How to Find Hidden Profit Centers in Your Deals

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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

Tags: creative real estate investing, hidden real estate profits, negotiating real estate, patrick riddle, real estate investing, real estate negotiating
Posted in Negotiating, Real Estate Investment Buying Strategies, Tips and Tricks | No Comments »

Shake Up Your Real Estate Marketing Strategy With A Social Media Martini

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In today’s post, Emily A. Hay shakes things up with a social media martini for real estate investors…

Since Patrick’s blog shares “techniques, tips, & tools for the creative real estate investor,”I can imagine that innovative marketing techniques involving social media is an important area to focus on. Patrick is a strong example of a real estate investor who has effectively leveraged social media to build a network of like-minded individuals.  He consistently creates valuable content that attracts attention and encourages readers to share it with their social networks – the primary objective of social media or word-of-mouth marketing.

In my guest post today, I am sharing some techniques & tips to make sure your real estate investing business is set up to have an effective online presence.I know that many real estate investors are already using the various social media platforms such as Facebook & Twitter… in fact; the real estate business has some of the most active social media users in any industry around.  But did you know that these profiles are just pieces of a larger social media picture?  Learning how components of social media can tie together to form a strategy is critical for your real estate investing business to reach your target market. I know your time is incredibly limited as a business owner; therefore, when you dedicate your time to your social media marketing, you want to be sure you are using your efforts to yield results.  The rules of engaging with prospective new customers haven’t changed; the tools simply have.

Without further ado, I’ll jump in by saying I am a huge fan of analogies and I like to think of your social media strategy as a martini.

The main ingredient in any effective social media marketing presence starts with a blog, just like a martini starts with vodka as the main ingredient.  (I personally am a fan of WordPress.org platform –the large “W” icon in the middle.) Your blog is the central representation of your real estate investing business, and it ties all other social media channels together.

A lot of people get confused about the concept of a blog for business mainly because the term “blog” originated from the words “web log”; however, the concept of a blog has evolved to be so much more than a personal online journal.

Blogs are incredibly flexible and can be incorporated into your existing website as a tab for example with a few quick steps.  Some real estate investors have completely migrated their business sites over to WordPress since it allows greater ease of use and customization from ecommerce capabilities to embedding videos & photos right from your Smart Phone.

Perhaps you are wondering, “If I blog for my real estate investing business, what should I actually blog (or write) about?”

As a real estate investor, it’s important to think of your blog content as a CONVERSATION about your business. Your blog can be leveraged to share information regarding what you focus on in your investing business (such as rehabs) or other areas you want to increase business in (perhaps you want to create informational products).

Here are some examples of various topics you could effectively “blog about”:

* Videos of your current rehab projects

* Insight from local investing groups you are a member of

* Tips for how to structure a deal

* List of people you should have on your team (realtor, contractor, title agency, etc)

* How to find motivated sellers

* How to generate prospective buyer leads

* A current success story of yours

* A past failure story (it shows your vulnerable side)

* Happy buyer testimonials

You could even build up the launch of a house for sale through video blog posts tracking the progress of a renovation project.  Get comments and feedback along the way.

When you blog about topics like these above, you become a resource for prospective buyers/sellers and other investors.  When people know they can turn to you for valuable advice and information about your properties for example, they are more likely to want to do business with you.

So now that you have visualized a blog as the “vodka” in your martini, its time to look at the other ingredients that make up your social media strategy.  The various social networking platforms such as Facebook, Twitter, LinkedIn & YouTube can be compared to the enhancing ingredients in a perfect martini.  Without them, your end result just tastes a bit “off”.

These social networking platforms are communication outlets to introduce your business and share content through.  Just like various ingredients in a martini have different flavors, these social profiles give you different opportunities to engage and network with people in ways that enhance the overall end result.

Also, as part of an effective social media strategy, you will see a twist of Facebook ads, which offer a great deal of enhancement to your social media presence.  Facebook ads are a more advanced concept to some but its good to know they provide an incredibly targeted & economical tool to invite people to engage with your business page and ultimately – your blog.

Similar to when an olive is stuck right through your entire martini, the messages about your real estate investing business need to be thought out and spread strategically throughout your entire social network. You want to be thoughtful and selective with the kind of messages you send out.  Nobody likes to receive large amounts of spam or junk mail messages in their email inbox.  The same principle applies in a social media situation and may apply even stronger.  People will be turned off to your business very quickly if you routinely send “hard sell” messages about your properties without knowing anything about the person or what they are looking for. You don’t want to do a disservice to your business.  Just like talking to a prospective seller in person, you need to build rapport before you have any business trying to make an offer.

It’s important to think of these profiles as “enhancing ingredients” – not the main ingredient – because if you only communicate through the various social platforms, you end up watering down the impact of your blog – the hub of your social media presence.  I did a blog post recently about the importance of not putting all of your “social media eggs in one profile basket”.  If you were only sharing information about your real estate investing business via Facebook, what would you do if your Facebook account was ever hacked into and completely lost?

When using the social media profiles to expand your network of buyers/sellers & investors, keep in mind “quality over quantity.”  Additionally, by keeping an active blog, you are building a broader story overtime about your real estate investing business, which leads to broader relationships and opportunities for more business!

I hope that this post provided some you with some overall tips to set your social media presence up for success.  Remember, if you are aware of how these components come together to make social media effective for your real estate investing business, you are already ahead of a great deal of your competitors!

Thanks for reading!

Emily A. Hay

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Emily A. Hay is a Blogger & Social Media Manager specializing in working with small 
businesses.  She helps business owners discover and implement specific tactics to grow through social media.

Tags: emily a hay, emily hay, real estate investing, social media, social media for investors, social media for real estate investors, social media real estate investing
Posted in Marketing, Tips and Tricks | No Comments »

Advanced Private Money Training: The “Diagnosis” Technique

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Alrighty, I have a new video for ya… an advanced private money getting technique.

Just like a doctor diagnoses his or her patients, you should be diagnosing your private money prospects.

In this tutorial, you’ll learn not only “why”… but specifically how to diagnose your prospects and get more private money more easily.

Average investors who try to get private money (key word “try”) don’t do this… which adds to the reason that they’re average.

Check out the video below to learn the “diagnosis” technique…

Makes sense, doesn’t it?

Now that you know the power of the “diagnosis” technique, it’s time to put it to work for you.

Toss your questions, thoughts, whatever is on your mind in the comment area below.

Happy Private Money Getting!

- Patrick

Tags: borrow private money, patrick riddle, Private Money, private money for real estate, private money for real estate investing, private money lenders, private money lending, private money technique, private money tips, the diagnosis technique for getting private money
Posted in Real Estate Investment Financing Strategies, Tips and Tricks | No Comments »

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
Posted in Personal Development, Tips and Tricks | No Comments »

7 Must Know Strategies for Beginning Real Estate Investors

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In today’s post, Samantha Taylor of Mortgage Fit brings us 7 must know strategies for beginning real estate investors…

Investing in the real estate market can be a very lucrative form of investment, and you can do it, if you want to earn great profits. However, if you are just starting off, be aware of a few strategies before you begin investing.

7 Must Know Real Estate Investing Strategies for Beginners

1. Form a Good Team

When you are just beginning to invest in the real estate market, you should get good advice from people who are experienced in this field. You should build a good team to give you sound advice. Most of the mistakes people make while investing in real estate is due to bad advice. This can all be done away with if you choose the right kind of knowledgeable people for your team. Take your time and consider who you take advice from and who you don’t.

2. Educate Yourself Before Starting

It’s important that you know what you are getting into. Having a thorough knowledge of the basics of real estate investment is very essential. However, you should know much more than the basics before you invest. There are many lectures and seminars and books that can help you gather knowledge about how you are to invest and make profits in this market. You must be adequately aware about when to sell or buy or remodel your property.

3. Have a Sound Knowledge of the Market

Do adequate research about the market that you are dealing with. You must understand property values and market trends. One way to help build this knowledge is through your team, networking with other local investors, and actively looking at properties.

4. Make Contacts

It is very important to have a good contact base when you are beginning to invest in the real estate market. If you are attending any seminars or lectures on real estate investing, build some contacts there. Building contacts will help you in finding better loans and better rates when it comes to buying or selling properties.

5. Set Your Goals

Before you invest in any market, you should set specific goals. Determine your exit strategy and decide if want to sell your property or rent it. You must also determine how much money you will be willing to put towards your property and how long you are planning to keep it.

6. Learn to Survey Properties

It is essential for you to master the art of surveying properties. Not all properties can be profitable for you. Thus, you must survey properties in order to determine what repairs are needed. Get a professional to help with this process at first.

7. Learn How to Survey Locations

One of the most important things that you must consider when investing in real estate is the location of the property. This is essential because when you sell a property or put it up for rent, a much smaller segment of the population will be interested in buying or renting your property if it has a bad location (high traffic areas, loud areas, declining neighborhoods, etc).

These are just a few strategies that will help you get started investing in real estate.

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Samantha Taylor is the Community Mentor of MortgageFit and has been contributing her suggestions to the Community since 2005. She’s also made notable contributions through the various articles written on different subjects related to the mortgage industry. Head on over to MortgageFit to learn more about Samantha.

Tags: Beginning Real Estate Investing, creative real estate investing, mortgage fit, mortgagefit, mortgagefit.com, real estate investing, real estate investing for beginners, real estate investing strategies, samantha taylor
Posted in Tips and Tricks | No Comments »