Manage episode 180786769 series 1048119
Mitch Stephen Episode
We’ve all heard of the various benefits of real estate investing with buy & holds, wholesaling, and of course fix & flipping. A lesser known strategy is that of seller financing. This is the subject of today’s episode of the Hard Hat Holly podcast, when Holly sits down with real estate investor, author, and master of creative financing, Mitch Stephen.
Mitch has been investing for 22 years in San Antonio, Texas. He started out with the buy and hold strategy, with an excess of 25 houses, but soon discovered that this method was not for him. He was tired of dealing with broken air conditioners and delinquent tenants. Who wouldn’t be? He then discovered owner financing where he collects an average of $8,000 per house for the down payment, then the subsequent monthly cash flow goes directly into his back account and not towards the repairs and maintenance of the property. Today we’ll dive into more of this part of Mich’s story and why he much prefers being the bank to being the landlord.
Mitch will also educate us on the differences between one time cash (profits made from fix & flips or wholesaling) vs. temporary cash (money made from owner financing, as these notes have a definite end date) vs. forever cash (this is the rental profit from something you own). Today, Mitch chooses to use his one time and temporary cash to fund his forever cash deals, which are primarily in storage units. With storage units, he no longer has to deal with toilets, leaky sinks, stained carpet, or broken windows and who wouldn’t love that kind of low maintenance!
Go to www,HardHatHolly.com/55 for the free download
Go to www,HardHatHolly.com/55 for the free download which will be the first 100 pages of Mich Stephen’s latest book, My Life & 1,000 Houses: Failing Forward to Financial Freedom.
87 episodes available. A new episode about every 8 days averaging 35 mins duration .