Epic Real Estate Investing - Why Real Estate Investors Fail | 948

Episode Date: March 5, 2020

It's not money, time, or even resources that separate those who fail and those who succeed in real estate investing. Hence, in today’s episode, Matt explains why so many real estate investors fail and how you can get among those investors that do succeed in real estate! Tune in and find out more! Learn more about your ad choices. Visit megaphone.fm/adchoices

Hey, Rockstar, it's Matt Terrio from Epic Real Estate. You got a little fear of failure holding you back a bit. Borderline paralyzed even. No worries. It's perfectly normal. Because it means you're up to big things in life. And that right there, that's a good thing. And I'm really glad that you found me because I want to give you the missing link that will pull it all together for you.

This is Terrio Media. Success in real estate has nothing to do with shiny objects. It has everything to do with mastering the basics. The three pillars of real estate investing. Attract, convert, exit. Matt Terrio has been helping real estate investors do just that for more than a decade now. If you want to make money in real estate, keep listening. If you want it faster, visit r-e-i-aise.com.

Here's Matt. So when you hear someone say failure is not an option, do you believe that? Do you believe them? I mean, for some people you do and some people you don't, right? It really depends on who's saying it, doesn't it? Well, have you ever said those words to yourself? Failure is not an option. I know I have many times.

But have you said it to yourself before or even thought it before? And when you did, did you believe yourself when you said it? Would you like to? Well, of course you would. That's why you're still watching. Okay, this is simple. All you need is the formula for success. And if you're not succeeding as much as you'd like or in the way that you'd like,

it's this formula that's the missing link for your success. Success equals information plus the individual. So the success, it's going to be dependent on just one variable, the individual. The information is constant. The success, that's constant. It's the individual that introduces the variable in this equation. So what controls the individual's actions? Well, it's the brain.

It's what's going on up here. It's the six inches of real estate between your ears that controls the action. And the reason why some individuals succeed and others don't, when they have the exact same information at their disposal is because of what their brain is telling them what to do with that information. It's kind of like Christmas morning, when opening up a gift as a kid.

And specifically, I'm thinking of those gifts that you have to put together, where assembly is required. And the instructions are right there in the box and how to put it together. And as a child, we are so excited about the gift that we ignore the instructions completely. We rip open the box and we try to piece that thing together.

Do you remember that, right? Do you remember that? I do. And sometimes I was able to figure it out. But there always just kind of seemed to be a piece or two left over, or it wasn't as straight or stable as it should have been, or even worse, I ended up breaking a piece or two while trying to assemble it. And more times than not, I'd have to take it all apart and revert back to the instructions anyway, start over, and then finally, voila. Success. Well, over the years, I've learned my lesson. And I now always open up the instructions and take it one step at a time. right from the beginning, following the information that's provided.

And it's always a faster and better result. Isn't it? It's funny. I've got a seven-year-old as of the recording of this video, and I'll have to say, the apple doesn't fall too far from the tree. I keep telling him to read the instructions, and it just goes in one ear and right out the other, and he insists on doing it his way. I suppose it's a rite of passage.

I mean, we've all experienced it. But think back how much pain and suffering we could have avoided had we just referred to the information provided and followed the instructions, success in anything. It's just like that. See, the main point here being, it's never the information. It's never the thing that you bought. It's not the course you invested in. The mentor or the coach that you followed. It's always the individual's mind to which the information was given. So if we know that it's the mind that will produce our success, the question then becomes, how do we develop a winning mind? Well, I've got three ideas for you on how

to create a winning mind. But first, let me show you what's actually happening in your mind and how it tricks you. All right. So whenever you go out and take on something new, whether it's learning to write a bike, play a musical instrument, learn a new language, or invest in real estate, there's something that awaits you. It's called the emotional roller coaster. It's what your mind is actually going to go through. And let me show you what it looks like. Very much, as you could imagine, looks like a roller coaster, right? So there's four points on this roller coaster that you're going to reach

where decisions are going to be made. And the first one is right here at the top, is where we begin, and we call this uninformed optimism. We're super excited. This sounds great. Let's go take this on, and that's where we make the decision to move forward.

Then we start taking action, right? We start taking action and we start receiving feedback from our actions. Maybe we're looking at some results or the lack thereof results. And we hit this point right about here and we call this informed pessimism. And that's where we have this realization that, wow, this isn't as easy as it looked. It's not as great as it looked. It's not what I thought it was going to be. And now you've got, because you've got some new information, you've taken action and you saw, wow, this is a little bit more challenging.

than I thought. And now you're not feeling so confident, not nearly as confident as you were up here when you had this uninformed optimism going on. But you know you made the decision and most people will go ahead and they'll have this pep talk with themselves or they'll go talk to somebody who gives them a pep talk and they decide to push through. That's what most people do. And then everyone hits this little point. This is our low point. And this is a crucial moment in the process of learning how to do anything. And this is where people get really frustrated. They're on the verge of quitting, and actually a lot of them do. And they take this route right here. They quit, and then they go try something else. They go take on something else that they think's going to be easier. Little do that

they know that the emotional roller coaster is awaiting them over there too. So this big decision that you get to make here is, do you want to go start a new roller coaster? Or do you, since you're halfway through this one, do you want to persevere and push through? Because there is a fourth point when you do. And we call this one right here, we call this uninformed pessimism. We're still pessimistic. We might be as pessimistic and as cynical and as resigned as we've ever been, but now we're uninformed. There's something that we don't know that we don't know that's ahead of us. If we just push through, we'll discover it. And there is this fourth point up here, which we call informed optimism. Everything starts to click. Now you're getting what you signed up for and what you envisioned

for yourself. You start to see evidence that, wow, this really can work. And now you're excited and you can go ahead and you can push through. But understand that this is all just going on in the mind. None of it's real. It's just what your mind is telling you. So there's two points of extreme irony here. Because there's what's imagined and then there's what's really going on. So this line represents reality. And what the reality here is, this represents your skill level. Your skill level. And there's two moments of extreme irony here.

The first moment is right here. Point number one, that when you are your most optimistic about what you're about to get into, Your skill level is at its lowest point. You're the most optimistic, the most excited, and you don't even know how to do anything yet. Here's the second ironic point right here. When you are at your lowest, you are feeling at your lowest, you're about to quit.

Your skill level, the reality, it's at as high as point it's ever been in the whole process. You just have to push through. And those repetitions, they will compound that skill will be, develop and you'll become a master of that skill to the point where you start getting the results that you were looking for and now you've reached this point of informed optimism. So this fake. It's imagined. It's not real. This is real. And understand that's going to be your journey too. See how the mind can derail you? It doesn't live in reality. You see, it's messing with

this all the time as it goes up and down on this emotional roller coaster. So we've got to keep our minds on the roller coaster's tracks. And we've got to keep it moving forward and up. So here are three ways to keep your mind right and create that winning mindset. So number one, read books. Read books. Reading, it's essential for those who seek to rise above the ordinary. The reading of all books, it's like a conversation with the finest people of the past that

have been there and done that. And in the case of good books, the point is not necessarily to see how many of them you can get through, but rather how many can get through to you? Leaders are readers. If you haven't read it, a really great place to start to build a winning mindset is Tony Robbins Awaken the Giant Within. Now, number two, videos. If you don't like to read or don't have the time to read, watch videos. You know, as much nonsense as there is on YouTube, there's just as much valuable and enriching video material as well. So swap out a movie or two every week for a TED Talk. I mean, I could watch those forever.

All right. Number three. Podcasts. Take advantage of your driving time, mowing the lawn, exercise time. Listening to interviews of accomplished entrepreneurs, that's going to build your winning mind. And shows like the Tim Ferriss podcast, that would be a great place to start. And it's exactly why I started Thought Leader Thursday on the Epic Real Estate Investing Podcast. Because I know how valuable listening to successful people is for creating a winning mind.

So read books, watch video. listen to podcasts. Be intentional about the information that you consume. Make it a part of your routine. And you start to notice that that variable of the individual in the success formula is going to start to effortlessly shift in your favor. All righty, can you do this? You can't, right? Now, go make it rate. The cash flow. Yeah, yeah, we got the cash flow. Yeah, yeah, we got the cash flow. You didn't know, home, boy, we got the cash flow. This podcast is a part of the C-suite Radio Network.

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