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Know the mistakes that Mitch made when he bought a condo unit that paved the way in his real estate investing career, learn how he went about eliminating the liabilities he encountered in renting out houses, and discover what Owner Financed Value (OFV)...
Know the mistakes that Mitch made when he bought a condo unit that paved the way in his real estate investing career, learn how he went about eliminating the liabilities he encountered in renting out houses, and discover what Owner Financed Value (OFV) is and how it can help you assess how much you could sell the property for.
Resources/Links
Summary
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.
Topics Covered:
Key Takeaways:
“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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