Getting to Your Next Level | 478

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Your Next Level

Discover how to exit the rat race 10 times faster than through the traditional approach most people follow! Learn how to make the 6 levels of real estate investing work for you, how you can get to your next level, and take the free and easy survey at whatsmynextlevel.com to help you determine what level you’re on.

Your Next Level

What You Will Learn About Getting to Your Next Level:

  • Where the majority of the wealth is created
  • How to exit the rat race 10 times faster than through the traditional approach most people follow
  • The secret formula that makes the 6 levels of real estate investing work
  • Recap of the 6 levels of real estate investing
  • How you can get to your next level
  • The difficulties of being both boss and employee and how to overcome them
  • The free and easy survey at whatsmynextlevel.com to help you determine what level you’re on
  • The challenges of the stability level
  • The specific actions not to slip back and get stacked but move to your next level
  • Why you shouldn’t shift into defense mode at the stability level
  • Why you should build a team
  • The first key employee
  • The strategic questions you want to ask yourself

Whenever you’re ready, here are a few ways we can help:

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Work with me One-on-One

If you’d like to work directly with me on your business… go to REIAce.com, share a little about your business and what you’d like to work on, and I’ll get you all the details!

  • Would you like to meet in person? Our next live event is right around the corner! Go to EpicIntensive.com for the details.
  • Become an Epic community member at The Epic Real Estate Investing Show 
    One of my favorite things to do is share with investors the latest and greatest tactics and strategic friends I make. I do it every week and you can listen in by subscribing to The Epic Real Estate Investing Show podcast on iTunes – Click Here.
  • Grab my book, Epic Freedom ($1) 
    I frequently hear from people looking into investing in real estate for the first time, “How long is it going to take?” So much so, I wrote a short book about the 2 easiest and fastest strategies to a paycheck in real estate. You can grab a copy for $1 and I’ll pay the shipping – Click Here.
  • Join our Badass Investor Program and be a Case Study 
    I’m putting together a new Badass Investor case study group at Epic Real Estate this month… stay tuned for details. If you’d like to work with me on your real estate investing, go to FreeRealEstateInvestingCourse.com to get started.
  • Also, check these out:

Thanks!

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Transcript

Speaker 1: This is the Epic Field Report.

Matt Theriault: So Maura good to see you.

Maura McGraw: Good to see you too Matt.

Matt: So I was looking on Facebook in our private Facebook group, and I noticed something that brought huge delight to me and that was … You’ve been in the REI Ace program for I don’t know what six-seven months maybe?

Maura: Yeah, that sounds about right.

Matt: Okay yeah, and then you got your first two deals done and I just wanted to talk to you about it really quickly. You got two of them done all in the same day. How did you find these?

Maura: So I found them through my property finders on the ground in Alabama, so we had several property finders that we work with and that’s become the main way that I source deals. So out of the several deals that people brought to me, in the beginning, we talked though some ones that weren’t going to work and these two they both came within a week of each other, both of the numbers worked really well, so I just decided to jump in and try to do both of them at once.

Matt: Awesome, so is this the property finders portal that’s inside of REI solutions, is that how you got them?

Maura: One of them we got through the message that you taught us of advertising on Craigslist and then connecting. And one was a prior relationship.

Matt: Got it perfect. Okay. So obviously you’ve already sold them so that was your exit strategy. I’ve got a picture here but I’ll just let you share that number, can I ask how much you made on these?

Maura: So after we pay everything off one was a little over 24 grand and one was about 15 grand.

Matt: So that would be like 39 grand?

Maura: Yep.

Matt: That’s awesome. That’s great, so super, what’s the biggest lesson learned in these two transactions?

Maura: Oh man, that is hard to answer because there were so-

Matt: A lot of lessons, every transaction is an education that’s for sure. If you had to point it out for one what would be the biggest one?

Maura: So I think the biggest one was probably how to finance deals that were my biggest concern going into these, having the military background I didn’t have a ton of extra cash to bring to the deals myself so finding the finance scene was a challenge at the beginning. And we went through, we initially had one lender that fell through in the last minute, which forced us to find a private investor which ultimately honestly turned out to be the best thing ever. Because this person wants to be involved in many more deals to come, so it all worked out. But I think the biggest lesson was, I just had to be creative and really put myself out there to find the funding for the deals.

Matt: Okay. So it wasn’t a money problem, it was an idea problem?

Maura: Yes.

Matt: Very good. Super so how are you going to celebrate?

Maura: I’m going to celebrate by buying our first Hold property on Monday.

Matt: Oh, that’s fantastic congrats. So Mercedes has shared with me that you are indeed coming to the Epic intensive in Boston?

Maura: I am.

Matt: Super, I’m so excited to see you there, and then I’ll probably ask you to share a little bit more and we’ll get into the nitty-gritty of the intensive.

Maura: Great.

Matt: Well thank you so much, keep doing what you’re doing, stay in touch, let us know when you need something and then hopefully we’ll be doing this again shortly.

Maura: Okay, awesome.

Matt: Alright, take care.

Maura: Bye.

Matt: Bye.

Speaker 1: This is Theriault Media.

Matt: Hello? What’s up, welcome to the Epic Real Estate Investing Show where we meet here each and every week, to help everyday people escape the rat race using real estate. We’re here every week, up to six days a week now, soon to be seven and just thank you for listening to this show thank you for sharing this information and sharing the show with your friends and family. And if you haven’t done so already make your way over to Instagram and follow us there @epicrealestate. And the field report that you just heard, this was with Maura McGraw and she’s a new REI Ace client, a fellow marine [inaudible 00:04:41] and a total badass. And she just got two nice size flips completed just recently as you heard, and as of the recording of this portion of the podcast, she did take those profits and purchased her first rental property.

So she closed on her first rental, and I just got word as you heard me share there as well, that she is indeed coming to the Epic Intensive and she’ll be sharing with us how she was able to get everything done from an absolute dead stop zero experience in this type of real estate and how she just got it done so fast. So she’s going to be there. In fact, I remember her right after the implementation summit here at the office that we do with our REI Ace clients. And within a week she requested us to turn her lead machine off because she had more leads than she was able to handle. And basically all she needed was one of those two, I think we got her one and she had one from a previous relationship and she had those two deals already under contract. And she just said, turn it off.

I need a break because I got to take some time to go fix these up prior to me flipping them and so I don’t know. Anyway, if you’d like to join us in Boston for the next Epic Intensive, it’s coming up in less than a month. We still have a few tickets available. Go to epicintensive.com and get all the details there. And if it looks like a good fit for you what you see there on that page with all those details, grab a ticket and we will see you there. The whole team and myself will be there and we’re looking forward to meeting you in person. Alrighty. So today, actually what I’m gonna do is I’m going to refer back to several episodes ago. It was about two months ago because I made a promise back then and I haven’t been able to keep it until now.

It was those episodes where I walked you through, I think it was six sequential episodes that I walked you through the six levels of real estate investing and we’re all here to climb those levels and here’s why you want to climb these levels. These six levels of real estate investing are if you’re not receiving passive income, you’re not receiving cash flow, you’re not receiving residual income. What you are is you’re essentially a slave to your bills or you’re a slave to your job, and if you happen to be of the four percent of the population who were able to save enough over their lifetimes to eventually retire financially independent. If you’re among those four percent of the lucky, the ones where everything kind of worked out in your favor, you made enough money, you’re able to save enough money and you got that pile of money high enough to where it created a stream of income for you. That residual income for you, you know, by the time you were able to make that happen.

The most active years of your life are behind you. They’re done right. Your health just isn’t what it used to be. Your activity isn’t what it used to be and you missed out on a lot, made a lot of sacrifices to get there and now you’re in the third trimester of your life, so to speak. So climbing the six levels of real estate investing, this is gonna enable you to overcome this because per those statistics by the Department of Health and Human Services, 95% don’t make it at all, then four percent happened to squeak by and make it under that old antiquated strategy, and then one percent actually makes it to a status of being wealthy, having a net worth of $5,000,000 or more.

And have that one percent, 74% of them either made their money or preserve their money in real estate. So that’s where most of the wealth is created. That’s why if you want that for yourself, that’s where the average person just has a legitimate shot at really making it happen for themselves. I mean there’s other ways for sure, but this is where most people can get it done and so climbing the six levels of real estate investing is going to enable you and empower you to get it done for you to get it done for your family. So the six levels of real estate investing are designed to make it easy for you to climb to the top of your real estate investing game, providing you with peace of mind and a secure financial future. And if you do it right, it’s not just your future, but it’s your children’s future and your children’s Children’s future. I mean, it’s a legacy that you get to create through real estate.

And by climbing up the levels, you will be able to play by the new rules of money and win. Because all those rules, I think it was 1972 when we were taken off the gold standard the rules of money changed that day and it’s when saving money became a losing proposition. The new rules of money, it’s all about streaming money and so you’ll be able to play by the rules of money by climbing these six levels, you’ll be able to watch your financial concerns dissipate and you’re going to experience more free time once you get to the top, and ultimately this is going to create a life of options for you and your family. Investors who climbed these six levels, they can exit the rat race 10 times faster than the traditional approach most people follow.

Now, when I say 10 times faster, it sounds like I just pulled that number out of thin air because it’s a nice round easy number to say, no I’ve done the math, I’ve put it on the spreadsheet, and if this is how you’re going to go about working and saving the average person here and then the average person comes over here, they go to work and they invest in real estate, it’s 10 times faster. Okay, so it’s still a lot of work. I’m not saying it’s easy. It can be rather simple, but it’s still a lot of work. It’s just the big question is, how long do you want to work hard? That’s the biggest question. It’s all hard work. Alright. It’s just how long do you want to work hard? So here’s the secret formula that makes the six levels of real estate investing work.

You need a few things. You need the right road, you need the right vehicle, you need the right fuel, and what those three things equal is financial freedom. That’s where it delivers you to. Okay, so the right road is the pursuit of passive income. The right vehicle is real estate and the right fuel is leverage. Okay, so the right road, it’s going to make it shorter, less stress, having the right vehicle, it’s going to create certainty. It’s going to simplify everything and you’re going to beat the market and it’s going to last forever, and then the right fuels gonna accelerate your progress. It’s going to be less work and you get to be in much more control that way. And all that equals financial freedom. More money, more time, peace of mind. Okay, so the six levels of real estate investing, I’m just gonna cover those really quickly.

Just kind of recap those and then I’ll share with you how you can get to your next level regardless of which level you’re starting at. So level one is the startup level earning zero to $5,000 a month. This is where you’re working in your spare time. Okay. Just kind of picture a pyramid right now. Okay. A pyramid and we’re starting at the bottom it’s divided into six different sections that pyramid, so the bottom section is going to be the biggest. The top section’s gonna be the smallest. Okay? Level one, startup earning zero to $5,000 a month working in your spare time. Level two, this is the survival level. Earning five to $10,000 a month, working part-time. Level three stability, earning 10 to $20,000 a month, working full time. Level for success. The success level earning 20 to $50,000 a month working overtime.

Level five is the scale level earning 50 to $100,000 a month. Now you’re starting to get more of your time back. This is where it starts to make sense, and then level six is where you reach that level of significance where you’re earning six figures plus a month and now you’re experiencing a whole lot more free time, all the free time that real estate investing promises, but you gotta start at the bottom and work your way up, and then how fast you work your way up is entirely up to you. Now each level has its own experiences. It has its own lessons, it has its own vulnerabilities. Each level has specific steps of what there is to do to ensure that you keep moving up the pyramid, right? You got to keep going up. You don’t want to fall back. You don’t want to get stuck, you want to keep moving up and there are specific steps at each level to take, to keep you progressing upward.

So when you take on real estate investing, you are your own boss and for a lot of people that get started in real estate investing, this is their very first experience of ever being their own boss. It’s their very first experience where they’re 100% accountable to themselves and not accountable to somebody else. And when you are your own boss, you are also your own employee. Yes, you get to be your own boss, but you still need an employee. And in the beginning, you’re going to play both roles. So you’re going to wear both hats. So you tell yourself what to do and then you have to do it. So this dynamic becomes complicated when the employee version of yourself isn’t meeting the expectations of the boss version of yourself.

And this is a big epiphany for a lot of people and they’re like, this isn’t working and it’s not, well it’s probably you aren’t working. You know, the boss version is telling yourself what to do, but the employer version of yourself is not doing the work. So here’s how you use the pyramid to make sure that this doesn’t happen to you. So you know exactly what there is to do so that you’re being productive and you’re not just being busy. So the six levels of real estate investing are the natural progression of how to become your own boss and eventually becoming the business owner and having completed every level myself to create these steps. What I did is I just simply reverse engineered how I got to the top and then I wrote a standard operating procedure, an SOP for each level. So on each level what I’ll do is I’ll explain what you’re going to experience.

I’m going to create clarity around where you’re vulnerable and then I’ll give you a custom step-by-step prescription to get to the next level. And I mean you may even find some things that you’ve missed from previous levels and this will be a great chance for you to go back and plug up the gaps and move forward with even less risk. And technically, I mean there’s no reason for you to move up only one level at a time either. It’s not unheard of to take huge leaps of two to three levels at a time or do those leaps really, really quickly. But whether you choose to move quickly or slowly, what you’ll do is you’ll find an appropriate checklist to use four your plan of action and as I said, I promised this during these initial episodes, I just wanted you to have it in written form and have it in checklist form so you could use it as your actual to-do list.

And it just took much longer to put it together than I had expected. But I didn’t forget. So I wanted to come back around and share it with you once I had it completed and I have completed it. And if you’d like a copy, it’s yours for free. I’ll certainly give it to you. And so after sharing this with several of my students and looking at it over several times myself and sharing it with one of my mentors, I discovered most of them. Most of my students, I just got that most of them weren’t actually aware of which level they were on. They thought they were here somewhere, but then they actually went through a little process and they were like, “Ooh, that’s not where I’m at. I’m somewhere else.” Meaning someone working the hours of one level but making the money of another level and sometimes that worked in their favor and sometimes that didn’t work in their favor.

And it left them a little overwhelmed or confused as what there was to do. Do they go back and fix the stuff that’s broken or do they take new actions to keep moving forward? So what I did is I took this action plan a step further. As I understand all progress. It begins with the truth. That’s the only way you can begin moving forward is you have to identify exactly where it is that you are right now. And be very truthful and honest with yourself about it. And what I did is I created a very short and easy survey to help you determine what level you’re on so you’d know exactly where to start. And you can take that survey and you can grab your action plan, your custom action plan at whatsmynextlevel.com, and When you get there, I’ll give you kind of an idea of what your results will look like. After you answer those few short questions, this is kind of what it looks like.

Let’s say you’re on, the results kick it out and say boom, you’re on level three, the stability level. So what that means is you’re earning 10 to $20,000 a month and real estate is a full-time gig for you, and that’s what I know about this level. And here’s what else I know about you and what the survey’s going to reveal. I know you likely have some working systems in place. You’ve got some systems in place. You have to have systems in place of some sort to get you here. And while they might not be perfect systems, they’re good enough for right now. You’re more clear on what you’re looking for in a deal because you’ve got several under your belt now and you know what a deal looks like to you.

You’re forming solid and strategic relationships. You’re gaining credibility within those relationships and you probably have more options now for exits as opposed to just wholesaling or flipping. And what I find most common among people at this level is that they start to notice their friends and their associates are changing their tune a bit by congratulating them on their success. In the beginning, a lot of people might be saying you’re crazy, my son says you’re a cuckoo monster. Right? And that just means you’re a little out of your mind, you’re thinking against the grain, you’re going against the crowd and people think you’re Kind of like, you’ve lost it. Right? But all that, at this level, they start to change their tune. They start to congratulate you on your success. They start to get a little bit curious about what it is that you’re doing and you’re gaining family support if you didn’t have it already.

A lot of people get started and one of the spouses is a little skeptical of what the other one is doing and at this level though, you’ve pretty much ended up on the same page. One of you have proved yourself to be sufficient at this and competent, so this is some of the stuff that’s happening at this level. Okay? Just some of it, and here’s what you’re likely feeling. This what you’re feeling at this level. When you’re feeling simultaneously accomplished, like you, you’ve done it. You’ve probably made this transition from your day job and now you are your full-time boss now, so that feels good. You feel accomplished. Like I did it. You got a sense of self-actualization, but at the same time, you can have this other feeling that kind of contradicts a little bit. You’re a little bit nervous about being on your own, right?

You’re a little overwhelmed, you’ve got a little bit more responsibility, it might be a little stressed, and you’re more convinced that you need some help and support staff at this point, you’ve probably been a one-man band of some sort up to this level, maybe add a virtual assistant in helping out with some stuff, but you’re convinced, okay, so if I’m going to keep growing, I need some help and some support staff because I can’t do it all. And you might have this other little feeling of you’re a little bit paranoid that your success won’t last, like, what if I fail? What if the market shifts? What if I run out of money? What if people stop living in houses? Whatever it may be, but you start to get a little paranoid and you’re worried about what you’re going to do if it doesn’t work out, but at the same time, you’ve got this other thing like excitement for the future, like, Gosh, what if I succeed?

On one hand, you’re like, what if I fail? Oh my God, on another side is, what if I succeed? Let’s keep going and go for it. So you’ve got these different types of emotions going on, and with these experiences and with these feelings, comes a specific vulnerability at the stability level. I mean each level has their vulnerabilities. But at the stability level your business, it’s being built on a really only one person’s expertise and that’s yours, being essential that you are your own single point of failure in your business. Like if you walk out tomorrow and get hit by a bus, your business is done. And if you have other people relying on you for their support, that means they’ve lost their income as well. So that’s a big vulnerability and you’re potentially trying to do too much at once.

You’re being a little bit afraid to let go because you got yourself to this point and you’re afraid to give anyone any sort of control on something because that’s a little bit scary, especially if you’ve never done it before. And you might be playing a disproportionate amount of defense to protect what you’ve created falling into the trap of playing not to lose. And that can be a dangerous spot because you know, this is as high as you’re going to get if you shift into defense mode right here at the stability level, that’s a big vulnerability for people. And you know, you’re implementing with trial and error, you’re focused more on the how to do things rather than who can do these things for you. You’re being maybe, and on the other side, you could be a little bit overconfident like, Hey, I did this, I got here, I’m good, I know what I’m doing.

And you might be taking it easy a little bit. And what that does is it kind of threatens your progress to dip back into the survival phase, and that’d be level two. So you can be a little bit nervous about going forward. You’re trying to protect what you got or you’re a little bit overconfident. Starting to take your foot off the gas a little bit and maybe you’re starting to enjoy some of the fruits of your labor already and both of those places. Not a good place to be. And what you do know though is, you’re probably not moving forward as fast as you’d like to, so you’re still being tempted a little bit by the shiny objects. Might be some distractions out there. You’re looking at what others are doing because now you’ve met a few other real estate investors out there and you’re comparing yourself to others and you’re thinking like, is the grass greener or is it not?

If you got in a circle with other investors on the stability level, this is what I promised. You’ve got these issues, you’ve got these challenges and if you got into a circle with other investors on the stability level, and you all put your problems in the middle, just lay them on the ground, you’d quickly pick yours back up. So be careful comparing yourself to others. And you could be trying to grow too fast by saying yes to every opportunity because you don’t want to miss out on anything. Either you’re saying yes to every opportunity because you’re overconfident. You think you can handle it or you’re trying to protect what you have and you don’t wanna miss out on anything and you think you could use some backup. Okay, so those are all some of the things you could be feeling and if and if 70 to 90% of this is true, like everything I just shared with right there is, it doesn’t mean all of it’s true, although, and very often it is all of it is true, but it just if 70 to 90% of that is a match and if like I said at which most of it is, maybe not every single feeling of vulnerability here is right on the nose, but for the most part it is so.

And so there are specific actions for you to take to make sure that one, you don’t slip back. Two you don’t get stuck. And three you make sure that you keep moving forward. So here’s some examples of actions. You want to focus on leveraging as much lead generation as possible. You want to get yourself out of the lead generation game and make sure that those leads are coming in automatically. You want to take all the standard operating procedures and processes that you’ve documented and started creating job descriptions. You know in level two, you should be creating those SLPs, you should be creating those processes and you want to start creating job descriptions and you want to hire help and you want to start by delegating all the mundane, low paying tasks to either contractors or virtual assistants and interns or maybe even all our employees, but ultimately you want to start building a team, a team that can support you.

There is no self-made person. Once you get to a certain level, the self-made thing goes right out the window and you need a team to support you, and the first hire might be an executive assistant to run the office and to run your team members, this is a really key here, right? It takes you out of the personnel management and so you’re focused on the highest and best use of your time and that’s talking to sellers, negotiating contracts, and then the next part would be talking to your executive assistant and make sure that you are delegating to them and they are managing team members at this point. You don’t want to become a person of value in your relationships to increase your credibility. The relationships are going to become more and more powerful to you and much more and more useful, more and more practical the higher you climb these six levels.

So those are some examples and in your custom action plan there are also some strategic questions that you want to ask yourself that will give you specific insights for your own specific situation and these questions that create this custom action plan even more customized just for you of which will lead to adding custom actions that you can take. Alright, so questions like what are you doing participation wise that’s working well? Like what are you doing right now that you are participating that’s working well? And you want to make a note of that and then what could you have done but didn’t do? But aren’t doing? Because there’s always things that we know we could be doing that we’re not doing. And what have you done that you could have done better, and there’s things that we do and we don’t do it as well as we thought?

So those are all important answers to have at this level because it’s going to give you good insight and additional actions to take to get you to the next level. And another question could be, what recurring obstacles are in the way of you becoming a full-time real estate investor? Right? What recurring obstacles, because right here, you’re working full time, but there’s obstacles and challenges that seem to keep rearing their ugly head and getting in the way. What are those and how can we get rid of those? Okay? And then each custom action plan, it ends with a list of recommended resources that’ll help you carry out your action plan more easily and efficiently. So if you’d like to see where you are and what needs to be done specifically to get you to where you want to go inside of your real estate investing, go to whatsmynextlevel.com, I just gave you one quick overview of level three, the stability level.

So that might be where you are, you might be above that, you might be below that. And if that’s the case, you have different actions to take. You have different vulnerabilities to be concerned with. So if you want to get to your next level, go to whatsmynextlevel.com, totally free, no obligation and answer a few questions. And then boom, you’re going to get your customized action plan. And then there’ll be a little video there of where I’ll actually even walk you through the whole thing. Okay? So go to whatsmynextlevel.com

Right. That’s it for today. God bless to your success. I’m Matt Theriault.