How to Fast Track Your Real Estate Investing Success
By Matt Theriault
If I said it would take 22 years to master the fundamental tactics that ensure ongoing wealth creation through real estate.
You would be out of here.
And for good reason.
Bad news is…
It Did Actually Take Me 22 Years to Learn the Lessons and Tactics I’m Revealing in This Blog.
But good news is…
I’m going to share it all so that you can jumpstart your success – no matter if you’re working on your first big deal, or already cruising along with $10k+ monthly passive rolling in.
Here is Why It Took Me So Long To Figure This Out…
I was constantly distracted by ‘eye candy’.
No, not the type of eye candy that makes you want to quickly turn around on the street to see if that ‘special’ someone might be looking back at you.
I’m actually talking about all the distractions that pop in front us everyday, right here, online.
We seriously have a barrage of gurus and companies all throwing out huge promises and hyped up offers.
And I fell for them all.
I was being tugged left and right. And sure I was learning, but my progress was slow due to my lack of laser-focused commitment.
But Then All My Course-Hopping Paid Off as I Started to See the Two Underlying Critical Components.
My big insight was this.
All of these gurus, coaches, real estate tycoons, and life hackers usually hyper focus on one area.
Either the inner game (mindset and success psychology) or outer game (strategy and execution).
And this brings us right back to why it took me 22 years to put together the insights in this blog.
I Was Constantly Being Tugged Back And Forth Between The Inner and Outer Game.
Which actually slowed down my growth and made it take even longer to build the portfolio of ongoing profit producing properties I was aiming for.
With so much hyped up eye candy constantly tugging us in different directions.
I wanted to do something different.
So here it is…
My goal today is to break down 22 years of knowledge into 12 hacks that will solidify both your inner and outer game so you can build real and ongoing profits in real estate without veering off track with multi-month detours and crash landings.
5 Master Hacks For A Solid & Successful Inner Game
- Always invest in yourself and your business.
Put yourself first. Not in a selfish way. But you really need to invest in yourself and your business before you invest in anything else! That includes real estate, stocks, or anything! You are your most important asset and that always comes first.
Read. Learn. Educate. Improve. It’s not as hard as you think and you don’t have to spend a cent. Every single new thing you consume is something to learn from. So just taking those few extra seconds to look for those big takeaways will skyrocket your learnings, and your earnings.
By investing in yourself first you build up your number one tool, YOU, which will guarantee long term success when you get to closing bigger and bigger deals. Plus, even if you’re just starting out you’ll bring more value to whatever is bringing in your income right now, and the pay off for that is more income that you can use to get your first deal, or more deals.
- Find a mentor who’s already made it to the top.
This one took me years to learn and here’s why. Whenever you hear this from someone else it sounds ‘self-serving’, like a promotion in some way. And it can be seen as that. But really, don’t let this little truth stop you from the power of this one.
Just because you find a mentor doesn’t mean you have to buy something from them. Just follow them, get on their email list, read books, setup an alert that instantly informs you when they make a big move. You can learn so much for free. And just watching what they do and how they act will inspire and motivate you.
If they’re making it happen — so can you.
- Don’t listen to “advice” from friends.
Everyone has a story they want to share when it comes to real estate investments, risk taking, and/or making money. And I’ll tell you what… most of these stories are BS. Now, I’m not saying the stories are fake, but I am saying people believe things that are only true to them.
We all justify our behavior. And how do you think someone struggling through life is going to view the possibility of ‘making it big’? Big point here, don’t listen to people who’ve given up on their dreams.
Do you want to learn to succeed or fail?
Listening to people satisfied with a 9-5 grind is only going to push you into that grind as well. The real truth is, they likely had to do some mental dirty work and give up on some pretty big goals to be content slaving away for a lifetime.
- Don’t listen to your gut-feelings (a/k/a emotions).
You’re not buying a house to live in here. Take that simple sentence to heart. When you’re house shopping for your own castle — sure the decision will be filled with emotion as you dream about what life will soon be like for you.
But don’t do that when investing.
Think of every purchase as a strategic decision, or a stepping stone, to get you closer to your end goals. That means thinking in terms of how much profit is in the deal, is there anything that a renter wouldn’t like about this home, how much equity do I project in the next 5 or 10 years?
Notice one thing here. The questions you should be asking are all math based. And that’s what you want. You don’t want to follow your stream of emotions. You are a strategist, executing plans and following simple formulas (i.e. buy low sell high) to build your net worth so you don’t push someone else’s wagon as a career.
- Find and follow your freedom
On this one you need to split up freedom into BIG PICTURE FREEDOM and EVERYDAY FREEDOM. Let’s start with everyday freedom as you need this first.
This is achieved when you can finally walk away from working for someone else and have enough coming in to cover your baseline expenses. This is an achievement. A Milestone. And with this accomplishment you now have 24/7 time to build your dream life and business.
You also need to plan out your big picture freedom from the start too.
So what does your big picture freedom look like? Write it down. Make a vision board. Predict how much monthly passive income you need to make it happen.
You should know both the numbers you need to achieve, and have a clear picture of what life will be like when you get there.
7 Bulletproof Outer Game Essentials That Reel In Ever-Growing Real Estate Profits
- Know how to cut the string on losses
This is crucial when flipping or holding houses. The biggest boss tycoon got there not because they always won big, but because they lost small! Not every pick is a winner, but we can reduce our losses by having more than just a Plan A from the start.
So make sure to look at each investment from different angles. Have a Plan B, and Plan C ready to roll — just in case.
Big picture, you need to ALWAYS analyze EVERY property for equity and cash flow. If a property has strong potential for both then it’s solid because if one goes south you can rely on the other. But if a property looks like an equity treasure chest but has some issues that make short term cash flow impossible — be careful!
- Always think big picture and long term
You don’t want another job. That’s not the point. But I’ll tell you one thing, it’s tough to stay away from the lure and hype of wholesaling, or fix and flip opportunities. The numbers look pretty, and they can entice even the best of us.
But if your entire business is built around constantly finding deals and flipping homes then how and when are you going to be able to stop?
Money is addictive, and fix and flip is like a quick-hit of income that you’ll never be able to walk away from, because when you do, your entire income is gone too!
So think long term and big picture here. Money is really not the end game, it’s just the means to provide what we want out of life. And when you keep that in mind, it becomes a little more clear that we need more than geyser-style income that spurts every once in awhile — we need constantly flowing Niagara falls income that fills our bank account 24/7/365.
- Don’t spend what you don’t yet have.
The worst idea is to buy something and figure out how to pay for it later. If you start out this way it’s tough to break away from it — leaving you always broke and chasing the next dollar since you’ve already spent it.
Don’t do it! The key to building your bankroll is figuring out a budget that you are happy to live on, and sticking to it. That way, when money starts rolling in — it goes straight into your next property and starts to work for you. Building up another stream of income. Faster and faster.
Trust me on this one. Once you get used to it, it’s much more satisfying seeing your net worth grow than sitting on a beach sipping a mojito with a side-serving of guilt since you know your profits are being slurped up.
- Delegate confidently to people as driven as you.
This can be a tough spot to be in. You have to give up some control, but by doing that you buy your own time back so you can focus on more, and bigger deals. Still though, how do you make sure to not get stuck with a contractor or property manager that starts to take you?
The key I’ve found is to find people as driven as you. You want someone hungry and in the phase of growing their business. Someone dedicated to their craft, passionate, and there when you need them. If you get a corporate feeling or sense a lack of connection between the person and their business then just run the other way and find someone else.
It’s not just about intuition though. Do your due diligence, read everything online, talk to people who work with them, make them drive you by a couple projects they are working on to see how everything is flowing and how they describe what’s happening.
Trust me on this one. Spend the extra time to find the people you can count on. An entire project can come crumbling down quick with a bad contractor, team member, project manager, or property manager. So make sure to spend time up front and be willing to put in more time after you hire them to make sure they perform to your standards.
Good news is, once they’re trained, and if you treat them right, they become another one of your profit-producing assets. And that’s time well spent.
- Always design systems that automate the mundane.
A lot of what you do can be built into a system then outsourced to someone else, or better yet automated so that a computer takes over and starts producing results for you. This one tactic alone will ensure you don’t just build another job — but a life you want to live.
When you automate you’re talking big game here, and it’s the tools used by all successful entrepreneurs and business people to build real wealth. Knowing this from the start will be extremely valuable as when you think in terms of:
“How can I make sure this can run on autopilot without even a second of my ongoing time?”
Then success will be built in and you’ll be able to quickly develop systems that get you to the top without sucking away your most precious asset: time!
This is actually an area my team focuses on first since it ensures we’re working on building a consistent business — one that brings in cash flow and allows you to focus on your genius level work so that you can get every cent of value out of what you do best.
So anytime you’re doing anything, make sure to stop and ask if this can be optimized and automated? And if so, spend that little extra time to develop your system or process in a way that can be taken off your to-do list and given to someone else.
- Go deep before you go wide.
This can be an easy one to forget. Remember that ‘eye candy’ I talked about above? To us — entrepreneurs, dreamers, real estate bosses, and business builders — it can be easy to get sidetracked on the next best thing before we really solidify our knowledge on what we’ve already proven works.
Here is an example…
Let’s say you decide single family residences are going to be your thing. You buy the house. You make sure to get it right. You get all your inspections done and everything is up to snuff. You shine it up, clean it up, and make sure everything works. You run ads, put a tenant in, put together a contract, and open clean lines of communication. You find a property manager and work with them to make sure they’re going to manage this just like you would.
Then you start collecting the checks and think….
Maybe a 12-unit apartment complex is what I should go after next? Or how about this storage facility? No, no, no. Once you’ve got your first house down you have a PROVEN PROFIT SYSTEM. Now it’s time to repeat, repeat, repeat!
The more you repeat it, the more you will improve it, and that means every deal will become not only bigger, but easier and faster. You won’t get those type of gains if you diversify and start over with every investment. So remember, when you find something that works, work it!
Go deep, not wide!
- Find the deal first.
Don’t let money stop you from finding your first deal. I’ve seen it happen so many times. And it’s easy to think that we should have the money before we look for a deal. But that’s not what works, and here is why.
A good deal is actually way more rare than money. I mean, what do banks hold? Do they sit on cash or sit on good deals? If you had a stockpile of money could you go to the good deal store and make a purchase?
NO! NEVER! It doesn’t work like that. The deals are hard to find! Money is everywhere. Trust me on this one, even if it doesn’t seem like you have the cash to pull it off…
Find the deal.
The money will then come to you. I’m not saying this like some ‘law of attraction’ sort of thing and that money will just magically show up. But I am saying money is out there sitting and waiting for a good deal to invest in.
So don’t worry about who’s going to buy it when you find it. Don’t worry about how you’re going to sell it. And don’t worry about who your potential investors will be to help you fix up the property after you have it. Don’t worry about all that…
When you are skilled at finding deals…
Money will come to you.
Thanks for reading this!