Hey, I’ve got an awesome resource (it’s free and you can access it online) that allows you to legally spy on banks… so that you know when they’re lying to you.

Maybe you’ve had this experience…

You’re interested in doing package deals. So you call a bank and ask if they have any bulk REO. But you’re pretty darn sure they’re not telling you the truth. How do you know?

I just shot that video and walk you step-by-step how to research a banks REO inventory online.

And if you’re thinking… “Sounds great Patrick but I don’t have funding to buy package deals.”

Guess what?

You don’t have to buy bulk REO packages yourself, you can also broker them. So… NO EXCUSES!

Watch the video below now…

Here’s the link to the FDIC website.

Leave your comments and questions below. And if you enjoyed this video, make sure to “like” it before ya go. Thanks!

- Patrick

P.S. – Want to learn more about Bulk REO?

PMBP Faculty Member, Susan Lassiter-Lyons, taught me about this killer resource… and she has an in-depth video called “6 Simple Steps To A $50,000 Payday Buying, Flipping, Or Brokering Bulk REO.”

It’s definitely worth checking out! Enjoy :-)

P.P.S. – Here’s a pic of Susan and I hanging out at The Boathouse on Isle of Palms. One of my favorite spots that’s right in my backyard…

No related posts.

Hey, I was on the phone with Private Money Blueprint member, Tim Ryan, and he was telling me about a 42-unit deal worth $3mm bucks he closed.

It’s amazing how far Tim has come since joining forces with us back in May ‘09.

A few short months after implementing the PMBP system and processes, he sent me this message…

——

“Several months ago I was spinning my wheels trying to close a single family with a bank… earlier this month, I closed on a 16 unit deal, a 2 duplex deal, and another duplex deal REO – with private money. My net monthly cash flow is $2000!

Thanks guys because I know this is just the beginning.”

——

Yep, it was just the beginning Tim :-)

From spinning his wheels trying to close a single family deal through a bank… to closing multi-million dollar deals.

And get this…

Tim hasn’t used one dime of his own money to acquire any of his properties. To finance the 42-unit, he put a simple ad online and got $560k in private money!

I asked Tim if he would hop on the line and share exactly how he’s finding and funding his deals… and he said “YES!”

And as I’m sure you can imagine… the interview kicked some serious butt! Our Private Money Monthly members loved it.

Here’s just a sample of what Tim covered:

* How to get Realtors feeding you “pocket listings” (great deals that other people aren’t finding)

* Tim’s secret ingredient (it starts with a “P”) to getting private money

* How he used a pre-payment penalty to his advantage when negotiating the 42-unit deal

* The exact ad that Tim used to find $560,000 in private money AND a credit partner (swipe and deploy this into your biz)

* The unconventional method Tim used to find the PERFECT resident property manager

* and much more!

The good news for you is…

We record all of our live monthly trainings and I uploaded the video in the member’s area :-)

= = = = = = = = = = = = = = = = = = = = = = = = = = = = = =

Not a Private Money Monthly (PMM) Member Yet?

= = = = = = = = = = = = = = = = = = = = = = = = = = = = = =

To get access to this recording, you have to be a PMM member… but right now, when you take a measly $2.95 test drive in PMM, you get 4 of our training programs… FREE!

>>> Become a PMM Member, Get 4 Training Programs, & Access The Interview w/ Tim Ryan <<<

Heck of an offer if I do say so myself (but there’s a reason for that… just click the link and I’ll explain).

Oh yeah and btw, this is a PART-TIME thing for Tim. He has a full time gig, is married, and has 3 kids.

So no “I don’t have time” excuses.

You can do this.

- Patrick

P.S. – Check out this pic of Tim with his wife and son outside of his new 42-unit deal…

Congrats buddy… from the entire PMBP family!

We’re proud of ya :-)

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Alrighty, just put together a brand new video for ya on finding hidden profit centers in your deals.

I walk you through a real world situation from last week with one of my Platinum coaching students, Jason Tooley.

Through the negotiation process with a seller of a 48 unit deal, I told Jason to ask two questions (that you’re about to learn) that uncovered piles of additional profits.

Check out the video below…

Amazing what a couple simple questions can uncover, ehhh?

Join the conversation here and toss your questions, thoughts, whatever is on your mind in the comment area.

And before you go, show some love and “Like” this post. Thanks :-)

-  Patrick

Related posts:

1. Why Are You A Real Estate Investor? Before I dive in here, if you’re wondering where in...

In today’s post, Brooks Conkle of The Southern Investor shows you how to profit from competition through cooperation…

The last 2 wholesale deals that I have done used a key strategy that a lot of investors, especially new ones, don’t use.  What was the strategy?

Relationships W/ Other Real Estate Investors

Typically thought of as competition in the world of wholesaling, other investors can be a valuable source of business given that you take time to develop relationships with key investors and keep in touch on a consistent basis.

Why do I think that having ‘friendly competitors’ is a great idea for your business?  Because you won’t always have all of the pieces to the puzzle that are needed to make a deal successful.  The Property, The Buyer, and The Financing – all 3 of these must be had in some shape or fashion in order to cash out a deal.

Buyers go through cycles and even serious buyers are not always buying.  You might send them a deal and they may be busy fixing properties, working on refinancing others, not like the area, etc – anything can happen in their lives that can delay them buying your property.  You may find what you think is a perfect deal but for some reason the buyer list that you have developed is not biting on your property.

What should you do?

Break out your trusty relationships with other wholesalers.  Offer to JV (joint venture) with another wholesaler that can bring a buyer in exchange for 50% of the profits.  I believe that if you incorporate this strategy that you will experience more long term growth and will generate more profit than if you don’t.  You can do more deals in a shorter period of time if you do and start incorporating the velocity of money into your business model.

Let me show you how…

If you have a list of say 100 buyers and you know of 5 other serious wholesalers that have the same, then you have expanded the number of buyers for your property from 100 to 500.  The same works with deals.  If you are marketing for deals and so are the other 5 wholesalers in your network, then you potentially have 5 times the number of deals to market to your buyer list.

I hope that you choose to see other investors as potential profit centers and not just competition.  I urge you to begin building relationships with other wholesalers today!

________________________________

Brooks Conkle is a world vagabond and outdoor enthusiast that renovates and wholesales properties in Lower Alabama.  He started The Southern Investor to chronicle his business and pass on knowledge to others.

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I met an investor recently, Casey Cavell, who is buying 200 to 500-unit self storage buildings without any of his own cash or credit.

He’s using a mix of seller financing and private money to close big deals… no money down. And he’s only 25 years old!

So, I decided to hop on the line with Casey and do a full “whats working now” call where we go into detail exactly what he’s doing to find private lenders, to convert them, and how he’s putting that money to use in his real estate business today.

I do an interview like this every month for my Private Money Monthly (PMM) students.

…  just one of the things included in the PMM program is a monthly interview with someone (no gurus, underground investors you’ve never heard of) who is doing really really well in today’s real estate market.

Self Storage Investor & Entrepreneur Casey Cavell – Inside Interview

Below is a short segment (12 min or so) from my interview with Casey where you’ll learn:

=> How he structured his first self storage deal (over 200 units!) with the seller and private lender

=> Exactly what he was looking for in a good deal – his buying criteria

=> The list broker contact who you can use too to find great deals

=> The 2 things that tipped him off and assured him he was staring at a goldmine

… and more.

Check out this clip from Casey’s interview…

Isn’t that awesome?

Think about it… if a twenty something kid can do 200 plus unit self storage deals without any of his own cash or credit, you can do single family or small multi-family deals, right?

Hope you enjoyed Casey’s interview.

If you have a comment or question, toss it in the comment area.

~ Patrick

No related posts.

You’re about to learn 5 simple ways to build your wholesale buyer list.

Why do you want a wholesale buyer’s list?

Because…

… wholesaling property is the quickest way to make a buck in real estate investing. It’s not uncommon to make $3K, $5K or even more on a wholesale deal (as you’ll see in the video).

To wholesale a property, you find a motivated seller, put a contract on the property, and assign it to a buyer. That’s it.

So, I put together a little video to show you how to build your wholesale buyer’s list… that way, when you have a great deal you would like to flip for quick cash, you can do so.

(note, this video was for our Private Money Blueprint students… but we got such good feedback on it, I had to share it with you too :-)

Also, after you watch the video, make sure you download the free wholesaling form.

How to Build Your Wholesale Buyer’s List

Check out the video below…

Like I said, pretty simple right? This isn’t brain surgery or anything.

Ok, here’s the link to download your free wholesale buyer questionnaire…

>> Grab Your Wholesale Buyer Form – Click Here <<

Got a question, comment, tip?

Toss ‘em in the comment area.

Happy Investing!

~ Patrick

P.S. – One of the best things about wholesaling is that you don’t need cash or credit. I made $10,000 on my first wholesale deal when I was just 22 years old!

If you’re interested in learning more about wholesaling, grab this FREE 7 day mini-course.

No related posts.

In today’s post, Bailey Harris shares 19 real estate investment tips on researching, buying, selling, and taxes…

Real estate can be a lucrative investment. It can also be a financial nightmare if you don’t know what you’re doing. If you have been thinking about investing in real estate or if you have already made the decision to invest in a property, the following tips will help you increase your chances of success.

Research Tips | Real Estate Investing

1) Get the lay of the land. You should be familiar with appreciation and depreciation, property management, and general real estate before making any significant investments.

2) Compare property values and rents in the neighborhood you plan to invest in. The list prices and average rents on nearby properties will give you the best gauge of what a home is worth in that area.

3) Research the neighborhood carefully before purchasing a property. Are there schools, jobs, entertainment venues, and other things that tend to draw tenants and home buyers? Does the neighborhood have a lot of crime? Are there any plans to destroy or build property in the area in the near future? These are just a few of the questions you should be able to answer.

4) Network with other real estate investors to get an understanding of how they operate. Learn from their successes and failures so that you can become a better investor.

Buying Tips | Real Estate Investing

5) Get your money together or get pre-approved for a loan before you begin the negotiating process. This will give you some leverage with the seller and make closing a breeze.

6) Always personally inspect a property before purchasing it. If you aren’t sure what you’re looking for, hire a home inspector to examine both the house and the site it’s built on.

7) Know how much money you will need to prepare a property for sale. If this number is not correct, you may never be able to sell the house for a profit.

8) Do not buy the first property you see. There are lots of houses for sale. Take time to evaluate your options and choose the best real estate investment opportunity.

9) Be a tough negotiator and get that property for the smallest price possible. The less you spend, the more you stand to earn. If you can’t get the price down where it needs to be, walk away and find a new property.

Tax Tips | Real Estate Investing

10) Consult with a tax adviser before making any real estate investments. This will help you understand the tax consequences of your purchases and turn good investments into great investments.

11) Keep good records. This cannot be stressed enough. You should document all of your expenditures, profits, and mileage. Keep all of your receipts and make notations of who, what, when, and where in case you need explanations for the IRS.

12) Hold your property for at least 12 months if you want to reap the long-term capital gains tax break. Turn it around quickly (less than 12 months) and you will pay the same tax rates on your gains as you do on your income.

13) If you buy and sell multiple properties each year, consider doing so under the name of a corporation or LLC versus your own name. The IRS sometimes classifies people who buy and sell multiple properties as “dealers.” The dealer designation prevents you from getting capital gains tax benefits.

14) Remember that tax laws can change rapidly. If the success of your investment relies entirely on the current tax code, you could find yourself in financial trouble.

Selling Tips | Real Estate Investing

15) Real estate investors do not always make good contractors. If you aren’t good at fixing or building things, find someone who is before undergoing a major improvement project.

16) Focus improvements on kitchens, bathrooms, and bedrooms. These rooms are almost always the biggest selling points in a house.

17) Market your properties in any way you can–advertisements, social media, open houses, agent tours, and virtual tours. Good marketing can help you sell your property faster and for a better price.

18) Hire a good agent if you don’t have time to do all of the work that goes along with selling a house. An experienced agent can show buyers around, negotiate on your behalf, and handle all of the paperwork so you don’t have to.

19) Be realistic about the market. If you expect to sell a home within a week for an above average price, you will inevitably be disappointed when it doesn’t happen. It takes time to sell real estate. If you are realistic and persistent, you will have a much better investing experience.

_________________________________

Guest post from Bailey Harris, who writes about homeowners insurance for www.homeownersinsurance.org.

No related posts.

Check out Ron’s victory speech below…

Congratulations to Ron… way to go Probate Guy!

The 2010 Final Standings

1) Ron Mead, The Probate Guy – 2010 Champ – 251 Votes
2) Steph Davis – 189
3) Julie Broad (’09 Champ) – 154
4) JP Moses – 148
5) Craig Fuhr – 120
6) Patrick Riddle (aka Sergeant P-Rid) – 65
7) Shae Bynes – 22
8) J Scott – 20
(less than 20 votes)
9) Jamel Gibbs
10) Alex Joungblood
11) Rachel Hernandez
12) Peter Kolat
13) Scott Costello

Now, let’s give a round of applause for all the excellent REI Bloggers! You guys and gals pour your hearts into your blogs… and the 1000+ votes below are a testament to that!

AND, a BIG THANKS to everyone who voted. It means a TON to us bloggers…. we salute you :-)

It’s been my pleasure to host another great REI blog battle.

That’s it for ol’ Sergeant P-Rid.

See y’all next year for the 3rd annual battle. It’s gonna be big!

~ Sarge

P.S. – Are you an REI Blogger? Interested in participating in next year’s battle? If so, leave a comment below with your name and link to your blog.

P.P.S. – If you voted for Ron, Steph, or Julie, you’re in contention to win one of those Private Money Blueprint Training Systems. Good luck!

Julie Broad
Life As Real Estate Investors

Real estate investing live and on location across north america. Videos, tips, and resources to help you invest successfully in any city!

• 
• 
• 

Ron Mead
Buy Probate Property

If the coffee I’m drinkin’ and what I’m just thinkin’ or your just a winkin’, then we’d better say bye, cause I’m just the Probate Guy!

• 
• 
• 

Steph Davis
Flip This Wholesaler

Rags to riches real estate: the daily musings of a bartender turned REO wholesaler …

• 
• 

JP Moses
REI tips

Imagine Real Estate Investing…Undressed. It’s practical, real & “Average Joe” friendly. Stop by & grab my 53 Free REI Forms on the house!

• 
• 
• 

PATRICK RIDDLE
Must Know Investing

Your Source for Creative Real Estate Investing Tips, Tools, and Techniques… and Host of Battle of the REI Blogs.

• 
• 
• 

Shae Bynes
Good Faith Investing

Shae seeks to inspire and inform with stories from the streets. Some even call it chicken soup for the real estate investor’s soul. :-)

• 
• 
• 

Peter Kolat
Real Estate Internet Marketing

Real Estate Internet Marketing Blog-FREE 56 pg. Real Estate Black Book-The Only Place to Get Secret Internet Marketing Strategies For FREE.

• 
• 
• 

Jamel Gibbs
REI Education Academy

FREE 5 Part Crash Course on Wholesaling Houses provided by the Jamel Gibbs. Discover Pure Real Estate Investing AWESOMENESS.

• 

Rachel Hernandez
Adventures in Mobile Homes

Sharing stories and adventures about investing in mobile homes. Learn from Rachel – aka Mobile Home Gurl – who specializes in this niche!

• 
• 
• 

Scott Costello
Struggling to Get Started

A Nine-to-Fiver overcoming fears and a lack of time. No tips, tricks or fast profits here, just every day experiences from a new investor.

• 
• 
• 

J Scott
1-2-3 Flip

123Flip.com brings you the nitty-gritty of a real life house flipper, including detailed financials, schedules and results down to the penny.

• 

Craig Fuhr
SurReal Estate Success

Craig Fuhr is a super-star investor & premier rehabber. His blog is a daily stream of insanely fun & real-life RE Investing tips & videos.

• 
• 

Alex Joungblood
Wholesaling Houses in Real Time

A full time wholesaler making it happen in a down real estate market. How you can still make a full time income wholesaling houses.

• 
• 
• 

Alrighty…

Here’s a quick recap of the contest rules from the video above:

1) Contest starts October 18th and ends at midnight EST on October 21st.

2) You must be 18 years or older to participate.

3) Pick your favorite real estate investing blogger.

4) VOTE by entering the name of your favorite blogger in the comment area below (only 1 vote allowed per person… violators will be disqualified).

And check out the prizes…

1st place blogger gets to award 5 of their voters a FREE Private Money Blueprint Training System ($997).

2nd and 3rd place get to award 1 of their voters a FREE Private Money Blueprint Training System.

So, we’re giving away almost $7,000 in real estate investing education… and you could win by simply voting below.

Scroll to the bottom of the screen now and put your favorite REI blogger in the comment area. And remember, only 1 vote per person.

Thanks for joining this year’s Battle :-)

May the best REI blogger win,

Patrick Riddle
… aka Sergeant P-Rid

P.S. If you think this contest is pretty cool, click the Facebook “Like” button at the top of the post and share it with your friends :-)

No related posts.

Get ready… Battle of the REI Blogs 2010 kicks off noon EST Monday Oct 18th!

I’ve got my battle flops on, and I’m ready for action.

See you on the battlefield next week,

Sergeant P-Rid

P.S. – If this is all new to ya, check out the 2009 Battle. With over 1,100 votes last year, competition was fierce!

No related posts.

I put together a special video for you with all the mistakes that I’ve made in my real estate investing biz over the years so that you can learn from them… and I’ve made some BIG ones.

It’s important to keep in mind that everyone, EVERYONE makes mistakes… doesn’t matter if you’re brand new to real estate investing or if you’re a seasoned veteran.

You’re going to make mistakes… period!

BUT, it’s how you respond, how you react, what you learn… that makes the difference.

I remember when my mentor said that when you’re actively investing in real estate over time… it’s not a matter of “if” someone will file a lawsuit against you (whether it’s a tenant, contractor, seller, lender, etc),  it’s a matter of “when”.

I read about a poll that was done at the end of the nineteenth century. People were asked, “If you were to get rich, become wealthy, how would you do it?”

The answer… build a business.

The same poll was conducted a hundred years later and the answer unfortunately was… sue someone.

… just goes to show how the mindset of the masses has shifted.

In real estate investing, when things go south, it can mean broken agreements, payments falling behind, liens, judgments, foreclosure, bankruptcy.

You’re undoubtedly heard many stories of hardship over the last few years… from huge multi-million and billion dollar real estate investment companies, developers, banks, mortgage companies…

… but regardless of the adversity faced, there are KEY lessons to be learned and leveraged into your next deal, your business, your personal life.

In the video below, I go in-depth explaining specifically the BIG mistakes I’ve made, how I’ve responded, how I’ve weathered the storm… and my hope is that you can experience these through me, learn from them, and avoid them in your own business and life.

This is a very PERSONAL video (and it’s also 25 minutes long)… but please, I urge you to watch this video NOW.

You know, whether you’re just getting started or whether you’re doing a HUGE volume of deals… you’re gonna make mistakes. Everyone does. And that’s ok.

If you’ve had an agreement go south or if you do in the future, don’t be surprised if someone yells “scam” or “lawsuit”! That’s unfortunately hard wired into the minds of the masses these days.

But, hang in there. Take the lessons from this video and apply them in your business, your life.

… and realize that sure… there’s a lot of risk investing in real estate. BUT, there’s also a lot of risk driving your car everyday.

When investing in real estate, take calculated risks. Educate yourself. Surround yourself with a team of experts. Do your due diligence. Learn from other investors. Do the best you can with what you’ve got.

As for me, I’m just gonna keep moving forward. No matter how long, how hard, I will persist until…

Patrick

… aka P-Rid

No related posts.