those things.

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Okay. All right, they got it. Hey, cool. All right, we never know what's going to come out of it. We really don't. And that's why it's fun. That's right. Okay, enough with the stand-up.

Let's get to the big question of the day. When does it get easy and fun? And, you know, I would have never asked that question. I would never thought to have an episode titled that until that question came into us. It's a good question. It is a very good question because I started to think back like, what do you mean when does it get easy and fun? It's always easy and fun. But no, it wasn't always easy and fun, was it?

Definitely not. It definitely was not. In the beginning, it was rather difficult. And it was not fun. It was the opposite of fun. There were days that just flat out sucked. Sure. There were weeks that felt were just terrible and very frustrated.

Been there. Yep. But when did it get easy and fun? I think when it got easy and fun is when stopped taking things so seriously, right? Understood that it is a numbers game. Sure. You hear that all the time, but maybe you don't really get it until you're in it. You realize that, okay, this deal didn't work out next.

Sure. This house didn't work out next. Okay, this one worked. This one was good. This one was good. Oh, this one didn't work out next. You know, once we started just kind of looking at it, that just looking at your deals as transactions and detaching yourself emotionally, once you started to produce enough income to where next month's rent wasn't dependent on your next deal. Right.

You know, and once we talked about the, uh, a while. I'll back a couple episodes on, you know, how do you find the money? You find the deal first. And that, so that was number one was find the deal. And then the second part of that was, now when you're going out to look for the money, don't look desperate needing it. Have the confidence grown out there. And once you start doing deals consistently and you gain that confidence and say you have a bad month, you have enough, you have enough, you like, it's not going to be this way forever. I know I just got to keep on doing the activities. Sure. And do those activities consistently and do them long enough, and I'm going to get the results. Sure. And you hit on a really good point there that it was a lesson I had to learn that one of my early mentors really helped me learn. And it's you don't get emotional about things. You figure out, you know, you know what you need to do and you do it. And he told me, and this was something that sticks with me to this day, he said, because I was getting upset about a deal that wasn't going through or it was harder than it should have been. Whatever it was, I was emotional about something I shouldn't have been emotional about. And he said, Matt, there's no such thing as good news or bad news. It's just news. And it really helped. me understand, wow, okay, it's up to me to decide what I do with this news. But it's just good news or bad news. Now, I can get upset about this news. I can get emotional about it. I can say, oh, you're so stupid, Matt, and I can do this self-talk, and I can do whatever

I want to with it, right? It doesn't change the situation. So I can, if I'm reacting as, look, this is just news. This is a business process. And here's what you do in this case. But for me, early on, it was, you know, oh, they didn't pay rent on time. or, oh, this tenant told me they're not going to pay rent or something like that. And early on, for me, it was an emotional thing.

It was like, oh, no. The person said they're not going to pay rent. I'm managing these properties. I don't know what to do. And now it's just like, this person said they're not going to pay rent. Okay, did they get a three-day notice? Okay, cool. Let's move on.

And then it's just like next subject, you know? And so it's not emotional now. It's just a process, right? Right. But if you don't have those processes or you don't know what you're doing, then that's when the emotions come in and kind of start to hijack you, right? Absolutely. Yeah. But that wasn't fun back in those days. I could tell you that. I had sleepless nights, not knowing what to do.

Sure. That's not fun. Our experiences, our day-to-day occurrences haven't changed all that much. Right. You know, I mean, we still have blown water heaters. We still have roofs that cave in. Right. You know, but we still have a lot of houses that we forget that we even own. Exactly. Because they just work absolutely perfectly. Just align on them on a spreadsheet now, right? And when you keep all that into perspective that, that, hey, you have some bad news here and there. And sometimes you get it more often than others, more times oftentimes than others.

But you have so much more that's not bad news. Right. You know what I mean? Yep. And so when does it get easy and fun? We'll be back with more right after this. Your portfolio has seen better days. But this two shall pass.

And the best for you is yet to come. Together, we'll get you there faster. We're Turnkeyallies.com. And we'd like to share some information with you that will show you how you can take control of your financial future and accelerate its arrival. Go to Turnkeyallies.com. More building, less waiting. Turnkeyallies.com Well, when you start realizing that real estate investing also is, it's a skill.

It's something that you learn. And it's something that the more that you do, the better you get at it. We can all remember when we didn't know how to tie our shoe, right? We can all remember when we didn't know how to ride a bike. If you play the piano or any sort of musical instrument, you all know when it was, you know, deafening when you sat down to practice that thing. Sure. But now you've done it so many times and now you can run out the door with the phone

cradled in your shoulder, tying your shoe, chewing gum, and don't even know how you got out the door. You don't remember just went through the motions because it's second nature. Right. And real estate is just like that. And understand that one, someone once said to me, Matt, it's impossible to learn anything and look good. So you think about that and you're just like, wow. And so if you're going through it right now in real estate, right?

And it's not easy and it's not fun. Understand, here's your choice. Here's your choice. You can spend the next 40 years of your life going to, traditional route working for somebody else where it's not easy and it's not fun. Right. Or you can work the next four years of your life in real estate investing and building a cash flowing empire where it's not easy, not necessarily fun. They both have their moments, but overall, not really. And where are you at the end of 40 years and where are you at with the

traditional route and where are you at the end of four years with a passive income approach to real estate investing is you're probably in the same place. You just arrived at the four-year journey much faster. Exactly. And now there's a whole lot more life there to enjoy. Absolutely. You're not deferring it. That 40-year life deferment plan. Exactly. And I think for me, you know, it started to get fun because I think a lot of people think, okay, I'm setting these goals. Here's the goal. One day I want to have this. And it's like, you know, they kind of don't let themselves have fun until they have that thing. until that goal is met. And if the big giant goal is a goal that you're working towards for a long time or even a period of years,

you're going to feel like I can't feel good about this yet. I can't have fun with this yet. For me, I started having fun when I set goals, set definitive goals, knew exactly what I wanted to do, and then saw measurable, you know, achievements along the way. You hit your milestone. When I hit my milestones. And I thought, you know what? I haven't achieved the goal yet, the end goal, but I am in the process.

of accomplishing that process. And I see it. I'm in the middle of accomplishment. And when you know you're heading in the right direction, you know, making it happen, engaged in making that worthwhile goal happen and you can see those milestones, like you said, it does get to be more fun because you know it's working. And so like you said, you do that one deal, you have some belief. You do that second deal, you have even more belief. The more deals you do, the easier it becomes. Deals are still deals. they still entail what they entailed before you knew how to do them, but you've changed. Right. So it's become more fun and you see those results.

It starts to become fun because you know, hey, I set goals, I set this direction, and I see that I'm definitively moving in that direction. It's so gratifying. And it works the opposite way too. Absolutely. You get those negative milestones. It's really hard to do it, but that's a process of not setting goals and not doing the right things.

Right. So that's when it started to get more fun for me was, hey, I looked around and thought, I've done this quite a few times. I'm really doing this. I'm really a full-time real estate investor. I'm really, you know, even though I'm not as free as I want to be, and even though I might be working more than I want to be, I'm seeing where this is heading. And if I keep heading in this direction and keep growing, eventually I'm going to be totally free. Right. And then it's not like one day you wake up and you're free, but one day you wake up and you kind of realize, wow, this plan put into action really

has started to make it happen. Yep. And that's when you start doing the fine tweaks and start looking at other things and branching out. And to me, that's when it gets fun. Yep. So if you're going through it right now and it's rather difficult, it's discouraging, it's frustrating, and it's not fun, hang in there. It happens. Matt and myself were in your shoes at one time.

And, you know, we've been there. Have faith. Yep. And if you're having fun all the time and you never have any problems, guess what? You're not on the right track. You're not doing it right. If you're not reaching any resistance and there's no obstacles and everything's just, you know, like we actually, you and I, Matt, know somebody who acts like, everything's great all the time.

There's never any problems. And in his business, he's talking about his business and everything is great and everything. And you and I both know, he's not really doing anything in his business. He's either totally stagnant or, you know, because he can't even address any obstacles or anything like that. That's inactivity is what that is. And delusional, right? You know who I'm talking about. Yeah.

Yeah, totally. And with my coaching clients, when we have our. conversations just based off the questions they asked. I know who took action and who didn't. That's not an action-based question. Exactly. And you can tell, okay, that's a question you only ask when you're in it, doing it, right? You wouldn't have even thought about that question otherwise. I love those kind of questions. Yep. One of my early mentors, he had said, you know, if you're getting one out of, more than one out of seven offers accepted, you're paying too much for real estate. And I was like, wow. Yeah. So when you start looking

at that way, like, I need to write more offers, you know? Or, you know, you're like, hey, this is fine. I get every offer accepted. Yeah. You might not be going down the right side. Yeah. And you may not know until too late or something. Yeah, exactly.

Absolutely. But cool. It does get fun. And I like the saying, it doesn't necessarily get easier. It's you that gets better. Absolutely. Right? 100% agree with that.

Super. All righty. So that's it for today. Flipping houses can make you rich. Holding them will make you wealthy. We'll be back next week. Until then, remember, don't wait to be. buy real estate, buy real estate and wait.

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