Will This Law Change Your Business?

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Hey, I want to share a law with you that fundamentally changed my biz and life… forever more, for the better.

A long long time ago, waaaaaay back in 2004 (lol… I’m only 30 years old), one of my mentors let me in on this… and it’s a good thing.

You see, after my first year investing, I knew something had to change. The financing techniques I had used (conventional financing, hard money, parters) just weren’t working for my goals, my needs.

So I decided to get private money.

But after trying and failing… getting “no” after “no,” I almost quit.

Then I learned a law from my mentor that completely changed the way I approached getting private money.

It gave me confidence and belief in myself that I didn’t have before. If you had more confidence and belief in yourself and business, don’t you think it would be easier to get private money?

You bet it is.

Will This Law Change Your Biz?

Alright, here’s what my mentor shared with me that changed my biz and life forever… he said that when you do something often enough, a ratio will appear.

I know that probably doesn’t sound like a big deal, but stay with me.

That’s the law of averages.

In baseball, they call it batting average.

Step up to bat, swing 9 times and miss. Then on your 10th swing, you get a hit… and the law of averages kicks in.

And here’s why that’s HUGE…

Once a ratio starts, it tends to continue.

Step up to bat 10 more times and chances are you’ll get another hit.

Think about it… if you’re new to getting private money, it may take you 10 appointments to get your first private lender… but then you can expect to get another one from your next 10 appointments.

And guess what?

With repetition, your ratio can be increased.

In baseball, hit 3 out of 10 and they’ll pay you millions of dollars!

Strike out 7 times and get paid millions.

Not bad, ehhh?

The problem with most people is that they’re unwilling to step up to the plate at all… or after they swing and miss, they quit!

Sorry but that doesn’t cut it.

In order to put the law of averages to work for you, you’ve gotta keep swinging, keep setting up appointments to show your private lender PowerPoint presentation, keep spreading the word about your opportunities.

And once the ratio appears, all you have to do is meet with ”x” number of people, and you’ll get another private lender.

That simple law gave me the confidence and belief to keep swinging… and it will do the same for you.

- Patrick

P.S. – If you’re wondering, the mentor I’m referring to is Jim Rohn – America’s Foremost Business Philosopher. This lesson came straight from him… the man, the myth, the legend.

I wrote a post on the PMBP blog that has a few of his videos on “How To Have Your Best Year Ever.”

It’s really good stuff.

P.P.S. – Also, a BIG congrats to Tammy Reoch of La Habra Heights, CA!

Tammy got her second private lender on board this past week. And get this… he wants to “start” with $300K – $400K.

Whoohoo! Nice work Tammy!

Just another one of our Private Money Blueprint members easily getting private money in today’s market.

Tags: jim rohn, law of averages, patrick riddle, Private Money, Private Money Blueprint, private money powerpoint, private money presentation
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Are You an Asset or Liability to Your Success?

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Not sure about where you live but it’s been absolutely gorgeous in Charleston, SC lately.

Recently, one of our Platinum Private Money Blueprint members, Mike Johnson,and his wife Audrey were in Charleston… so I took ‘em to one of my favorite spots, The Boathouse at Breach Inlet.

The view is AMAZING! Best spot to watch the sunset in Charleston.

Check us out…

You know, there’s a certain language to success (which is an ASSET to you)… and Mike speaks it.

He’s a new investor and is going to be buying multi family deals. He hasn’t done his first deal yet but here’s what he told me the other day… he said, “I will do this. It’s only a matter of time.”

Is your language an ASSET to your success? Find out below…

Are You An Asset Or Liability To Your REI Success?

Take a good hard look at yourself.

Are you growing or shrinking? Are you taking steps towards your goals or letting them drift away? Are you doing the things you know you should be or letting fear stop you in your tracks?

If you’re growing, if you’re taking steps towards your goals, if you’re doing the things you know you should be, then you’re an asset.

If not, a liability.

There are a few core areas of your biz that we need to make certain you’re an ASSET… because real estate investing, building a business requires it.

>> #1 – Education

You’re an asset if…

You are committed to CANI (constant and never ending improvement). You read good books, blogs, articles, etc on a regular basis.

You take massive action. You know that the REAL learning comes from the field… not in the classroom. You learn from the people you meet, the experiences you have, the mistakes you make along the way.

>> #2 – Language

You’re an asset if…

You speak confidently about yourself, your abilities, your business, your future.

You don’t use weak words like “try” or “wish.” You boldly exclaim (at least to yourself) that you can and will do whatever you set your mind to. You don’t say “I can’t”… you ask “how can I?”

>> #3 – Planning

You’re an asset if… you live by the Proverb, “He who fails to plan, plans to fail.”

You know what you want in biz and life and have written plans to make it all happen. Even though you don’t know exactly “how” you’re going to accomplish your goals, you know that with a strong enough “why,” the how takes care of itself.

You do the best you can with what you have… and are flexible – adjusting your plans along the way as needed.

>> #4 – Network

You’re an asset if…

You understand that your network makes a HUGE impact on your net worth… and actively look for ways to build new relationships and strengthen existing ones.

You associate with like-minded positive people who are where you want to be. You’re active in organizations like REIA, chamber of commerce, Rotary, the “private lender referral source” I shared with you recently, small biz association.

Regardless of whether or not you’re comfortable meeting new people, you do it anyway.

So, let me ask you again…

Are you an asset or liability to your success?

If you’re currently a liability, it’s time to do something about it. Now!

All it takes is one decision… a decision to actively educate yourself, speak the language of success, plan, build your network.

If you have any questions, if I can help you with anything, let me know.

I’m here for ya :-)

Happy Investing!

- Patrick

P.S. – Was thumbing back through Napoleon Hill’s classic, Think & Grow Rich, and came across this nugget of wisdom…

“Where failure is experienced, it is the individual, not the method, which has failed. If you try and fail, make another effort, and still another, until you succeed.”

As an asset to your success, as someone willing to make another effort, and another… there is only one result.

Success.

Tags: creative real estate investing, patrick riddle, real estate asset, real estate investing, real estate investing success, real estate liability
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Why Are You A Real Estate Investor?

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Before I dive in here, if you’re wondering where in the heck I’ve been, I’m not surprised. I haven’t been posting nearly as much over the past few months… whew, just been super busy.

I’ve had a few BIG projects on my plate that have been consuming my time… editing/updating the entire written manual of my Private Money Blueprint system for 2011 (releasing the new version in a couple weeks), just took on a new group of Platinum coaching clients, working on a few new deals, among other projects (can’t let the cat out of the bag yet on these… top secret stuff :-)

Anyway, I’m still here… and am going to get back on track posting awesome content and resources consistently for ya.

Now for today’s post…

“Why are you a real estate investor?”

Are you an investor because you want to replace your income and quit your 9 to 5? or you want to be your own boss and do what you want, when you want? or you want to make your millions and retire to the good life?

All of these are great reasons to invest in real estate. BUT…

… what if we took it one step further… and looked not at “what’s in it for me”… but “what’s in it for others”?

What if we focused on how many people benefit from what we do as real estate investors? What if that was the motivating force, our “why”, for being an investor?

I can tell you from experience… when you focus on helping other people, when you focus on truly serving others, magical things happen.

Seriously.

When you help enough people get what they want, you’ll get what you want (I think Zig Ziglar said that).

I got an email recently from PMBPer Bryan McClaskey which spawned this post… because he recently closed his first private money deal (whoohoo! congrats Bryan!) and made a list of all the people who benefit when he does a rehab deal with private money.

Here’s an excerpt from the email he sent me:

- – - – - – - – - – - – - – -

1) the seller gets rid of their property

2) the seller’s bank gets a non-performing asset off their books (assuming it’s a short sale, in foreclosure or an REO)

3) the real estate agent(s) make a commission

4) the local economy… all the contractors and suppliers get paid for work on the rehab

5) the neighborhood… the neighbors are happy to see an ugly house that was bringing down neighborhood turned into a pretty house

6) the buyer wins by getting a safe, clean, affordable home

7) the private money investor gets a good return that they can’t get from the traditional market

8) and last but certainly not least… I make a nice fair profit in the process

I found my calling! my purpose! just the thought of helping all those people keeps me awake at night!

- – - – - – - – - – - – - – -

I love it Bryan! That’s the mindset that breeds success, that breeds wealth!

Thanks for letting me share your email with everyone here.

Alrighty, that does it for now.

Get out there in the REI trenches and go help some people :-)

- Patrick

P.S. – Bryan sent me another email because he thought of more people who benefit from his transactions… “the buyer’s lender, the appraiser, the buyer’s home inspector, the pest control company, the insurance agent.” Nice!

P.P.S. – Can you think of anyone else who benefits from your deals? If so, toss ‘em in the comment area.

Tags: bryan mcclaskey, creative real estate investing, patrick riddle, Private Money, private money investor, real estate agent, real estate investing, real estate investor
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Do you have a “Master Mind” group?

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In Napoleon Hill’s book, Think and Grow Rich, the ninth step towards riches is called “Power of the Master Mind”.

If you haven’t read this classic yet, add it to your reading list immediately.

Many of the most influential people in business attribute much of their success to this one book.

I’ve probably read it 8 or 9 times now… and just started reading it again. Because as Jim Rohn says, “Repetition is the mother of skill.”

Let me give you a quick background on the book… then we’ll dive into what is meant by the “Master Mind” principle and why it’s vitally important to your success, and we’ll finish up with steps on forming your own Master Mind alliance group.

Think And Grow Rich by Napoleon Hill

In 1908, as part of Napoleon Hill’s work for a magazine, he interviewed Andrew Carnegie. Carnegie’s company, US Steel, was the first billion dollar company in the world…. and he believed that success could be distilled into simple principles  that would make it attainable for anyone to achieve great financial success.

Carnegie commissioned Hill to go on an exhaustive 20 year study of 500 of the most successful people of their time.

Hill interviewed Henry Ford, Theodore Roosevelt, John D. Rockefeller, Dr. Alexander Graham Bell, Charles Schwab, Thomas Edison, among many others…

… and in 1937 published, Think and Grow Rich, which would become one of the most influential and best-selling books of all time.

This work is referenced as the “science of personal achievement”. And yes, it’s a science.

The “Master Mind” Principle

Hill says…

“The “Master Mind” may be defined as: Coordination of knowledge and effort, in a spirit of harmony, between two or more people, for the attainment of a definite purpose.

Economic advantages may be created by any person who surrounds himself with the advice, counsel, and personal cooperation of a group of men who are willing to lend him wholehearted aid, in a spirit of perfect harmony. This form of cooperative alliance has been the basis of nearly every great fortune.”

After 20 years of studying the most successful people in the world at his time, he realized that if you analyze the record of anyone who has accumulated a great fortune (even those who accumulated modest fortunes) either consciously or unconsciously employed the Master Mind principle.

So, if you’re not currently in Master Mind group, it’s time to form one… asap!

How to Form Your Master Mind Alliance Group

Here are a few simple steps to form your Master Mind group…

Step 1 – Read Think and Grow Rich

Step 2 – Define your Master Mind group’s purpose

Maybe you decide that your purpose will be to forward your own and other member’s real estate investing businesses.

Step 3 – Set a goal for when your first meeting will be

Step 4 – Invite potential members

If you don’t know who to invite, it’s time to start networking.

If you’re group is going to focus specifically on real estate investing, start by going to your local REIA meetings. Call all the real estate investor marketing in your area… seek out like minded people who want to grow their businesses through cooperation… and invite ‘em to participate in your Master Mind alliance.

Step 5 – Decide when, where, and how often you’ll meet

I’m in a Master Mind group that meets quarterly in person. We have four members (all biz owners) – a publisher, an attorney, a musician, and myself. We rotate where we meet based on where each member lives.

I’m in another that meets monthly by phone.

Alrighty, now get out there and form your Master Mind group.

If you have any questions, comments, or thoughts, toss ‘em in the comment area.

- Patrick

P.S. – One of my Master Mind groups met recently in Cabo… gotta love “work” when it calls you to a beautiful tropical location :-)

Check out this little video from the weekend…

Pretty cool, eh?

P.S.S. – If you’ve decided to start your own Master Mind group and follow the steps outlined above, tell the world about it in the comment area. Who knows… maybe you’ll connect with someone here who would be perfect for your group.

Tags: Andrew Carnegie, Master Mind, Master Mind alliance, Master Mind alliance group, Master Mind group, Napoleon Hill, Napoleon Hills Think and Grow Rich, Personal Development, Think and Grow Rich
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How to Overcome Distractions & Keep Focused on Your 2011 Goals

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In today’s post, Rob Russell of The Real World Investor shares 5 tips to help you stay laser focused on achieving your 2011 goals (and btw… Rob’s one of our PMBP member’s who is kicking some serious butt in today’s market… he’s getting private money and closing deals right and left… go Rob!)…

Hello fellow Real Estate Investors,

I must admit, with the invention of social media, I-phones, I pods, and who knows what those brilliant marketers are working on next, keeping your focus on your goals in 2011 is going to be a challenge!

I’m speaking from experience.

You see, even after a 10-year stint in the Army where I was hand-picked to be trained as a “sniper” and where I developed incredible mental focus and clarity, I struggled after I got out of the service.

Luckily I had the mental fortitude and discipline to develop my own systems and habits that keep me focused and on track to reach my goals.

As you get to know me more, you will see that one of my passions is to help out my fellow investors and share what I’ve found works best in “THE REAL WORLD”!

With that said, here are my top…

5 Tips & Tricks to Overcome Distractions & Stay Laser Focused on Your Goals

(I’ve spent the last 20 years fine tuning these… enjoy :-)

1) Develop a Weekly “Roadmap” to Follow

What works for me is a template I have developed that I call my “Weekly Performance And Accountability Progress Sheet”. In a nutshell, I break up all the areas of my Real Estate Business, and  put down 1-4 tasks that I want to accomplish in each area for the week.

2) Develop a “Mini Roadmap”

Each day I develop a simple and easy to follow checklist of the 5-10 tasks that are most important for me to get done that day. I draft this up in an e-mail and put it on my clipboard and carry it with me. I review it often, and check off a task when I complete it.

3) Stay FLEXIBLE and ADJUST as you go

You have to realize that we live in an imperfect world, and you are going to have to work around that. If you don’t complete some tasks for that day, carry them over to the next day. Also realize that sometimes your priorities will change and you might just take something off the list as a more important task (higher income producing) comes along.

4) Guard Yourself Against “TIME VAMPIRES!”

Let’s face it, as you go through a typical day you are going to get into situations where you can feel yourself getting sucked into a task, or talking to someone and you get that feeling you are starting to drift off target!

That is where you need to ask yourself “Is what I’m doing right now, the best use of my time, and getting me closer to my goals?”.

Be honest with yourself, and if the answer is NOT EVEN CLOSE, stop doing it immediately. If you’re in a conversation, politely look at your watch and tell that person  “I’m sorry, but I really have to run, I have a few things I still need to get done today”.

5) Keep a Daily Journal of Your Progress Towards Your Goals

I know what you’re thinking right about now… “Man this guy sure likes to write a lot, I’m never going to find the time to do that much writing, I’m way too busy!” Here is my answer to that, MAKE TIME! This will help motivate you to write down your goals:

In 1979, interviewers asked new graduates from the Harvard’s MBA Program and found that :

=> 84% had no specific goals at all

=> 13% had goals but they were not committed to paper

=> 3% had clear, written goals and plans to accomplish them

In 1989, the interviewers again interviewed the graduates of that class.  You can guess the results:

=> The 13% of the class who had goals were earning, on average, twice as much as the 84 percent who had no goals at all.

=> Even more staggering – the three percent who had clear, written goals were earning, on average, ten times as much as the other 97 percent put together.

(Source:  “What They Don’t Teach You In The Harvard Business School”, by Mark McCormack)

Pretty darn cool!

Ok, I have to run! I have a few more tasks I want to get done before I wrap up my day!

Talk to you soon,

- Rob Russell

The Real World Investor

P.S. – Here’s a pic of my wife, Kristi, and I hanging out with Patrick in Portland at Ron Mead’s Probate Mastery Conference. Good times!

________________________________

If you would like a copy of Rob’s “Weekly Performance and Accountability Progress Sheet”, go to The Real World Investor and toss your e-mail in the sign up box on the right hand side just below the video.

Tags: creative real estate investing, goal setting, Personal Development, private money blueprint member, real estate investing, Rob Russell, The Real World Investor
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