Mitch Stephen has been flipping houses in San Antonio for over 20 years. Over that time, he’s managed to purchase over 1000 houses!
He specializes in owner financing properties.
He is also the author of several books. One is My Life and 1000 Houses: Failing Forward to Financial Freedom, which details his journey in real estate investing and My Life and 1000 Houses: 200+ Ways to Find Bargain Properties.
And just to show you what kind of guy Mitch is, I want to share the story of how I got his first book.
I found out about it when it first came out and ordered it right away. I didn’t receive it within a day or 2 and, honestly just wanted to say hello to Mitch so I called him. He promptly drove 45 minutes to my houses and personally delivered the book to me. That’s incredible service!
In this episode Mitch talked us through a typical owner finance deal where he can buy a house cheap and owner finance it to a buyer as-is. There are a ton of benefits to doing this instead of renting.
First, he makes money on the sell with a down payment from the buyer. The buyer does the fix up so that Mitch doesn’t have to. The collateral for the loan is improved by the buyer making the loan even more secure. Mitch doesn’t have to pay the property taxes and insurance as he’s sold the house to the buyer. He also is not the landlord so he doesn’t have to fix toilets or anything else.
There was a lot more detail shared within the episode, so be sure to listen and be ready to take notes.
If you are planning on owner financing properties, you really need to be aware of Dodd-Frank. Mitch discusses how to make sure you are in compliance using a cool short-cut.
Mitch also discusses why he likes driving for dollars so much and some tips to make it even more profitable. He also discusses why he doesn’t feel bandit signs work as well as they used to.
You will also find out about his system for knowing which marketing he is doing is producing the calls he receives