Today, we are going back to our beginnings to share how it felt when we faced our first real estate issues, what it takes to go through the rough times, and finally come to the point where business gets fun. Learn why you shouldn’t take everything super seriously, how you should regard the problems you encounter, and why the goal itself isn’t the most important thing on your way to success.
What You Will Learn About When Does It Get Easy and Fun | HTH030:
- Why you should not get emotional
- How Matt Andrews used to react to bad news
- When it gets easy and fun
- What choices you have if you are experiencing rough times right now
- What kind of mindset you need to reach your goals quickly and less stressfully
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Speaker 1: This is Theriault Media.
Don’t wait for appreciation to buy real estate, buy for cash flow, and wait. In other words-
Hold that house.
Your hosts, Matt Andrews and Matt Theriault.
Matt Theriault: Hey, flipping houses can make you rich. Holding them will make you wealthy. We say it each and every week. This is the Hold That House Show. I am Matt Theriault, and over there is Mr. Matt Andrews.
Matt Andrews: I can’t feel my face.
Matt Theriault: I like it. Before we begin, we’ve got a free gift for you. Go to holdthathouse.com, and download the Four Hour Work Month: The 10 Commandments to Managing Property Managers, the very key ingredient to financial independence through real estate that they are not telling you about. You can get that for free at holdthathouse.com.
Matt Andrews: Cool. And guys, take advantage of that. Those of you that haven’t, those of you that are … especially you regular listeners, we made that for you to save you heartache, to save you money, and we created it because we lost money, and we had a lot of headaches and heartache learning those things. So, guys, those are 10 commandments that really will cut down the curve for you in so many ways. Take advantage of that. Go to holdthathouse.com right now and get it. It’s for you. We made it for you.
Matt Theriault: Right now, go.
Matt Andrews: Go.
Matt Theriault: We’ll wait.
Matt Andrews: Okay. All right, they got it.
Matt Theriault: Okay, cool.
Matt Andrews: All right, cool.
Matt Theriault: All right. We never know what’s going to come out of our mouths, do we?
Matt Andrews: We really don’t, and that’s why it’s fun.
Matt Theriault: That’s right. Okay, enough with the standup. Let’s get to the big question of the day. When does it get easy and fun? I would have never asked that question. I would have never thought to have an episode titled that until that question came into us.
Matt Andrews: It’s a good question.
Matt Theriault: It is a very good question because I started to think back, like, “What do you mean when does it get easy and fun? It’s always easy and fun.” But no, it wasn’t always easy and fun, was it?
Matt Andrews: Definitely not.
Matt Theriault: It definitely was not. In the beginning, it was rather difficult, and it was not fun. It was the opposite of fun. There were days that just flat out sucked.
Matt Andrews: Sure.
Matt Theriault: There were weeks that felt … were just terrible and very frustrating.
Matt Andrews: Been there.
Matt Theriault: Yup, and but when did it get easy and fun? I think when it got easy and fun is when stops taking things so seriously, right? Understood that it is a numbers game. You hear that all the time, that maybe you don’t really get it until you’re in it, and realize that “Okay, this deal didn’t work out. Next. This house didn’t work out, next. Okay, this one worked, this one is good, this one’s good. Oh, this one didn’t work out. Next.”
Once we started just looking at that just looking at your deals as transactions and detaching yourself emotionally, once you started to produce enough income to where next month’s rent wasn’t dependent on your next deal. We talked about the … a while back a couple of episodes on how do you find the money? You find the deal first. So that was number one, was find the deal. Then the second part of that was now when you’re going out to look for the money, don’t look desperate needing it. Have the confidence of going out there.
Once you start doing deals consistently and you gain that confidence and say you have a bad month, you have enough confidence, and you’re like, “It’s not going to be this way forever. I know I just got to keep on doing the activities and do those activities consistently and do them long enough, and I’m going to get the results.”
Matt Andrews: Sure, and you hit on a really good point there, that it was a lesson I had to learn, that one of my early mentors really helped me learn is you don’t get emotional about things. You know what you need to do, and you do it. He told me, and this was something that sticks with me to this day. Because I was getting upset about a deal that was going through, or it was harder than it should have been, whatever it was, I was emotional about something I shouldn’t have been emotional about. He said, “Matt, there’s no such thing as good news or bad news, it’s just news.”
It really helped me understand, “Wow, okay. It’s up to me to decide what I do with this news.” But it’s just good news or bad news. Now, I can get upset about this news, I can get emotional about it, I could say, “Oh, you’re so stupid, Matt,” and I could do the self-talk, and I can do whatever I want to with it. It doesn’t change the situation.
If I’m reacting as, “Look, this is just news. This is a business process, and here’s what you do in this case,” but for me early on, it was, “Oh, they didn’t pay rent on time,” or, “Oh, this tenant told me they’re not going to pay rent,” or something like that. Early on for me, it was an emotional thing. It was like, “Oh no. The person said they’re not going to pay rent. I’m managing these properties. I don’t know what to do,” blah, blah, blah, blah.
Now it’s just like, “Yeah, this person says they’re not going to pay rent. Okay, did they get a three-day notice? Okay, cool. Let’s move on.” Then it’s just like, “Next subject.” So it’s not emotional now, it’s just a process. But if you don’t have those processes or you don’t know what you’re doing, then that’s when the emotions come in, and kind of start to hijack you, right?
Matt Theriault: Absolutely.
Matt Andrews: Yup. But that wasn’t fun back in those days, I could tell you that. I had sleepless nights not knowing what to do. It’s not fun. It wasn’t fun.
Matt Theriault: Our experiences and our day-to-day occurrences haven’t changed all that much.
Matt Andrews: Right.
Matt Theriault: I mean, we still have blown water heaters, we still have roofs that cave in, but we still have a lot of houses that we forget that we even own.
Matt Andrews: Exactly, yeah.
Matt Theriault: Because they just work absolutely perfectly.
Matt Andrews: Just a line item on a spreadsheet now, right?
Matt Theriault: Right. When you keep all that into perspective, that hey, you have some bad news here and there, and sometimes you get it more often than others, more often times than others, but you have so much more that’s not bad news. You know what I mean?
Matt Andrews: Yup.
Matt Theriault: When does it get easy and fun?
Speaker 1: We’ll be back with more right after this.
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Matt Theriault: Well, when you start realizing that real estate investing also is … it’s a skill. It’s something that you learn, and it’s something that the more that you do, the better you get at it. We can all remember when we didn’t know how to tie our shoe, right?
Matt Andrews: Mm-hmm (affirmative).
Matt Theriault: We can all remember when we didn’t know how to ride a bike. If you play the piano or any sort of musical instrument, you all know when it was deafening when you sat down to practice that thing, but now it’s you’ve done it so many times, and now you can run out the door with the phone cradled in your shoulder, tying your shoe, chewing gum, and don’t even know how you got out the door. You don’t even remember, you just went through the motions. It’s because it’s second nature.
Matt Andrews: Right.
Matt Theriault: Real estate is just like that, and understand that … Someone once said to me, “Matt, it’s impossible to learn anything and look good.” You think about that, and you’re just like, “Wow.”
Matt Andrews: Fail fast.
Matt Theriault: If you’re going through it right now in real estate, and it’s not easy, and it’s not fun, understand here’s your choice. Okay, here’s your choice: you can spend the next 40 years of your life going the traditional route working for somebody else, where it’s not easy, and it’s not fun, or you can work the next four years of your life in real estate investing, and building a cash flowing empire, where it’s not easy, and not necessarily fun. They both have their moments, but overall, not really.
Where are you at the end of 40 years, and where are you at with the traditional route, and where are at within the four years with a passive income approach to real estate investing is you’re probably in the same place. You just arrived at the 40-year journey much faster.
Matt Andrews: Exactly.
Matt Theriault: Now there’s a whole lot more life there to enjoy.
Matt Andrews: Absolutely.
Matt Theriault: Rather than that-
Matt Andrews: You’re not deferring it.
Matt Theriault: … 40-year life deferment plan.
Matt Andrews: Exactly. I think for me, it started to get fun … because I think a lot of people think, “Okay, I’m setting these goals. Here’s the goal: one day I want to have this.” It’s like they kind of don’t let themselves have fun until they have that thing until that goal is met.
If the big, giant goal is a goal that’s … you’re working towards for a long time, or even a period of years, you’re going to feel like, “I can’t feel good about this yet. I can’t have fun with this yet.” For me, I started having fun when I set goals, set definitive goals, knew exactly what I wanted to do, and then saw measurable achievements along the way.
Matt Theriault: When you hit your milestones.
Matt Andrews: When I hit my milestones.
Matt Theriault: Right.
Matt Andrews: And I thought, “You know what? I haven’t achieved the goal yet, the end goal, but I am in the process of accomplishing that process, and I see it. I’m in the middle of accomplishing it.” When you know you’re heading in the right direction, making it happen, engaged in making that worthwhile goal happen, and you can see those milestones, like you said, it does get to be more fun, because you know it’s working.
Like you said, you do that one deal, you have some belief. You do that second deal, you have even more belief. The more deals you do, the easier it becomes. Deals are still deals. They still entail what they entailed before you knew how to do them, but you’ve changed, so it’s become more fun, and you see those results. It starts to become fun then, because you know, “Hey, I set goals, I set this direction, and I see that I’m definitively moving in that direction.” That’s so gratifying. And it works the opposite way too.
Matt Theriault: Absolutely.
Matt Andrews: Then you get those negative milestones, it’s really hard to do, but that’s a process of not setting goals and not doing the right things.
Matt Theriault: Right.
Matt Andrews: That’s when it started to get more fun for me, was hey, I looked around and thought, “I’ve done this quite a few times now. I’m really doing this. I’m really a full-time real estate investor. Even though I’m not as free as I want to be, and even though I might be working more than I want to be, I’m seeing where this is heading. If I keep heading in this direction and keep growing, eventually I’m going to be totally free.” You know?
Matt Theriault: Right.
Matt Andrews: It’s not like one day you wake up and you’re free, but one day you wake up and you kind of realize, “Wow, this plan put into action really has started to make it happen.” That’s when you start doing the fine tweaks and start looking at other things, and branching out. To me, that’s when it gets fun.
Matt Theriault: Yup. If you’re going through it right now, and it’s rather difficult, it’s discouraging, it’s frustrating, and it’s not fun, hang in there. It happens. Matt and I were in your shoes at one time, and we’ve been there. Have faith.
Matt Andrews: Yup, and if you’re having fun all the time and you never have any problems, guess what? You’re not on the right track.
Matt Theriault: You’re not doing it right.
Matt Andrews: If you’re not reaching any resistance and there are no obstacles, and everything’s just … We actually, you and I, Matt, know somebody who acts like everything’s great all the time, there’s never any problems, and in his business, he’s talking about his business, and everything’s great and everything. You and I both know he’s not really doing anything in his business. He’s either totally stagnant, or because he can’t even address any obstacles or anything like that, that’s inactivity is what that is, and delusional. You know what I’m talking about.
Matt Theriault: Yeah. Yup, totally. With my coaching clients, when we have our conversations, just based on the questions they ask, I know who took action and who didn’t.
Matt Andrews: That’s not an action-based question.
Matt Theriault: Right.
Matt Andrews: Exactly, and you can tell. Okay, that’s a question you only ask when you’re in it doing it, right?
Matt Theriault: Exactly.
Matt Andrews: You wouldn’t have even thought about that question otherwise. I love those kinds of questions.
Matt Theriault: Yup. One of my early mentors, he had said, “You know, if you’re getting more than one out of seven offers accepted, you’re paying too much for real estate.” I was like, “Wow.” When you start looking at it that way, like, “I need to write more offers.” Or if you’re like, “Hey, this is fine. I get every offer accepted.” You might not be going down the right path.
Matt Andrews: Yeah, and you may not know until too late or something.
Matt Theriault: Yeah, exactly.
Matt Andrews: Absolutely.
Matt Theriault: But cool. It does get fun, and I like the saying, “It doesn’t necessarily get easier, it’s you that gets better.”
Matt Andrews: Absolutely.
Matt Theriault: Right?
Matt Andrews: 100% agree with that.
Matt Theriault: Super. Alrighty, so that’s it for today. Flipping houses can make you rich. Holding them will make you wealthy. We’ll be back next week. Until then, remember, don’t wait to buy real estate, buy real estate and wait.
Speaker 1: Hold that house.
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