Epic Real Estate Investing - Wholesaling houses full time or part time (beat the competition) | 661

Episode Date: May 23, 2019

Don’t let fear to prevent you from reaching your goals! Tune in and learn the 3 main elements that will help you to beat your competition. Learn more about your ad choices. Visit megaphone.fm/adchoices

Matt, thank you for doing what you do. You're the most transparent individual that I've seen. I like the quality of work that you produce and keep it up. Hey, Matt here, I got a great show for you today, but first I got a question. Are you trying to buy discounted real estate, but finding that spending more and more on marketing is just becoming way too much to handle? I mean, do you start fresh every Monday, fail, then vow to start again with the same old real estate investing strategies that aren't working for you? Well, you deserve to learn about a new way of contacting your leads, setting appointments, and making offers by actually setting up a really good automated lead machine so you can quickly get your hands on more discounted real estate. That's the goal, right?

Because this changes everything. And before we get started today, this podcast, as long as you've been listening, even whether that's just a week or it's been a few years, you know it's all about finding discounted off-market real estate deals and then what to do with them. And if you're really serious about finding these types of deals at will, then you might like to join us at the upcoming live three-day Epic Intensive Lead Machine Workshop. It's going to be in Manhattan Beach, California on July 18th through the 20th. And if that sounds good to you, then have a look at Epicintensive.com. I mean, it's California. It's the beach.

It's the middle of summer. Bring the family. Make a vacation out of it. Go to Epicintensive.com and let's make it happen. The group of like-minded people that are here and have the same. The same questions, the same thoughts, and those answers that everyone else come gives you a different perspective. Little nuggets of information that's been very good. Today what we're going to talk about is how to beat the wholesaling competition.

This is Terrio Media. How do you beat the competition? You know, everybody's concerned with their market being saturated, being ultra-competitive. And so today we're going to talk about wholesaling property and the main focus is going to be on beating the competition. What can be done to give you an edge in your market? What can be done to dominate your market? All righty?

But before we get started, if you're serious about wholesaling and you'd like to consider doing this virtually, you might want to check out a new course that two of my rockstar students put together. They're both seven figure earners. They put this thing together and they asked me to be a part of it. And they said, Matt, this is what we're going to do. We're just going to give people the truth. We're going to open up our books. We're going to give them everything, access to everything that we've got.

How can I resist an offer like that? That's something I'd certainly want to be a part of. anything that has to do with the truth. And so go to wholesalingvirtually.com, check it out. And if you like what you see, you'll know what to do. All right. So let's get on with it. When it comes to wholesaling, we all know that we need to be consistent, right?

We need to be consistent with the right activities. And we know we need to be persistent. We can't quit. We've got to endure. We've got to persevere. But a huge thing that holds people back is the belief that their market is saturated, over saturated. They believe that the consistency and the persistence is not,

going to be enough to beat the competition that's there in the market. And I get this all the time, almost daily. People are worried about their market just being saturated. There's too many investors there. All the good deals are gone or, you know, none of the sellers are motivated. And they can't help but notice that the greener pastures from other investors and other markets seem like they're just absolutely crushing it. And so their mind starts to wander. And here's the problem. When you feel that you don't have any control over the competition or your market conditions, then it's really tough to get committed about what it is that you're doing. In every market, it seems like there's a lot of people there, but there's really just a small number of investors that are out there doing really good

stuff. And here's what I mean. If you go to a RIA club, if you go to a RIA group, and particularly if you can think back when it was your first time, or if you've never been to one, think about when you do go for your first time, you know, there could be 100, 200, 300 people in a room in one market, all there to discuss real estate investing. And it can be really overwhelmed. particularly, like I said, of like your first time or it's going to be your first time and you haven't done a deal yet, you think, wow, look at all these people in my market. They're all doing deals. And so you kind of reserved. You might just kind of sit back and listen and absorb, trying to see what nuggets that you can grab and what you can go out and put to use and give a shot and give a try.

But here's the big difference is where it will really crossover for you is once you've done your first deal and you come back to that Rio Club and you start to talk about it, you'll start to. recognize that people are really paying attention to you, that you actually are the one that's holding court now. And what you'll see or recognize it is that most of those people in those RIA groups are not doing deals. And anytime someone really exhibits some real prowess and some real success and is showing some results, boy, they, they are all eyes, all ears on you. Anyone can do this business. Anyone can do it. Just the truth is that most people don't. And most people won't. There lies massive opportunity for you when you embrace that.

See, most wholesalers think they have no control over their market or their competition. And when you feel like you have no control, it's really tough to get fully committed. But there are three things that you can do that can beat the competition. I'm going to go over all three of those in just a second. But first, if you'd like to go deeper into your wholesaling and you're convinced that going into a virtual market is the best option for you, then you want to take a look at wholesalingvirtually.com. All right, two of my rock star students, they don't want to be gurus, they don't want to be speakers, they just wanted to put a little course together that really tells the truth,

and they just asked me to help them out and support it and host it. And so that's something I certainly want to be a part of, all right? So I've been interacting significantly with more of my clients in probably the last six months than I ever have before. And a pattern is really starting to emerge with regard to what do the most successful clients, what are my most successful ones, what do they have in common? And I mentioned two of these already, that they're consistent with the right activities. They're persistent.

They go day in and day out. Even if they go a couple weeks with no real results, they know that because they're doing the right activities, that fruit is going to bear. Right. And they've made a decision to succeed wholesaling properties. And nothing is going to get in their way. And instead of being afraid of the competition, they've all positioned themselves as the competition that everyone else is afraid of. And you can do that too with consistency and persistence. But there's one other element that doesn't get talked about much.

If consistency and persistence isn't enough to beat your competition, this is the next element that will certainly do it. And that is speed. The speed of which you act, that most definitely will crush your competition. And here's what I mean. You don't want to waste a bunch of time, figuring out the market values and what to offer

and conducting due diligence before you're in contract. You want to get into contract and then go and confirm the market values and start your due diligence. And this stems off a little bit from what we talked about yesterday when we're talking about how to come up with the right opinion of value. Now, operative word there is opinion, right? The value of a property is really based on the opinion of the person that's considering buying it. You know, we've got 10 licensed appraisers and you had them all go out and evaluate the same property. You're going to get 10 different answers. And those are licensed professionals. This is what they do for a living. And I got a lot of comments about

the different formulas that people use and what about this, what about that? And everybody's right. That's my whole point. Is somebody's opinion of value. And if it's going to be your money that you're putting up for this for a deal, if it's going to be your time that you're investing, then you better come up with your own system or your own formula. I like to call it your quick and dirty math formula for determining value that gives you the confidence to move forward on it. Because it can always be adjusted later if you're wrong. I think this is the best way to demonstrate it. If you have this picture up here, okay, we'll say this is the Mona Lisa. Okay. The Mona Lisa is coming up for auction. And you can imagine any auction house that was able to get that job stands to make a pretty good profit, a pretty good commission from the sale of that Mona Lisa.

And so the owner of the Mona Lisa, the seller, puts it out into the market. I'm going to sell this. And I'm going to take, I'm going to choose the best. auction house to do this because the seller wants the most for the property, right? Or most for the painting. So we've got two auction houses. We've got auction house A and we've got auction house B. So auction house A.

Auction house A, it's been in the business for generations. It's a family-owned business. And it's a household name within the community. They've got a great track record. They've sold stuff like this before. They have a huge marketing budget. They have a massive exposure. massive marketing machine and when anytime that they put something and open up their auction doors

and they open up for auction, they can put all kinds of people in the auction house. Right? They can put butts in the seats like nobody's business. So you got all these people and go there. All right. And they just fill it up, fill it up countless. They get standing room only when they hold an auction. Now auction house B, they just read in the paper that, hey, the Mona Lisa is coming up for sale.

and the seller is starting to interview auction houses. And so let's go ahead. All we need to sell this one thing, this one Mona Lisa, and we could be set for life. The commission on that's going to be huge. So auction house B goes in and gets their business license. They rent out their space. They fill it with chairs and they start marketing because they're brand new,

inexperienced. What they've got is one person in the auction house. So if you are the seller, who are you most likely going to, grant this auction to. Who's going to be the winner and you're going to give them the privilege to sell the Monalisa? Auction House A, right?

Because they've got all of these buyers that are there that are essentially going to compete against each other and drive that price up. But if you are the buyer, who do you hope actually gets the contract? Who wins the right and the privilege to sell the Mona Lisa? If you're the buyer, you hope auction house, hey. Auction house B gets it, right? So what does this have to do with wholesaling? What does it have to do with your real estate?

Well, before you are in contract, as the buyer, you are operating in auction house A. And you have all of this competition. If you act fast and get it into contract, you are then an auction house B and all this competition. They can't get in. They're locked out. you're under contract, the seller has a deal with you. The doors have been locked.

And so that's why you want to know your quick and dirty math. That's why you want to get into contract quickly. And so you can lock out the competition. And then once the doors are locked, now you can go and confirm the value of the Mona Lisa. You can go and inspect it. Is this real or is it a counterfeit? You can conduct your due diligence.

You can do all the stuff that you need to do to make a good buying decision as a real estate investor. But if you take all of that time and conduct it over here, one of these other buyers, the competition, is going to lock that door before you're done with your investigation and then you won't be able to get in. That's why you want to get into contract first. Here's what we know. Every market is saturated, right? The competition, it's stiff everywhere. But it's not too saturated or stiff for you to fit in. And you do that through consistent activity and persistence, perseverance. Because if you do that and then combining that with speed, of course,

is what we just talked about. So if you do those three things, consistent activity, perseverance, and speed. If you do that, you won't be worried about the competition. The competition is going to be worried about you. All righty? So if you're really serious about doing this and you're really serious about wholesaling and you'd like to go deeper

and beat your competition and maybe even want to do it virtually, two of my students, they've put together a really good course and no frills, just the meat. And it's not for beginners, by the way. They ask me to remind you of that. because if you've yet to do a deal or you just don't want or two and still kind of learning the real estate ropes, might not be the best fit.

But if you're looking to generate deals consistently and you really want to do it in a different market, then they want to make that available to you. And they ask me to be a part of it. And so I'm going to be a part of it. And I'm helping them share that and spread the good word. All righty, so let me see if we got any questions over here. Coral, good to see you.

When does the course come out? registration is now open. All right? So that comes out. It'll be open Tuesday. So you can go register at wholesalingvirtually.com. And I guess that is it. And I will, I'll see you next time.

If you got any questions, let me know. And we'll get them answered. We'll get you all straightened out. Okay. Have a good one. Take care. This podcast is a part of the C-suite radio network. For more top business podcasts, visit C-Dash.

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