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What you’ll learn in just 17 minutes from today’s episode:
- Know the mistakes that Mitch made when he bought a condo unit that paved the way in his real estate investing career
- How he went about eliminating the liabilities he encountered in renting out houses
- Discover what Owner Financed Value (OFV) is and how it can help you assess how much you could sell the property for
- Be the Bank! Stop Landlording: https://1000houses.com
Mitch Stephen has been a self-employed real estate investor for 25+ years. His real estate investing career started at the age of 23 when he read “Nothing Down” by Robert Allen. He has purchased well over 2,000 houses in and around his hometown of San Antonio, Texas. Mitch is a high school graduate who never stopped learning, and he considers books, CDs, seminars and webinars as his classroom.
He specializes in owner financing properties to individuals left behind by traditional lending institutions, while at the same time, giving new life to properties that have been a scar on their neighborhoods. He has perfected a method of achieving cash-flow without having to be a landlord and without having to rehab properties. He’s mastered the art of raising private money and the classic “Nothing Down” deal.
Today on Property Profits Real Estate Podcast, hear Mitch’s inspirations rooted in the mistakes he made in the past. Learn from this expert as he discusses his journey, his proven formula in selling and making offers, and the current trends that you should be aware of.
02:33 – Mitch shares how accidentally buying a condo unit started his career in real estate investing
04:11 – How he resolved the various liabilities he is encountering in renting out 25 houses and make money out of it
05:15 – Mitch details the formula he is using to compute for the Owner Financed Value (OFV) to determine how much he could sell a house
07:17 – How he makes an offer to a buyer out of the OFV he computed
11:22 – Why he opts to do retail instead of wholesale
11:56 – His inspirations to write his book – My Life & 1,000 Houses: 200+ Ways to Find Bargain Properties
14:13 – What is working in real estate investing now
15:06 – Mitch talks about the last book he wrote – My Life & 1000 Houses: The Art of Owner Financing
16:07 – Sharing his winning and effective practices that made his business boomed even during a recession
18:47 – How to connect with Mitch
“When I make accidents, when they hurt myself, I’d learned not to do that again. When I make accidents, and they feel good, and they make me some money, I double back around and say, how did I do that? What did I do? How do I do that again?” – Mitch Stephen
“I journal 1200 pages, but for some reason, I was journaling to an audience or a listener. I was speaking to someone, trying to heal myself. Some people close to me got hold of it and wanted to read it. And I said it was fine with me. I didn’t care because at the time I didn’t give a crap about anything. Too much grief. And which is what made the book work was because I didn’t give a damn.” – Mitch Stephen
“I wrote this book to get your juices to flow, and it starts on how to generate leads with no money. Like most of us started broke, right? Everyone I know started broke. I started broke. So, it starts with cheesy ways to do it with nothing.” – Mitch Stephen
“Everything runs its course. What used to work doesn’t work anymore. Maybe it’s time to try bandit signs again because maybe they’re coming back now.” – Mitch Stephen
“What happens to rent when housing markets collapse? No one can buy a house. That’s why they collapsed because the bank stopped loaning. So, if you’re not buying a house, you’re renting a house.” – Mitch Stephen
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