How to Get Lucky in Real Estate | EREI 46

How to Get Lucky in Real Estate | EREI 46

There’s a lot about real estate investing success that can ultimately be chalked up to good luck. When it comes down to it, people who are successful in almost any endeavor are lucky. Now how would YOU like to get your hands on some of that kind of luck?

Today Matt talks to one of his coaching clients about what it takes to get lucky investing in real estate, along with some other extremely helpful investing tips. Matt is also making an announcement about a brand new service that allows you to get something special from Matt — for free!

Check out Matt’s free real estate investing course, “How to Do Deals – No Money Required,” at FreeRealEstateInvestingCourse.com.

 

Recommended Resource:

  • It’s been great meeting you virtually. Would you like to meet in person? Our next live event is right around the corner! Go to EpicIntensive.com for the details.
  • Need money? We have secured more than $15,000,000 of funding for the Epic community, people just like you. Get access to fast cash for your real estate investing business with our “one-of-a-kind” credit-based funding program at EpicFastFunding.com
  • Need time? Work on your business rather than in your business by leveraging the time of others.  Access free information and find real estate-trained virtual assistants to help you free up your time.  Learn more at VAsForRealEstate.com.
  • Need training? The ultimate training environment for real estate investors: Version 3.0 of The Epic Pro Academy!  New look, new lessons & new content – we’ve got everything you need to know to get your first paycheck!
  • Need someone to do it all for you? If you’re an Accredited Investor, you can diversify your portfolio by hitching your wagon to our train and share in the profits. Go to EpicWealthFund.com to download the executive summary.

 

 

 

Podcast Transcript:
(Voice Over): Without further delay, your Guru, sorry, your guide to a better life through real estate investing. Matt Theriault.

Matthew Theriault: Hey! This is Matt Theriault, the Rat Race Escape Artist. This is episode 46 of the Epic Real Investing Podcast and why the Rat Race Escape Artist? Why this new title? Well, you know, I changed one thing just one time and in a very short period, I escaped the rat race forever.

This is the podcast that will show you how to do the very same thing so that you can enjoy life while you’re still young enough to enjoy life. Not only will you learn how to escape the rat race but the intent is that you actually take what you learn and do it, got it? Deal? Cool.

So what is the one thing that I changed just one time? You’re wondering? That’s a good question. Well, it’s very simple.

I stopped focusing on making money and started focusing on creating cash flow. That’s the distinction there. I changed that one thing by myself. I stopped focusing on making money and started focusing on creating cash flow.

If you do that, you too can exit this rat race in just a few years, maybe even less. You know, as opposed to taking the making money route for 40 to 50 years and hoping everything turns out okay. Hope is not a good strategy. You know, at the end of the day, it’s up to you my friend. You know, just remember that you are that to me, a friend.

That’s why I share this information with you because how whack would it be to know something that would absolutely help out a friend, would help you out of your situation and not share it with you. That would be really stupid, that would be terrible. So that’s why I’m here, to help you get everything that you want out of life.

Unfortunately, we live in a society where life cost money. There’s nothing in our life that replaces money in which the way that it serves us. You know, it puts the food in our stomach, it puts the clothes on our back, it puts the roof over our head, it pays the hospital bills and allows to do all those things for the people that we care about as well.

Life costs money and there’s a no easier way to make lots of money. Now here’s the keyword, indefinitely, makes lots of money indefinitely than there is through real estate.

So that’s why we’re here and that’s why I’m sharing this information with you, all right? So today’s show, I’m broadcasting live from Las Vegas, Nevada.

I don’t know if I sound differently but I’m in a hotel room right now, recording this episode. I’m recording from Las Vegas from the New Media Expo and I’m here to learn about new and exciting ways of helping you get what you want. You know, one of those ways is that I want to answer your questions directly.

I told you there’s going to be a little shift and some changes going on here at the show and this is something I’ve come up with and I want to help you get your questions answered directly of which I have been doing via email.

I have been doing a lot of email responses and thank you for those questions. Keep them coming in but I want everyone to hear the answers because a lot of the questions get repeated over and over and over again and I find myself typing out the same answers over and over and over again.

I thought, how cool would it be if I could actually have you all on the show to ask your questions then I thought about it like what a logistical nightmare that would be, at least would be for me because I’m not that technically inclined.

So the next best thing is you can call in, how’s this? You can call in, you can leave a message and then I’ll go ahead and I’ll play your question over the air. You’ll actually hear your voice right here on the show and then I’ll answer your question here so everybody can hear it. I mean, it’ll almost be like you were here in this studio with me, sort of.

So that part of it is very cool but ultimately I want to make sure that you get what you want out of spending your time here with me. I want this to be worth your while. You know, I spend a lot of time probably, I don’t know, I would estimate 70% to 80% of the time informing you of what I think you should know but as I’ve been mentioning, I want this show to really make a difference for you and your actual results.

I don’t want  you to just leave smarter, I want you to leave this show each time  a little bit richer, a little bit wealthier, a little bit more money in your pocket if that makes sense. So I’m well aware that I don’t know at all by any means, I do not. So I’ll continue to share with you what I think you should know but I want to level out the ratio a bit to also discussing what you want to know.

I mean, perhaps with some of you I’m just preaching to the choir most of the time and you just need one or two questions answered to connect the dots. Like that’s what’s going to make the difference for you. If you could just have that one question answered then it’s going to click. So my intent is to go to 50/50. That’s my intent.

50% of what I think you should know and 50% of what you want to know. That might sound strange right now like you just want, just give me what I want to know but trust me, you need both, okay? You really do, you need both. So if you like your questions answered on the podcast, here’s what you do.

You got to call 888, that’s an 888 number not an 800 number. It’s 888-891-7203. 888-891-7203 and leave a voice message of what you want to know. I’ll record your question there and he’s all that I ask.

Just be sure, sweet and to the point with your question, please. If you have more than one question, that’s fine, no problem. Just call multiple times and leave a new question with each voice message, separate them for me if you can.

You know what I don’t want, in which is I frequently get from my emails. This is what I don’t want, “So how does this real estate thing work?” or “Can you explain to me how to wholesale?” or “ I need to pay my rent in 12 days. I have no money and credit. What should I do?”, okay? Please don’t ask those types of questions.

I’m not going to answer those questions. I mean, the answers to those questions, those types of questions have filled entire books. I mean these entire novels out there that are filled with the information to answer those questions and I created that free course for you. I created a free course for you to get the step-by-step of how to get started doing deals with no money or credit.

I made it as simple as I could but even there, I mean, that’s like three hours or so of video instruction. So keep your questions short, sweet and specific and I’ll do what I can, I guess to sort of fill in the holes if I missed anything or if I shared something in the course that didn’t quite click or didn’t quite make sense and you need clarification on that, awesome.

If also you’re in the middle of a deal and you have something going on right now and you’re a little stuck, do that. Probably won’t be the most timely way to get your question answered but you can certainly open to do it that way.

If that free course, if you want to get that free course that I created for you, you can download that at FreeRealEstateInvestingCourse.com. FreeRealEstateInvestingCourse.com.

That’s where you get that, alright? So that’s that and we got the voice message system in place so you can ask me questions directly and get them answered here live on the show and the number one more time is 888-891-7203 or you could leave me a message of what you think of the show or what I really like to hear is about the results that you’re getting from what you’re learning here or from what you’re learning inside The Academy.

I appreciate those messages as well and for the last time today, the number is 888-891-7203. Speaking of feedback, recently I just visited iTunes to check in on how my podcast is appearing to the masses. What you guys actually see when you go to iTunes and I’ve noticed there have been several reviews of the show posted since I last checked, a lot of them actually.

You know, those people, they log in to iTunes, they search for this show, they click on his podcast and they wrote a review and they give me a rating and I really, really appreciate that. I want to acknowledge some of those real quick. Let me see, let me go over here. I’ll just do a few that we got in December.

From SG, actually left his email address on, I won’t leave his email address over the air but, from SG, he leaves me a five star review. Thank you very much. It says, “Accurate, informative and solid direction.

I have been teaching real estate investing for the past 10 years.” Awesome, so he’s also a teacher. “So many of the students come to class with unrealistic expectations, get rich quick, doesn’t require much effort and my favourite, it can be done at home in your underwear and bunny slippers.”

I’ve heard that one too before. “Matt takes the time to accurately provide an overview of various strategies and then subsequently spends time going in to the details. A must for those considering real estate as a vehicle to financial freedom.” Well SG, thank you very much for that.

The real deal, five stars. Awesome, from TDogHop. “Matt is great. He is unique, outside of the box, creative and friendly. I love this podcast. I listen to it daily. Thanks Matt for all the info.” TDogHop, you’re very, very welcome and thank you for the review.

Keither, I think that’s how to say it. Keither, “Awesome info, another five stars, very informative, a wealth of knowledge and all without asking for a dime. Matt is my new hero.” Thanks Keith.

And the last one from Mr Matt Larsen. “Thanks Matt! You have me on the path of financial freedom. Five more stars.” Thank you very much Matt. “Hey Matt, Happy New Year, I just wanted to thank you so much for your awesome content and motivation. I listen to all of your podcasts and training materials. Went out and flipped 12 properties last month with no prior real estate experience.”

Wow! “I quit my 9 to 5 job on October before doing my first deal. I know, risky but I since made $40,000 wholesaling and things are looking good. Your motivation kept me on course and your training tips put into action delivered results and money. Now I can ramp up and build systems and wealth. I owe you beer and wings at the minimum. Thanks again, Matt.”

Matt Larsen, thank you very much, awesome. Wow, that went kind of caught me by surprise. That’s what I really want to hear. I really want to hear your results.

I want to hear how this show is really making a difference for you and I love giving you the information. I love that you’re learning things. I love that it’s opening your eyes to new ideas and I love that you feel good when you leave here.

I love that you feel smarter when you leave here but I really want to hear about the results, okay? So thank you for the feedback. All of you, thanks for the nice words and it really helps me out and from what I hear, it also boosts the show visibility in iTunes so that more people can find it and appreciate that also.

So if you’ve got something to say about the show, please go to iTunes and share that. I really, really appreciate it, okay? Alright, so let’s get to today’s episode. Finally, right?

I know, sorry about that. I try to keep the announcements up front to a minimum. It’s just that today we had a bunch to talk about. So let’s get to the meat of today’s show.

I promised you at the end of the last episode that I’ll have another interview for you today and I do. I’m very excited about this one. I have one of my coaching clients on the line.

A guy that’s, had some really remarkable success and I’m going to ask him some questions and ask him how he’s done it. I am always interested in how people can go through the same course, get the same information, get the same assistance and yet still come out with wildly different results.

So listen to the little nuances in the conversation during the series of interviews. You know, we’re right in the middle of this series and I’ll point out what I hear after each interview but try and pick up what you think the difference makers are.

So listen carefully, cool? Alright, on the phone I’m joined by one of my coaching clients, Rick. Rick, welcome to the show.

Rick: Thanks Matt, glad to be here.

Matt: Awesome, I’m glad that you’re here as well. So before we get into your recent accomplishments and successes and your awesome stories, why don’t you tell us a little bit about your background and what was it about real estate that attracted you?

Rick: Well Matt, mine’s probably a little unconventional like anybody else’s that I’ve got almost 20 years in the investment world and have dabbled in real estate probably the last 10 or 12 years but never really followed through on anything more than buying a piece of property here or doing a flip there.

I believe that in the environment we’re in, probably more than ever that individuals, that myself included, have to start looking for different alternatives to create wealth for themselves and income sources.  So that’s what got me really focused on getting back into the real estate and actually take it into a different level.

Matt: Right, right. So you’re speaking of other types of investments. Why are you so sure? How are you so sure enough to go forward and move and they’ll think that real estate was the actual answer? 

Rick: Well, you know. I own stocks. I buy companies through the stock market. You know traditional allocation of cash. Six income investments like CDs and government bonds or corporate bonds if you look at those returns, if you look at our slow growth economy or muddle through is one of the phrases we hear a lot today. Essentially we could very well be in a decade or two of single digit type of returns and obviously we can’t predict that.

When we look at the facts, you can own real estate at these levels and cash flow real estate and get really double digit right to return and the benefits that come along with owning a real estate.

I’m just a strong believer that you with hard work which you got to have, that piece of the puzzle in your portfolio and if not, you’re going to have to find an alternative. And for me, I enjoy real estate. I like the physical aspect of it. So it sits very well. 

Matt: Got it, got it. So you’ve been mildly involved in real estate for a decade or so, I think you said.

Rick: What?

Matt: Is that it?

Rick: When I say mild, I maybe own three or four properties in the last decade.

Matt: Okay, are these counting your personal residences? 

Rick: No, they’re outside of my personal residences and these are, you know, I would maybe get the edge to go on. Not really knowing what I was doing and I had a rental property or I’d be involved with somebody else doing a flip. It was just a handful of things I never really was fully engaged.

Matt: Right and what prevented you from being fully engaged? 

Rick: That’s a question I ask myself all the time. Honesty, I think it was because I’ve been in management as well as taking care of clients in the investment world and that was a 60-hour, it is a 60-hour work week and so it took away from real estate just wasn’t a priority for me. 

Matt: So what is it that happened in your life recently that led to your decision to take this more seriously and more as a, I guess there’s more hours of your day. I don’t know if it’s full time for you yet but what made you led to this decision to get serious about it now?

Rick: Well, when you start to think, maybe it’s my age? When you get to a certain level and you start to look and you know, I focus a lot on working like people who are trying to retire or already retired and you look around and you realize there are no pensions out there anymore, very few and pensions, they are all out there but or underfunded.

You look at what’s going with Social Security and you quickly realize that you can, you know, you can save but you can’t predict what your returns are and that just, like I said, you know, my idea I’ve got to learn. I’ve got to secure it for my family but maybe also it helps educate me so that I can help folks answer questions and provide through others. 

Matt: Okay, good. So we met. You gave me a call and you said you wanted to take on the coaching program and I’m always curious. This is a rather self-serving question but I’m always curious. Why me? Why the Epic Pro Academy and Epic Real Estate Investing? Why did you choose this?

Rick: Matt, it’s a great question and I think you deserve just a lot of accolades because I have, through the years I have attended conferences, you know the weekend seminars or they try to sell you packages.

I’ve been to big events where they have, you know, points and apartments, this guy he’s doing it this way and that. The problems I found in those circumstances is, I can never get off-center and even when I, you know, I might try apartments for example.

I would use that or tax lanes. You know, you just learn different things but I never really found anybody that was willing to talk without some kind of obligation and, you know, after listening to your show, I’m a runner.

So I love to listen to podcasts and one day, I literally just clicked Real Estate Investing and your information popped out and I downloaded a few of the shows and from there, you know, you said “Hey, here’s my phone number, call.”

I just really liked the content. I think you share a lot with listeners that others won’t. You know, they all kind of tease you and say, “Hey, buy my course.” You have a different approach and I felt like you were a guy that would be honest but fair and helping me get what I wanted to be and a little more confident and taking it a little different manner and so that’s why I called you.

Matt: Awesome, awesome, thank you. So you know with the coaching program you get free access to the Epic Pro Academy. How is that been for you the experience inside the Academy?

Rick: It’s been fabulous. It helped me, first of all get organized, which I think, you know, it comes down to processes are important. People matter and being able to utilize from your experience as helpfully but also challenge me, I think the biggest challenge and maybe especially for a guy that worked in the financial or the investment world for so long.

You start to believe certain things, certain rules and you have challenged that in my mind and got me to think outside the box when it comes to asking questions and looking at financing and how to put deals together. So I think it’s just great. It’s been powerful for me.

Matt: Awesome, awesome. So you’re saying that you’ve been challenged. What have been, I guess, have you had any major epiphanies or any myths that have been completely shattered for you inside of real estate investing this far?

Rick: I think the biggest myth is expecting that I already know the answers and that or something to the fact of, “Hey, I’m going to go to, you know and inquire about…” Here’s the way I would be willing to buy a property and they’ll never go for that.

That kind of, you know, you get that little voice in your head and you’ve been able to shatter that for me.  You realize that people have all sorts of different motivations for doing the things they do.

Matt: Right, right. You know it’s one of the, clarify me if I’m wrong but I think you’re under this line of thinking is that and I see this a lot. Not just with new real estate investors but with seasoned real estate investors because of their past experience.

They do a lot of the thinking for the seller like they’re almost negotiating the deal on the seller’s behalf so they won’t ask for what they really want, they’re going to ask for what they think the seller would accept. Is that what you’re getting at?

Rick: That’s what exactly what I’m getting at, yeah. 

Matt: Yeah, it’s, you know, just because you wouldn’t do something doesn’t mean the seller wouldn’t do something and that stops so many people from their progress. So, awesome, if you got that epiphany then you’re going to be just fine from this point forward. How is the actual coaching, they actually have a weekly call, how’s that helped you?

Rick: You know, I think especially early on, you challenge, and the thing that I’m really liked what was it you challenged me to not just go do it but have the goals and the reason behind going out and do it at the driver’s (seat). You know, and that was great and now it’s just evolved to a point where you’re either confirming what I’m doing or maybe, getting me to think from a different angle but also the accountability.

I feel accountable in that relationship and I think if you’re going to do real estate, there’s a benefit to having somebody help keep you accountable because we all wanted to do things and then we come up with reasons not to do them.  And so, you know, I’ve got a lot out of that.

Matt: Good, good. And you said that like a lot of our roads were here right at the end of three months of our coaching session and a lot of our calls is really short.

In fact we even sent a couple texts to each other no need for a call today unless you have wanted something to say and what that kind of demonstrates is that the business isn’t that difficult.

It’s actually rather simple. I mean, it’s hard work but it is a simple business and once you get started on the right track, you know the coaching part, hey you know. By the time you get to call 8, 9 or 10 with me, you know Rick whether you did your work or not that week, right? 

Rick: That’s right, you can’t fool math.

Matt: But I mean, you get to the point where you can’t fool yourself either.

Rick: That’s exactly right. You’re holding yourself accountable.

Matt: Absolutely, that’s awesome. That’s ultimately what I want for everyone that comes through the Epic Pro Whatever whether you’re listening to the podcast and we never do business together.

So you take on the full coaching program, whatever it is, I want you to be self-sufficient and that’s my ultimate goal for you.  So up to, now we’ve been there like I said, almost a few months. Why don’t you share what you’ve accomplished so far? 

Rick: Well, I’m sitting outside of a property I just recently purchased but I have, gosh Matt, I probably put in 15 offers on houses. Since we’ve been doing that, I’ve got three. I got one in ownership, two under contract.

One that will close on right here first in the year and we’ve been able to, we’ve made just. The interesting part is the connections that we’ve made and the deal flow is starting to pick up.

You know, I’m looking at deals every day and new ones are coming across. It’s interesting because, not that I’m out looking, I’m out running in the morning.

I run by a house and I’ll notice that there’s a force sell and it’ll make me take a close look but I’ve got contacts that I’ve made who I positioned and we’ve, you helped me do that position the right way who are now brining deal flow to me.

And that gives me the opportunity to look at more deals, analyse more deals and make offers on more deals. So right now, I just recently picked up this latest one on an REO and we already got a renter ready to go and we’re not even closed on the house yet.

Matt: Right, that’s awesome. 

Rick: So, exactly what I thought. I guess I’m excited. I enjoy it.

Matt: That’s awesome. I’ve been watching, just watched the season finale of X-Factor last night and I got so annoyed and irritated every time one of the coach’s student would perform.

They would always say, “I’m just so proud to be your coach.” and I was like, “Oh my God, here we go again.”  But Rick I got to say, I’m really proud to be your coach.

Rick: Well, I’m honoured that you’ve been helping me and you’ve been coaching Matt. It really is helpful and I think you should, if they listened to the podcast and they see the material that you offer, anybody.

Then if they really think, you know, if listeners are sitting and go, “You know, there’s something to this real estate and I’ve always believed it but I don’t know how to do it.”

I would tell you, “You know, you think about investing in education and this is an investment. This is a life investment and education that has big dividends and if you want to go down to that journey, you know.”  Tiger Woods have encouraged you. We all heard the clichés of form but that’s what really instrumental of my thinking.

If I’m going to do this, I can either do it on my own and make my mistakes or I can get some help from somebody that truly wants to help. It’s got some good information that has done it before and, you know Matt, I will say I’m not being paid for this.

So this is my honest opinion. If people are thinking that real estate is something they want to do, they really owe it to have a conversation with you because you’re really up front.

Hey, if you don’t think it’s a good fit then that’s a deal but there’s a lot to be had from that relationship and I’m seeing the benefits of it so I appreciate it.

Matt: That’s awesome. You know, you pointed one thing there that I experience all the time with listeners and people that send me emails and just conversations I have with real estate clubs and stuff is the mindset.

In my opinion, the mindset that is for sure to fail at this that is absolutely for sure to fail at this is the person that’s out there looking for, “Okay, how do I just get my first pay? I just want to get my first pay check.”

“I just need to know enough to do a whole sale deal and then my life would be okay.” or “What’s the quickest and easiest way to do this?” and something that you have said and it’s no surprise that you’re having the success that you’re having because you have the right mindset. I’ve talked so much about mind-set, so much about thinking and some many people think that that parts the fluff part of it’s the “Ra-ra!” part.

But it’s so, so important to have the right thinking going through your head is that you approach this with, “Hey, this is a lifetime decision that I’m making. I need to do this right.” That really is what real estate investing is all about.

I mean it’s not just, “Let me flip a few houses so I can put some extra money in the bank.” and you can certainly do that but it’s really hard to do that but if you jump into it with a long term mind-set that you have, there’s no surprise that you’re getting the results that you’re getting.

It’s no surprise that you’re creating the result or the relationships that you’re getting and now deals are coming across your desk. You happen to chase fewer and fewer deals. I mean, you’re just like a perfect example of someone that jumps into this right and takes it on and really puts in the work.

You know, you’re a perfect example of the results that you’ll get and a lot of its happenstance, a lot of it seems like it’s lucky, a lot of it just seems like, “Wow! That was a fluke.”

But you know, flukes and happenstance and luck, that all happens to people that actually do the right activities and when it’s backed with the right mindset, it’s unstoppable.

So congratulations. This sounds kind of like a stroke-fest right now but I’m getting a lot out of your, a lot of epiphany are coming out to my head as I’m listening to you talk, go ahead. 

Rick: Well Matt, they say you hit it right in the head, you know early on in our conversation, those doubts in my mind as well. You know, “Hey, I’ll never get these float.”

You were talking about the great deals that you were dealing or have other people on your show and I remember thinking, “Yeah, that’s totally great but…” You know, you almost start to rationalize.

“Oh, I don’t have to do that as much.” or “Maybe I won’t have that much luck.” and the truth of it is, what is just a few daily habits and, you know, putting yourself, positioning yourself a little differently, it’s just amazing the things, if you told me six months ago I would have people coming to me to talk about deals and wanting to work.

And people that I don’t even know and to have the amount of deals going on right now, I tell you you’re crazy and I would tell you the other thing, I run an investment firm. You know, a brokerage firm.

So this isn’t my, this is a secondary thing for me but it’s a long term thing to secure my financial future along with my other stuff. Everybody has those doubts. If you do the daily stuff, it just happens. I say, one day you’re sitting there and you’re like, “Wow, it’s just happening.” You know, so you absolutely got to do it. 

Matt: Awesome, awesome. I’m sure there is probably a lot of people listening right now like you were listening it one time. “Yeah, yeah, sure, okay, whatever.” That happens for you but not me. It didn’t start out this way for you. So what have you found to be the most effective way to generate leads to find deals?

Rick: Matt, I have done just about everything. I’ve looked in the paper, I’ve follow Zillow, you know. We used yellow letters all the time. Truth to be told is I’m probably behind on about four or five calls that I need to return of people that we send out yellow letters that have actually returned. If anybody haven’t listened to the yellow letters or anybody has listened to the yellow letters, doesn’t think it works, that is amazing.

It is too simple to be true but we’ve gotten some that way. The others have been other investors. I’ve gotten to know other real estate investors. I think that’s important.

I will tell you one thing that I’ve learned, Matt, is I traditionally have not been a fan of the realtor. I don’t see much value there but I have met one or two that actually have been beneficial.

So I think if you’re very particular, you can get some value there as well. So I guess what I’m telling you is there’s no one magic way and you know this because this is what you teach.

You’ve got to have multiple strategies but I know what I’m looking for and I share that. Like I said, now it’s turned into a situation where I get people that will call me as well, you know, with deals because I know what I’m looking for. 

Matt: Right, you know you’re just telling me before we started this call and I told you to save the story about something that happened this morning. Can you gladly start that story again?

Rick: Well, yeah, you bet Matt. I was telling this. You know, I made an offer on another house this morning and the whole way that I even got to that deal was about two weeks ago. A real estate investor had contacted me and said, “Hey, I think you might have an interest in this deal. Here’s the code to the house. Go check it out.”

So I drove out, I took a look at the house, I liked it. So as I was coming out of the house and locking it up, I looked over the next door and there was a “For Sale” sign. So I thought initially, well, I didn’t think, God gave a call and saying to myself, “Well heck, I’ll just call and see what’s that they’re asking.”

So I called the realtor and she was nice and said “This is what they’re asking…” and I said, “Okay, thank you. I have no more questions. I’ll give you a call.”

In about three or four hours later that same day, that realtor, who didn’t know me from Adam, called me and said, “Hey, if you’re interested, this house is pretty for closure and I think we can work.

I know who the bank is and let’s go ahead and make an offer.” and then I said, “What do they want?” and she said, “Let me go see what the details are and I’ll give you a call back.”

So fast forward today, we sat down and we made an offer and she’s working to secure that, well below market and we’ll see what happens. I guess the point, Matt, is I wouldn’t have thought that I was making an offer on the next door, you know, the house next door. By the way, I did make an offer using your, you know, here’s a three-way that I would buy this way. I did make that offer to the other real estate investor as well. 

Matt: Awesome, awesome.

Rick: It is pretty awesome.

Matt: It is, it is, you know. What you pointed out there whether you realize it’s actually happening or not because you do have a little bit of intuition, you know, to recognize an opportunity while you’re out there working. Yes, the yellow letters are very effective. The big, yellow, ugly signs, they work. I’m not a big fan but they work.

Rick: Yeah.

Matt: The classified ads and all that kinds of stuff works but when you start, when you actually get a call from a yellow letter, this is a lesson for everybody right now.

When you actually get a call from a yellow letter and you go out to meet that person, yes, you’re focused on meeting that person and looking at that property but keep your eyes open around you.

I mean, Ricky, you saw the house the next door was for sale. You placed a call there and now you’re submitting two offers instead of one. That happens all the time.

You’ll see another house down the street that’s under construction. You go over there and you talk and you connect with another real estate investor that’s doing business in that area.

Great way, I get so many of my deals from other investors. Another way is, you know, you go out and you meet with them. If you got an offer accepted and you’re going to be fixing that property up, knock the ten doors to the right, knock the ten doors to the left and just tell the neighbours what you’re doing.

“Hey, I just bought this house over here and I’m going to fix that. I’m going to make the neighbourhood a little bit nicer. Do you know anybody else that might be selling?”

I mean, you’re already there, you’re in the middle, you’re in the flow, you know you’re in the zone. You just got your offer accepted. You’re starting your deal and that’s the best time to go and start talking to people.

And when you’re start doing that, you’re going to notice it that the deals will start calling you as you’re starting to experience. So, again, I’m not surprised because that’s a really hard thing to teach.

It’s a really hard thing to convince people of because it’s, you know, seems a little difficult or time consuming on the surface but it’s actually leveraging your time because you’re there already.

You’re not just leveraging your time, you’re leveraging your energy and you’re leveraging your focus because you are in the zone. You were there about business and you can turn one success into two successes really quickly that way. Go ahead.

Rick: Yeah, not only, Matt, in that but now I got a new contact, you know, just to add to my database of people that know that I buy homes.

Matt: Absolutely.

Rick: And knows my criteria are, you know. So I expected we will have a good relationship.

Matt: And you will, I’m sure you will. That’s awesome. So looking back now, Rick. Knowing what you know now, what do you wish you would have done more of inside of the coaching program? 

Rick: Inside the coaching program? So only since we’ve started, Matt?

Matt: Yeah, so knowing what you know now, these last three months, like what could you have done to maybe generate more business or take more advantage of the coaching program? What could you’ve, what would you wish you have done more of? 

Rick: That’s a great question. Here’s how I will answer that in an idle situation, I would have 20 hours a day to dedicate, to close a deal. It came, I would be organized. A little more organized, you know.

It’s something that I, one of my short term goals is to revaluate all the processes that were going through and looking for ways to be more efficient because I’m up against but if I had one thing I can do, you know. If I had unlimited hours early on, we’d be way above the curve at this point. 

Matt: Right, so just more time to do what you already were doing?

Rick: That’s right and that’s what I would tell listeners is, remember, I’m doing this in my evenings and on the weekends. I’m holding a very full time job and I’m having the result.

So somebody’s said, you know I was thinking back and think, “Gosh, in my 20s, if I would have this experience, if I would have this exposure. You know, here I am in my 40s today but I’m motivated over the next 20 years working.”

Matt: Gosh, every time you say something, it makes me think of something else that I just think its awesome is that a lot of my clients, a lot of my listeners are in their late 30s, 40s even 50s. I seem to have most of my, I don’t know if you call it this, I don’t know if I have fans but my fan base without, just lack of another word, are in that demographic.

What you just said is so powerful because I say the same thing also like, “If I read Rich Dad, Poor Dad in my senior year in high school and just kind of ditch Catcher in the Rye, one of the other classics. My life would have turned out completely different.” When you say, “I wish when I was in my 20s, if I would have taken this on.”

And what’s sad is the people that are in their 20s that are taking on this business, deciding that they want to invest in real estate, even in their early 30s, I guess they’re seduced by the easy ways, the easy pitches, those weekend seminars and boot camps that you’ve talked about.

Not until you really go through some of those do you really start to realize that “Wow, okay. So this is actually is work. It’s a real job.” You don’t really take it seriously as that until you’ve been burned a few times. It’s the sad part and you kind of have to be burned a few times before you become a real believer. 

Rick: Hey Matt.

Matt: Yeah?

Rick: Hey Matt, I need to put you on hold for just a second.

Matt: Sure.

Rick: I got some guys standing out here. I’ll set my windows. Can I put you on hold?

Matt: Yeah, absolutely. 

Rick: Okay. 

Matt: He’s standing out in front of a house right now. He’s parked in front of a house that he just purchased and someone is standing outside of his window. So who knows?

Maybe it’s another lead. That would be really crazy and that would almost sound like we planned it, wouldn’t it? But we didn’t, I assure you that.

What we were talking about was, you know, there are multiple ways of taking on this business and getting that education. They’re probably all work.

Just don’t fall prey to the “It’s easy.”, “It’s the push of a button” because it’s not. It’s just not. It does take work but the alternative would be working for someone else.

So you can work hard for yourself or you could work hard for someone else. You can build your dream or you can build someone else’s. That’s the choice that you get and the reason so many people choose real estate investing as that vehicle is that it has produced more millionaires and billionaires than anything else.

So if you’re going to work hard at something, you might as well work hard at that thing that provides you the greatest opportunity or the greatest possibility of success.

So hopefully you’re getting that out of this. I don’t know how much longer Rick is going to be but we will wait for a minute and I’ll have a sip of my Gingerbread Latte Starbucks coffee.

So we’re talking about Rick’s schedule. You know, Rick has a full time job. He has a very time intensive job and he’s been able to create the time on the side to experience the results that he is getting. I think he’s purchased, he’s closed two deals during the coaching program and he just made a second, third offer. 

Rick: Matt!

Matt: Hey, I’m here. 

Rick: Sorry about that. Are you still there? 

Matt: I am. I was entertaining while you were gone. 

Rick: Sorry about that.

Matt: No worries, no worries. Anything important you got to run?

Rick: No, no, I’m good.

Matt: Okay cool, so we’re talking about schedule and you got a full time job.

Rick: Yeah. 

Matt: It’s time intensive and you have been able to produce some really fantastic results in your part-time. So explain to someone else that might be in that situation that has a full time job and wants to do this. What are your day-to-day activities? What is the typical day look like for you right now?

Rick: Well, as four as, well it all sorts altogether. I’m an early morning guy. I’ve got some military background. So normally and I’m a runner so I’m easily up by four.

What I will do is probably Java. I have my first cup of coffee and check my emails real quick and go for a run. First of all, I am a fan so I will often listen to the podcast while I’m running and it gets my mind thinking.

When I get back, I get an email every day and I should say, I have had the benefit and Matt, you know, I have the benefit of partnering up with a marketing team, friends of mine. I now have an automated process for my yellow letters.

So at 7 o’clock every morning, I am now at a point where I get a report of yellow letters that are going out for the day. So I will typically see that report, look through it. I’ll look at any emails, real estate. Emails that I come across and I will look through, then I’ll look through newspapers and keep my contacts.

Then I’ll go into work. In the morning I have a small family. I have two small children so I’m dealing with that in the morning, trying to help. But then I’m off to work and I will get phone calls and emails during work. If they’re urgent, I’ll tend to them but during the day, 99% of my day is what I do for a living. After hours, I will meet with sellers.

I do that, I try to do that every week. My ultimate goal, one thing you drilled into me and one of the things that was important for me to get to realization; I was doing the marketing, doing the marketing and I was making some offers early on but now.

You know, the deal flow is always there and we’re always working on it but my ultimate goal, my measure every week for real estate is how many offers am I making.

So if I come across a deal, I’ll use your analyser. I love the tool. It’s taught me how to look at it from maybe a little different level. I like the way you say we’re “shoppers” versus “real estate buyers.”

I’ve taken that to heart because one thing I know about my business, a lot of times it’s not what you sell that makes you the money, it’s where you buy and what you pay.

So I take that approach but that’s a typical day. By 9 o’clock at night, I’ve looked at deals, I may be made an offer, I’ve met with people and I’ve run my business and on the weekends, that’s where I like to drive around.

I’ve even taken my kids because I think it’s critical. I want to teach them and expose them. So I take them with me if I look at a property and try to teach what I’m looking at. There you go, rinse and repeat as they say.

Matt: That’s awesome. That’s just kinds of show you if it’s important to you, you find the time, don’t you?

Rick: That’s exactly right. For me, Matt, and with you and the one thing I would tell the listeners is, you know, the one thing that keeps me driven on this I have a goal.

I know where I want to be in the next 10 years and every day I think about that and every day, I just wonder if I do a little bit more, just one thing, just by one thing a little differently or one thing a little bit more, will it help me get to where I want to be?

That’s something you’ve helped develop and more importantly, and I’ll say this for those who are out there. For me it was confidence because I’ve been around the numbers but making that first offer is kind of scary.

You know, you think, “Man, I’m going to screw this up.” and that’s one of the things you’ve been able to provide is to help build confidence that you’re going to be okay.

You’ve got an escape clause, you’ve gotten out. You know, as long as you’re doing it with good intentions, you know, you have a way to protect yourself and that’s been valuable.

Matt: Indeed. You know, you said if, you were saying you’ve got your 10-year plan and, you know, if you can, you’re thinking all the time, “If I could just do a few more of this or a few more of that or add one thing.”

You’d get there a little quicker. if you had to add something today based on what you’ve learned, what could you add to your daily activities that will get you greater results? 

Rick: That’s a great question. If I could make five more phone calls a day, I hate to say it but it’s that simple. If I could talk to five more people a day about real estate, I think it would have a very great impact.

Matt: Is that a time challenge or is it just a mental challenge?

Rick: The way I look at it, everybody’s, we all have some wasted time so I think for me it’s continuing to look at my process and put focus on that and come up with the solution.

And in leverage, Matt, that’s one thing. I’m learning to leverage myself because I can’t do it all and I am looking to leverage through the different resources to help do that as well.

Matt: Right, yeah. You definitely need a team. No one makes in this business all by themselves so that’s awesome. So if you can’t make those extra five calls a day, have someone else do them for you.

Rick: That’s right.

Matt: Absolutely. Awesome, so you are on fire right now, Rick. I’m so glad that we got to talk to you before the end of the year. Hopefully it inspired people to take on their investing a little more seriously for the end of the year because they can see what’s possible here today. What do you see in your future for real estate investing?

Rick: Well, next year, I want to add 10 to 15 properties. That’s what I see in the next year for myself but who knows? I just want to have fun while I’m doing it as well, Matt. So I have big expectations and we’ll just keep improved and get to where my goals are.

Matt: Awesome, are you having fun, Rick?

Rick: I’m having a blast. If you can’t tell, if it doesn’t come through, it energizes me and those that are listening that, you know, the whole office environment has a tendency to be an energy zapper but this is a people business.

When you get to deal with people, when you get to find creative ways to be win-win for everybody and you see your network and you see your income. When you can project that out and see opportunities to grow your independence, I don’t know how you can’t have fun.

Matt: I can tell already just from the very, very first coaching call, you’re rather sceptical, maybe a little bit or cynical a little bit.

Rick: Just a little.

Matt: You kind of laid out a warning for me that, “Hey, bud. If this doesn’t work, we’re going to have a problem.” Which I remember that and I appreciate that and you’re definitely a different person right now.

I can just hear it in your energy and your speaking. So congrats to you and your success, any words of advice to somebody that’s listening to you right that might had a couple false starts and is looking for the right way to do this or just looking to get started or somebody that’s just totally inspired by what you said and they want what you have? What would you recommend? Anything?

Rick: Well, what I would say is the person that has maybe and I see this a lot, people that have messed around in real estate and it didn’t work out for them. Everybody makes mistakes and that’s the most valuable education for times but don’t, this isn’t, I think this is a key for those who want to do it and not everybody wants to do it.

But for those, don’t give up just because one or two deals didn’t work out the way you thought they should. We all have our problems, you know, come across our problems and the ability to think, you know, and in that, just think outside of the box.

Just keep on doing it but for those who want to do it that are listening to this and maybe saying, “Hey, you know what. Next year, I’m going to do this. I’m going to try this.”

Whatever they tell you, don’t give it a one year plan. Understand that it is a hard work and, you know, if it was easy, everybody would do it. Unfortunately, I think a lot of people think its easy do it and they get in trouble but I would absolutely look for help.

Whether it’s real estate clubs that are in the area, whether it was Matt in the resources. Those would have been incredibly valuable to me but you can do and that’s the thing is believe in yourself, you can do it.

Matt: Awesome. Well, thank you so much, Rick, for joining us during the holidays, taking time out of your busy schedule. You have a blessed holiday season with you and your family. If it’s okay with you, can we check back in with you next year to see where you stand?

Rick: Matt, any time and I can’t tell you how much I really appreciate you. You’ve been a big help to me and Merry Christmas to you and you call me anytime.

Matt: Alright, thanks buddy. You have a good one. Take care.

Rick: Thanks Matt, take care, bye.

Matt: So as you can tell that phone call was recorded over the holiday break, just before Christmas. I’ve spoken to Rick since and he’s been crush hit even more since that call.

I mean, that’s just been, what, I don’t know, three weeks? Almost to a point where I wanted to conduct this interview all over again but no, I mean, it’ll make for a really good follow up story in the future.

Besides, he touched some invaluable stuff during this conversation, a bunch of stuff actually. But I want to point a few things. First, he’s treating his real estate investing as a long term endeavour. It’s really important. He’s creating relationships. That’s not a short term strategy. That’s a long term strategy but it’s the best strategy.

So he’s creating relationships with every one that interacts with him while he’s conducting his business. I mean, he’s meeting other investors and he’s creating relationships with them. He found a couple of key realtor relationships and you know what, he does so well is he’s always sharing. He’s always sharing his property criteria or investment criteria with the people that he interacts with.

And because he’s sharing his criteria and he’s really specific about it, deals are starting to come to him. The types of deals that he wants, they’re coming to him now. You know there’s a great book that I just read for the second time called “The Millionaire Fast Lane” by M. J. De Marco.

Awesome book, “The Millionaire Fast Lane” and M. J., he comments on how process creates luck. That’s essentially one of the big subjects or the big theme that goes through his book and what that means is very much what I have been saying on this show from the very beginning.

I have been teaching this in my workshop for a really long time and he just kind of summed up in three words; process creates luck. It’s actually one of the hardest things to teach because, you know, before it actually happens for one of the students or one of my people that attend my workshop, most people don’t believe it. But the process does create luck.

Process does create luck. I mean, the more activities you do, the luckier you get. The harder you work, the luckier you get. As you heard Rick share his situation, you notice how he went to one house to write an offer and ended up writing a second offer on the house next door. He’s doing the activities and he stumbles upon opportunity after opportunity.

The activities that he’s doing, that’s the process and during the process, he’s getting lucky then, you know, then the realtor from that second house he wrote the offer on calls him back with a third opportunity. He got a lucky call, right? Absolutely he did but he’s creating his own luck through the process, through doing the work, okay?

Process creates luck, thank you Mr M. J. De Marco for making that so simple for me to explain and thank you Rick for pointing exactly how it works. You know, the second thing I want to point out is, you know Rick said his business would completely transform and be exponentially better if he could just do five more calls per day, just five more calls per day.

I mean, sure. Even if he just did one more call a day that would be 300 more calls per year. How many more deals could you do with 300 additional calls per year? A lot, I don’t know what the number would be but a lot. And Rick wants to do five more per day. That’s 1,500 more calls per year.

Yeah, I mean, no doubt your business would transform with 1,500 more calls per year and that’s just five additional calls per day. You know what, and Rick is starting to understand it’s those little activities. Those little activities performed consistently over time. That’s the process. That’s what I’m always trying to get you to understand.

It’s those little activities performed consistently, daily, like he was, five little additional calls per day. The process compounded over time will produce exponential results for you and it might start off a little bit slow but it does ramp up and it produces these exponential results to the point where he’s getting more calls than he can possible get back to now.

That’s how that works. And the third thing I want to point out is, Rick is measuring his success by how many offers a day that he writes. So as just as those calls are going to compound, the amount of offers that you write are going to compound also and that’s when I really was, when I was really hustling, when I was really in the trenches and working the deals with the motivated sellers and the distressed sellers, when I was measuring my day by whether I wrote an offer that day or not.

Because I know just as those additional phone calls per day will compound, what’s really going to produce the money is when those one offer a day starts to compound. You write one offer a day, you will do deals. You will not have a problem at all but to get to the place where you can actually write that offer per day, you got to do the other activities.

You got to, what Rick is doing, he’s sending out the letters and he’s placing the ads and he’s creating a relationships and, you know, you do your direct mail, you do your road side signs. You just do a multiple lead generating activities and that gets the phone to ring.

When the phone rings then you start setting appointments and we start setting appointments, you start doing your presentations and you start submitting your offers but you got to do all of those little activities first to get to the point where you can write an offer per day.

But that should be your goal and that’s where Rick has gotten to. He’s gotten to that point really, really quickly. He’s measuring his success by how many offers a day that he writes. So make that a goal, I want to write an offer every single day. You know you wake up in the morning and the first question is, “Who am I going to submit an offer to today?”

So think of your business like that, alright? So that’s it for today. I’ll see you next week with another awesome interview of one of my coaching clients and this guy has a very different experience than Rick and Allen from Episode 44.

So be sure to check back in next week and if you’ve got a question or a comment about either of these episodes or anything at all about real estate investing, you can leave your question at 888-891-7203. 888-891-7203.

Leave your question or your comment there and I’ll put your voice on air and I’ll answer your question also. So until next time, as a very wise person once said, “Opportunity is missed by most people because it is dressed in overalls and looks like work.” Thank you Mr. Thomas Edison for that one, to your success. I’m Matt Theriault, living the dream.

(Voice over): Thank you for spending this time with Matt Theriault and the Epic Real Estate Investing Podcast. When you have a moment, stop by iTunes to leave your comments and let us know what you think of the show and if you haven’t done so already, get started investing today by visiting FreeRealEstateInvestingCourse.com to access Matt’s free course, “How To Do Deals, No Money Required” Until next time, to your success.

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Matt Theriault

Real estate investor and educator.