The MOST Important Thing! | EREI 3

To become a millionaire real estate investor, there are 4 key stages to work through — and if you don’t conquer the most important thing, then you’ll never have a chance of making it. Whatever you do, don’t ignore the MOST important thing, because your financial future depends on it!

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Podcast Transcript:

(Voice Over):  You’re about to meet a man that can show you how he took control of his life and financial future and how you can do the same.  He’s never been on TV.  He’s not a millionaire.

He doesn’t know Donald Trump.  He is a full time real estate investor, newly discovered author, and family man.  He does not report to a boss.

He creates his own schedule and takes his family on a few vacations every year.  He got started investing in real estate with almost no money and a really crummy credit score.

And he’s going to show you exactly how he did it and how he continues to do it.  You will have to work.   You will have to be responsible.  However, laying the beach, sipping fruity drinks is a reasonable goal.

Without further delay, your guru.  Sorry.  Your guide to a better life, the real estate investor, Matt Theriault.

Matthew Theriault:  Hello.  And greetings from The Epic Real Estate Investing Podcast.  The podcast that will show you how to create wealth through conventional and creative real estate investing so you’ll have the option to realistically retire in the next 10 years or less.  And enjoy the good life while you’re still young enough to do so.

My name is Matt Theriault, author, full time real estate investor and family man.  If this is your first time listening to the show.  You want to do two things.  One, go back and listen to episode one.  Episode one is going to give you the gist of what the show is about and why it’s here.

I mean everything that we discussed is going to make a lot more sense if you do that.  And two, download the free real estate investing course on how to deals, no money required.  And you can get at freerealestateinvesitngcourse.com.

It’s a step-by-step course of which I reveal everything that I do, everything that I say, everything that I use including the documents and contracts.  Everything that you are going to need to invest in real estate using no money or credit.  And that’s yours for free at freerealestateinvestingcourse.com.

So do you have your number?  Are you ready to move at the speed of instruction?  Great.  Now, before you get started investing.  I mean before you take that first step, you must know what you want.

You must know your number and why you want that number?  It’s the most important aspect to your investing.  You must begin with the end in mind because if you don’t then any road is going to get to there.

Like that guy on the ING commercial that I mentioned last episode.  Let’s just throw money at it and hope something good happens.  Don’t do that.  If you don’t begin with the end in mind, any road is going to get you there.

Speaking of roads, let’s cover the specific roads you’re going to travel to becoming a millionaire real estate investor.  As I’ve mentioned vaguely before, the road to success consists of four stages.  I want to cover them on a little more detail so you will know what to expect and where you’re headed from this point forward.

First, you must think like a millionaire real estate investor.  Second, you must buy a million dollars worth of real estate.  Third, you must own a million dollars of real estate.  And the fourth and final stage is you get to receive a million dollars from your real estate.

When I say receive, I mean receive a million dollars from your real estate every year.  Not just once but every year.  Now we talked pretty extensively about passive income in our last episode.  And how passive income is going to produce the financial freedom that most of you are seeking.  It’s going to produce it faster than stocking away your money in the savings account.

Not only is financial freedom faster to passive income, it’s a whole lot easier as well.  So stage one, think like a millionaire real estate investor.  And what is that actually mean?

I mean if you have never invested in real estate before, you’re likely going to have to drastically alter your thinking from how you currently think.  How you think about this particular subject will be greatly determined by your upbringing.  I mean most of what we know about money is that our parents and our environment taught us as we are growing up.

And this money lessons that we learn growing up, they seem to stick with us more than any other.  And for some reason there are harder to break as well.  If you weren’t raised with any positive money mindset, your financial future is actually in jeopardy unless you’re willing to change, unless you’re willing to be open.

Maybe all of what I’m going to share with you right now will be apply or maybe just some of it.  And if none of it applies, just by being present to these distinctions will make a difference when we actually get to doing deals.

Here’s what I mean, if you have a natural tendency to look at prices and think something along the lines of, “I can’t afford that.”  You’re going to need to transform your thinking to “how can I afford that?”  That’s the type of shift in thinking that I’m talking about.

If you’re looking at an opportunity and you have a natural tendency to think, “how much is this going to cost for me?”  And if that’s your first impression, that’s your first thought then you’ll need to transform your thinking to “how much is this going to make me?”

That’s a very different mindset.  That’s the type of shift in thinking that I’m talking about.  I mean those are two huge examples of how a millionaire real estate investor thinks as opposed to darn near everybody else in the world.

I mean additionally you want to get used to making quick decisions and hesitate on second guessing yourself as well.  Not only do you have to think differently, you would have to think quicker.  As a real estate investor, you would have to make important decisions and lots of them.  If you plan to survive in this business, you are going to have to make them fast.

And the one decision you would go to stay away from is indecision.  Yes.  Not making a decision is also a decision.  You know, General Colonel Powell, he is one of the greatest military leaders of our time.  He once said, “ indecision has caused the American government, American, businesses, and American people billions of dollars more than the wrong decision.”

The next best thing is the wrong decision.  And the worse thing that you can do is to make no decision at all.  When you’re standing on the space of indecision, a lot of people think there’s standing still and they’re waiting to make that decision but life moves fast.

Meaning it is more expensive to not make a decision than it is to make the wrong decision.  And another military leader General George Patterson, “the best thing you can do is to make the right decision.

And if you stand in one spot, pondering a decision, and you can’t make a decision.  You’re not standing still.  Life is moving so fast that you’re essentially moving backwards.  So you’ve got to get comfortable making quick decisions.  I mean this line of thinking couldn’t be any truer in real estate investing.

You’ve got be open to all opportunities. You don’t have to take them all.  That’s not what I’m saying but will be your best interest to be open.  And when looking at opportunities, you’ve got to place your focus on what you want as opposed to what you don’t want or you are scared of.

I mean keep your focus on what you want and you will continue to move forward. Any other way of thinking is going to present a challenge for you.  It’s going to hold you back.  You know, real estate investing is really simple.  Actually it can be very, very, very easy.

You just go out and find a deal, open escrow, and close escrow.  And go to the bank and deposit your check.  That’s really simple.  And it’s actually very easy to do that.  What makes real estate investing challenging, what makes real estate investing hard work is the 6 inches of real estate between your ears. That’s what makes it difficult.  It’s your thinking and that will get in your way every single time.

And if you stand in one spot, pondering a decision, and you can’t make a decision.  You’re not standing still.  Life is moving so fast that you’re essentially moving backwards.  So you’ve got to get comfortable making quick decisions.  I mean this line of thinking couldn’t be any truer in real estate investing.

You’ve got be open to all opportunities. You don’t have to take them all.  That’s not what I’m saying but will be your best interest to be open.  And when looking at opportunities, you’ve got to place your focus on what you want as opposed to what you don’t want or you are scared of.

I mean keep your focus on what you want and you will continue to move forward. Any other way of thinking is going to present a challenge for you.  It’s going to hold you back.  You know, real estate investing is really simple.  Actually it can be very, very, very easy.

You just go out and find a deal, open escrow, and close escrow.  And go to the bank and deposit your check.  That’s really simple.  And it’s actually very easy to do that.  What makes real estate investing challenging, what makes real estate investing hard work is the 6 inches of real estate between your ears. That’s what makes it difficult.  It’s your thinking and that will get in your way every single time.

It’s your thinking and that leads you to believe that you can’ invest in real estate because you don’t have any money or credit.  It’s your thinking and that will lead you to believe that’s too much competition.

It’s your thinking and that will lead you to believe there are enough deals.  It’s your thinking and that will lead you to believe real estate is risky.

It’s your thinking and that will lead you to eventually believe that real estate doesn’t work.  It can’t be done.  It’s your thinking and that will stop you more than anything else.

Those who say that it can’t be done are constantly being passed up by those who are doing it.  I go over thinking like a millionaire investor a lot.  And so many of my students and clients are in such a rush to learn different ways of finding deals.  How to get prospects to call me?  How to negotiate the best terms?  How to force appreciation on property?  How to do double escrows?  How to do short sales?  How to fix and flip?  How to invest the multi-family?  How to tax deeds?  How to do lease options?

Just get to the meat they say.  I want you to know that thinking like a millionaire real estate investor is the meat.  It is the meat because it is what will stop you every time.   Once you get control of your thinking, I mean the sky is the limit.  The rest is easy.

You can learn everything else relatively quickly.  Besides, most of my students already how to do so much.  And you listening to me probably do as well. You already know how to do, it’s doing what you know where most people fall short.  And most people fail to do what they know because they doubt it will work.

And that’s how most fail.  Doing what they know is tied directly to their thinking.  Or lack the hear of.  If you can’t get first step down or think like a millionaire investor, you will fail it the other three steps. I promise you that.

You know, there is an old fable of that.  You maybe familiar with that.  It’s so applicable to what I’m discussing with you.  It was once announced that the devil is going at a business and would offer all of his tool for sale to whoever pay his price.  On the night of the sale, there were all attractively displayed and laid out in a bad looking lot. They were malice, hatred, envy, jealousy, sensuality, and deceit, and all the other implements of evil were spread out.

Each marked with its price.  Apart from the rest off to the side, lay a harmless little tool.  It looked it’s all worn out but it was still priced higher than any of them.  Someone asked the devil, “what is that?”  The devil replied, “that’s the tool of doubt.”  Well why do you have it priced so high?  Because replied the devil, “it is more useful to me than any of the others.  I can prior opening get inside a man’s consciousness with that when I couldn’t get near him with any of the others. And when once inside, I can use him in whatever ways soothes me best.

It is so much warm because I use it with nearly everybody.  Because very few people yet even know that it belongs to me.  It hardly needs is added at the devil’s price of the tools.  It’s so high that they were never sold.  He still owns them all by the way including his favorite the tool of doubt.  He is still using today.  Now the truth of the fable is that you should never underestimate or undervalue the powerful influence of doubt that keeps you from becoming your very best.

The only limit of your realization of tomorrow will be your doubts of today.  Doubt is a dream killer.  It’s a financial freedom killer.  It starts out small and it appears rational.  That is the insidious nature of doubt or you’re thinking.  It appears to be a friend with your best interests at heart.

It uses fear as its companion with claims that it only wants to protect you and it wants to keep you safe.  It wants to keep you safe from failure and change.  Doubts speak to your weaknesses and desire to educate you on how to build up strong weaknesses.

Doubt never plays up your strength while seeking to keep in the safe zone at all times.  Your doubt will make a case of your pass and your present failures as the basis for your why you cannot change or should not change.  The good news is that doubt is just simple conditioning.

That conditioning comes fastest at least in my experience that conditioning that comes the fastest from one surrounding yourself with like-minded people.  Your environment will condition your thinking the fastest.  What you want to be aware of, that goes for disempowering thinking as well.

Small thinking, negative thinking, so surround yourself with people at the very least interact regularly with people that think like millionaire real estate investors.  And how will you know who they are?  How will you identify them?  Well look at people’s results.

Our outer world and inner world have an uncanny way of matching up.  Those that have the results they want are great people for which to foster your professional and interpersonal relationships.

So first change your environment and second consume personal development materials.  Or the layman’s term but I hate this expression “self help material.”  I mean it almost imply something is wrong with you.  There’s nothing with you by the way.

I prefer personal development.  But anyway, consume personal development material whether that’s through books or audios, seminars, or home study courses.  The book “Thinking Grow Rich,” that’s a great place to start.  It’s a time-honored classic.

One of many lessons I learned form this book that serves in almost in every real estate deal that I do is that poor people, they make decisions slowly and they change their minds quickly.  Rich people, however, make decisions quickly and change their minds slowly.

Napoleon Hill was speaking specifically about real estate investors when he mentioned this but I’ve come to know that it’s an invaluable way of thinking as a real estate investor.

Og Mandino is the greatest salesman in the world.  That’s another great book.  It’s a sure, quick read but it’s very profound.  An online course with Bob Proctor I recently completed, it’s probably the best resource I’ve come across to condition yourself for riches.

That can be found at thinkandgetsuccess.com.  It’s a great course.  So those are a few of my favorites.  And as you explore the world of personal development if you haven’t already.  You’ll come across your own favorites.

The point here is invest in your thinking as much as you invest in anything else including your real estate. Investing your personal development.

It’s that important.  A mentor of mine who once shared with me that your income would never surpass your personal development.  Commit to your personal development.  Redeem yourself of doubt and transforming your thinking to that of a millionaire real estate investor is really just a matter of conditioning.

Make a commitment to that conditioning.  Now if you want to use your doubt to advantage rather than doubting you will succeed.  Doubt that you will fail.  Okay.  Stage two of our four stages.  I will go through this quickly because stage one “Think Like a Millionaire Real Estate Investor.” That’s the tough one.  If you conquer that, the other three stages will be a breeze.

So stage two or buy a million dollars of real estate.  Obviously, if you’re going to get to a place where you’re receiving a million dollars of annual cash flow from your real estate.  You’ll going to have to buy the real estate first.

Right?  There are countless ways to acquire real estate.  We will be covering many different ways on this show.  But keep this in mind you will have to buy real estate.  No brainer, right?

But buying real estate doesn’t always mean exchanging money for it.  That’s a clue.  That’s a hint of what’s to come.  We will get to that.  Stage three:  Own a Million Dollars of Real Estate.

This is its own stage because there is a big difference between being on title to real estate valued at a million dollars and actually owning a million dollars of real estate.  Converting your ownership to actual equity, converting to an equity position of $ 1 million.

That’s the focus of this stage: How to make that transition.  Stage four: Receive the $1 million of Income From Your Real Estate.  That’s the fun part.  This is the ultimate goal.  This is where the fun happens.  This is where life gets real good.  This is where sipping the fruity drinks on the beach comes in.

But you see, there’s a lot of work to do to get to this stage.  Unfortunately, shamefully actually, billions of dollars have been made on books, audio programs, seminars trying to convince this business is easy.  That this is where you begin a sip in the fruity drinks.  They sell you the island paradise, the fancy cars, and the world travels.

They sell all that first.  They’re lying to you because they know if they told you what it really takes to create that type of lifestyle.  You probably wouldn’t be so quick to buy their books and programs.

I’ll probably lose some business by disclosing this.  Maybe some listeners even, I might even make enemies amongst my professional counterparts but you know I really don’t care.  Without integrity, nothing works that includes real estate, teaching and mentoring, that includes podcasts.

So I really don’t care.  You’re going to find the sales of any false hopes and dreams here.  To be successful in real estate investing, you’re going to have to commit ongoing education that will never end by the way.

You will have to develop skills based off on what you’ve learned.  And yes, you will have to develop skills based off of what you’ve learned.  And yes, you will have to do the work.  Trust me on this one.

You will experience every emotion that which a human being is capable of experiencing.  There is no way around that.  There is no easy button in real estate investing.  Don’t fall for them.  I don’t care how great something sounds, how much sense it makes.

If it sounds too easy, if it looks so easy that a caveman can do it.  Be very, very, very cautious.  Be extremely cautious.  The snakes in this business are waiting for you.  They’ve built systems.  In fact, they’ve perfected systems to separate you from your money based off of making this business look easy.

I mean, if financial freedom was easy.  Everybody will be financially free.  Wouldn’t they?  I mean our society would just be replete and full of financially free people jumping around, dancing, and having a blast.

The fact that only 1% of our population makes it to financial freedom.  That’s indisputable evidence that it ain’t easy.  So you will have to work but if you push through and do the work.  At the end, you will look back as you’re sitting on the beach, sipping that fruity drink, living the life, and enjoying all of life’s luxuries.  You will undoubtedly agree with me that it’s all worth it.

It was worth every bit of it.  Not only will it be worth the money you’ve made, it will be worth that you’ve been able to help along the way.  And even more so, it will be worth who you would become along the way.

As I’ve mentioned and I’ll continue to mention it because I don’t want you to forget it, if you take this seriously and do for the next two years what most people won’t do.  You will be able to do for the rest of your life what most people can’t do.

Real estate investing is not easy but it is the easiest path to financial freedom.  There is a great book by Ken Fisher that you might want to pick up.  Particularly if you disagree with me on real estate investing being the easiest path to financial freedom. Here’s his book “The Ten Roads to Riches.”

It takes an engaging and very informative look at some of America’s most famous and infamous modern day millionaires and billionaires.  And Fisher reveals how they found their fortunes.  Surprisingly, the super wealthy usually get there by taking just one of ten possible routes.

Whether it’s starting a business, owning real estate, investing wisely, or marrying wealth.  It sure shows how some got it right and others got it horribly wrong.  Let’s skip back to the subject though.  The only two reasons you want to get involved in real estate investing, the only two things you would want is either one you’re seeking financial freedom and or two you’re passionate about real estate and you want to pursue your passion.

If we were sitting in the same room right now, we might be able to narrow in more specifically and what you want but generally speaking it’s one of the two.  You’re seeking financial freedom or real estate is your passion.

Now that we’ve established that, we must now establish why you want it.  We know what you want.  Now we have to establish why you want it.  The why that’s going tobe most important part of your real estate investing business.  It’s going to hold everything together.  It’s going to support a millionaire real estate investor thinking.  It’s going to keep you in the game and here’s why.

It’s one thing to stand up and turn off this podcast and declare that I want to be a millionaire real estate investor.  But it’s another thing entirely to get up everyday and do what it takes to become one.  You can make that decision today.  You can feel a pump after this podcast and say, “I’m going to do this.”

But it’s not just the decision today that’s going to do it.  You’ve got to make that decision every single day.  You know, if all it took to become successful was to get up and go to work on the days you felt like it.  Getting rich would be a snap.  I mean, we will all be successful.  You’re going have to get up and go to work on the days you don’t feel like it too.

In fact, that’s where the difference will actually be made.  That’s what would separate you from all of the others.  It’s what will separate you from the observers, excuse makers, and the quitters.

Listen, everyone needs real estate.  Anyone can do this but not everyone will.  And the cold hard truth is most people won’t.  And in order for you or anyone for that matter to push through the times and do what it takes on a daily basis, you’ll have to be firmly in touch with your why.

If you’re not, you won’t last.  I promise.  So let’s establish why you want to invest in real estate.  Here’s a four-step shortcut formula to getting to your why.  Do this with me right now.  I mean if you’re in a position to write this down, you’ll want to.  If not, come back to this.

It really is that important.  But if you don’t come back to the actual recording, I made this pretty easy so you should be able to remember and do it without the recording.  Okay?

So here’s a four-step shortcut formula to getting to your why.  First, as we have already done.  You can clarify for yourself.  You can clarify for your own individual situation if you’d like.  Establish what you want and for the purpose for this exercise.  I’m going to assume financial freedom.

If you want something out of this, replace financial freedom with what you want and just follow along.  It would still work.  So financial freedom, that’s what you want.  Second, ask yourself at least three times as to why you want financial freedom.  It might look like something like this.

I want to be financially free.  Well why?  Because I want to spend more time with my family.  Okay?  Why?  Because I have fun when I do.  Okay?  Why?  Because I laugh a lot and I get a great deal of enjoyment at watching my kids grow and learn new things.

If you can keep going, keep going.  But ask yourself why at least three times.  And after you have, the third step is to ask yourself, how will that make me feel?  How will that make me feel if I get to spend more time with my family laughing and watching my kids grow?

Answer that as thoroughly as you can and as honestly as you can.  I mean, it would feel awesome.  It would feel invigorating.  It would be fulfilling.  It would be rewarding.  It would feel amazing to give my kids my time my parents were never able to give.

Whatever it may be for you.  It’s going to be different for each and for everyone of you.  But whatever it is, it’s going to be a great feeling.  You would probably wouldn’t even be here listening to my voice right now.  Now here’s the kicker.  Step four; ask yourself how will it make me feel if I can’t spend more time with my family?

I mean this exercise.  You should take this seriously.  It’s going to create natural leverage on yourself.  You stay in touch with the emotions and feelings that financial freedom would give you.  You will persevere.  You see, none of us really want cash.  None of us really want real estate.  None of us would even really financial freedom.

Well what we really want is the feeling cash.  Real estate and ultimate financial freedom is going to give us.  So get clear as to why you’re doing this.  And often times, we’re more deeply motivated by the fear of not getting it than we are getting it. That’s step four, how will it make me feel if I can’t spend more time with my family?

Be really clear as to why you’re doing this but never forget the alternative.  Remember, you’ve made a commitment to move at the speed of instruction.  If you haven’t done so already, figure out the monthly passive income number you’ll need to be financially free.  Establish why you want to.  Begin to condition your thinking by working on your environment specifically the people you spend the most time with.

And begin working on your personal development. Your income will never surpass your personal development.  Do that and I’ll see you in the next episode where I’ll show you how to guarantee your success.

No doubt there, right?  So until next time.  As a very wise man once said, “drag your thoughts away from your troubles by the ears, by the heels, or any other way you can manage it for man is but the product of his thoughts.  What he thinks, he becomes.  To your success, I am Matt Theriault.  Living the dream.

(Music Playing)

Narrator:  Thank you for spending this time with Matt Theriault and the Epic Real Estate Investing podcast.  When you have time, stop by iTunes to leave your comments and let us know what you think of this show.  And if you haven’t done so already, get started investing today by visiting FreeRealEstateInvestingCourse.com to access Matt’s free course on how to deals, no money required.  Until next time.  To your success, to your success, to your success.

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