#18: Learn How to Own 1,000 Houses from a Guy Who Has Owned Over 2,000 with Mitch Stephen
Aug 28, 2019
Mitch Stephen is his name and seller financing single-family homes over and over again is his game. One of the funniest guys I have had the pleasure of speaking with on my podcast. What Mitch does is so unique and worth every minute of your time listening and learning from. If you play your cards right, I will have him send you his book free (shipping and handling required). You will love it!
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Learn How to Own 1,000 Houses from a Guy Who Has Owned Over 2,000 with Mitch Stephen
Mitch began his real estate investing career at 23. Since then he has owned over 2,000 houses; purchasing a new home every 4-5 days around his hometown of San Antonio, TX. He is on pace to purchase 120 homes this year. Mitch specializes in owner financing properties to individuals left behind by traditional lending institutions.
Mitch wouldn't have been able to build his business as large as it is today without the help of this team. Initially, he thought that he had to do it all on his own. He had a hard time automating but eventually decided to see what would happen if he hired others. Mitch spent $30,000 on hiring the right people. This includes 4 people who all they do is look for houses to purchase and 2 people who all they do is sell houses. Your employees have to be responsible, honest, self-motivated, money-motivated, organized, and can't have an entrepreneurial bone in their body.
When Mitch decided to hire the right people, he made more money than he had ever made and was able to pay his people well. This wasn't the only thing that he learned...
In this episode you'll also learn:
- How to calculate OFV (Owner Finance Value)
- Why he doesn't deal with anyone in the real estate business
- How he borrows money at 8% and loans it out at 10%
- How he collected $120,000 in down payments last month
- How Mitch has integrated his family into his business
Connect with Mitch:
Links mentioned in the show:
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