If I said you were in for a treat by listening to this episode, that would be a gross understatement. Not until you listen—and maybe listen more than once—will you grasp just how much information is packed into this one episode.
Mitch Stephen, who hails from San Antonio, TX, has been in this business since the 1980s. And if you think he’s learned a few things and perfected a few things in all those years, you’d be 100% right.
The reason Mitch’s business model hits home with me, is due to the way he avoids all the traditional paths that most investors take. He avoids banks, finance companies, house inspectors, appraisers, Realtors, and yes, even contractors. You’ll learn about how he deals with his staff, his approach to the homeowner/potential seller and his marketing strategies. I also relate to his desire to free up his time by delegating and outsourcing.
Mitch works with private money and he shares exactly how he finds the funds, and how he does his contracts with the private money lenders.
Mitch developed the unique software program (that some of you may be using), called Live Comm. It was born out of desperation because he couldn’t find anything out there that did all the things he wanted to do in lead follow-up.
He’s not only an investor but an educator as well. He’s an author and a teacher. His coaching program accepts only a few clients because he works with each one personally.
If you don’t have pen and paper in hand as you listen, you’ll be kicking yourself. The entire episode overflows with amazing information. Some of which, I guarantee, you’ve never heard before.
Listen and enjoy:
- Mitch looks for the “Owner Finance Value,” not the market value (appraisal does not matter)
- Calculation used for finding Owner Finance Value
- His strategy for finding sellers in a highly competitive market (he’s a bloodhound!)
- Managing and paying his staff (motivation techniques he uses)
- Why he never rehabs
- Total OPM (other people’s money) approach in his business
- His approach to Dodd-Frank regulations by using an RMLO (Residential Mortgage Loan Originator)
- Importance of the “elevator pitch” to gain private funding
Mentioned in this episode:
- Joe’s podcast on iTunes: Real Estate Investing Mastery Podcast
- Joe’s Coaching Program: Joe McCall Coaching
- Podcast Hotline: 636.255.8815
- Free Fast Cash Survival Kit: Real Estate Investing Mastery
- Nothing Down, How to Buy Real Estate With Little Or No Money Down by Robert G. Allen
- How to Create Multiple Streams of Income: Buying Homes in Nice Areas With Nothing Down by Peter S. Conti, David Finkel
- Mitch Stephen’s website: 1000Houses
- Mitch Stephen’s blog: 1000Houses Blog
- Mitch Stephen’s sales page: Cash4Houses
- My Life & 1,000 Houses: Failing Forward to Financial Freedom by Mitch Stephen
- TLO Skip Tracing
- Microbilt Skip Tracing
- Real Estate Investor Summit Podcast
What are you thinking?
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