How to Find Hidden Profit Centers in Your Deals

April 21, 2011 | By | 20 Replies More

Alrighty, I 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

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Category: Negotiating, Real Estate Investment Buying Strategies, Tips and Tricks

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  1. Shae Bynes says:

    Excellent tips as usual, P-Rid! Welcome to the Mac World! Glad you love it…I love mine as well :-) Have a Happy Easter!

    • patrickriddle says:

      Thank ya Shae.

      Yeah, I’m loving the Mac. On it right now working at Cafe Medley again. Life is good.

      I hope you and your family has a happy Easter too!

      – Patrick

    • patrickriddle says:

      Thank ya Shae.

      Yeah, I’m loving the Mac. On it right now working at Cafe Medley again. Life is good.

      I hope you and your family has a happy Easter too!

      – Patrick

  2. Shae Bynes says:

    Excellent tips as usual, P-Rid! Welcome to the Mac World! Glad you love it…I love mine as well :-) Have a Happy Easter!

  3. Dave Rav says:

    Hey Pat! Great pointers there to ask sellers. I know for some of the beginners, when other properties are mentioned, it can be a bit overwhelming. This happened to me about a year and a half ago and I had to ask the seller to repeat all their information a few times.

    Hey, happy Easter to u! We were @ Sullivan’s Island on Saturday..absolutely beautiful. As you know, this is my wife and I’s favorite beach!
    -Dave

  4. Dave Rav says:

    Hey Pat! Great pointers there to ask sellers. I know for some of the beginners, when other properties are mentioned, it can be a bit overwhelming. This happened to me about a year and a half ago and I had to ask the seller to repeat all their information a few times.

    Hey, happy Easter to u! We were @ Sullivan’s Island on Saturday..absolutely beautiful. As you know, this is my wife and I’s favorite beach!
    -Dave

    • patrickriddle says:

      Great to hear from you Dave.

      Yep, you’re right… it can be overwhelming when you uncover package deal opportunities. It can be easier at times to just focus on one deal at a time in those situations… even if working it all out up front into one big deal may save you some moolah.

      I had a great Easter in Lexington with my family. Hope yours was good too!

      I LOVE Sullivan’s Island too. Maybe we’ll run into each other next time you’re out there.

      – Patrick

    • patrickriddle says:

      Great to hear from you Dave.

      Yep, you’re right… it can be overwhelming when you uncover package deal opportunities. It can be easier at times to just focus on one deal at a time in those situations… even if working it all out up front into one big deal may save you some moolah.

      I had a great Easter in Lexington with my family. Hope yours was good too!

      I LOVE Sullivan’s Island too. Maybe we’ll run into each other next time you’re out there.

      – Patrick

  5. Great video, Patrick! This post reminds me of one of my earliest deals, it was also a package deal with a burned out landlord back in my wholesaling days. And, pretty neat tip about asking if they have other things they’d like to offload and/or throw in. How awesome to hear about getting motorcycles out of the deal, very cool! :)

    p.s. Nice to see your mac, welcome my my world! I’ve been meaning to ask, do you use a camera or laptop to film your videos? I tend to use my mac laptop though it gets really hot and the fan starts spinning like crazy. And, there’s this weird high pitched sound sometimes – I think it’s the hard drive. It’s so easy and convenient to use the laptop but I think I may have to start using my video camera due to the heat and sound issues. Just thought I’d ask since you do a lot of videos, thanks for your help! :)

    • patrickriddle says:

      Hey Rachel, thanks!

      Yeah, you never know what you can get thrown into a deal until you ask.

      I’m really enjoying my mac. I haven’t used the web cam on it yet. For the majority of my videos, I use a Flip video camera. Super easy to use and shoots great quality.

      I did a series last year on using the Flip for your investing biz. Here’s a link to the first part… http://www.mustknowinvesting.com/2010/03/28/are-you-using-this-killer-rei-marketing-tool/

      – Patrick

    • patrickriddle says:

      Hey Rachel, thanks!

      Yeah, you never know what you can get thrown into a deal until you ask.

      I’m really enjoying my mac. I haven’t used the web cam on it yet. For the majority of my videos, I use a Flip video camera. Super easy to use and shoots great quality.

      I did a series last year on using the Flip for your investing biz. Here’s a link to the first part… http://www.mustknowinvesting.com/2010/03/28/are-you-using-this-killer-rei-marketing-tool/

      – Patrick

      • Oh, I see. Cool, thanks for your input and the link to the series Patrick! :) I also have a sony handycam though I find it a bit overboard if I’m just shooting a quick video of me just talking. If it weren’t for the heat issue and the fan spinning, I’d be ok just using my laptop to shoot videos. The Flip camera sounds like just what I need, I can’t believe I was looking at other laptops just to do this!! Thanks a bunch for your help Patrick! :)

        • patrickriddle says:

          You’re welcome Rachel.

          haha… no need to buy a new laptop. I think you’ll love the Flip.

          – Patrick

        • patrickriddle says:

          You’re welcome Rachel.

          haha… no need to buy a new laptop. I think you’ll love the Flip.

          – Patrick

      • Oh, I see. Cool, thanks for your input and the link to the series Patrick! :) I also have a sony handycam though I find it a bit overboard if I’m just shooting a quick video of me just talking. If it weren’t for the heat issue and the fan spinning, I’d be ok just using my laptop to shoot videos. The Flip camera sounds like just what I need, I can’t believe I was looking at other laptops just to do this!! Thanks a bunch for your help Patrick! :)

  6. Great video, Patrick! This post reminds me of one of my earliest deals, it was also a package deal with a burned out landlord back in my wholesaling days. And, pretty neat tip about asking if they have other things they’d like to offload and/or throw in. How awesome to hear about getting motorcycles out of the deal, very cool! :)

    p.s. Nice to see your mac, welcome my my world! I’ve been meaning to ask, do you use a camera or laptop to film your videos? I tend to use my mac laptop though it gets really hot and the fan starts spinning like crazy. And, there’s this weird high pitched sound sometimes – I think it’s the hard drive. It’s so easy and convenient to use the laptop but I think I may have to start using my video camera due to the heat and sound issues. Just thought I’d ask since you do a lot of videos, thanks for your help! :)

  7. Markfuller67 says:

     I really liked your interpretation and glad that you’re sharing your thoughts to us about how to find hidden profit centers in our deals. Patrick, you’re such a genius guy! :D

    • patrickriddle says:

      Awesome Mark. Great to hear.

      You’ve got some good things going on yourself. Your website looks great!

      – Patrick

    • patrickriddle says:

      Awesome Mark. Great to hear.

      You’ve got some good things going on yourself. Your website looks great!

      – Patrick

  8. Markfuller67 says:

     I really liked your interpretation and glad that you’re sharing your thoughts to us about how to find hidden profit centers in our deals. Patrick, you’re such a genius guy! :D