In today’s episode of The Art of Passive Income, Scott is hosting the podcast solo and he talks with Mitch Stephen—1000Houses.com. Mitch buys houses with other people’s money then sells them with owner financing, creating a positive cash flow stream without the headache of being a landlord.
A lot like the land niche except with a house on the property, Mitch dives straight into a case study and why it makes sense to buy low and sell the house AS IS under owner finance terms as opposed to renting or fixing and flipping.
Listen in as Mitch breaks down his formula of backing into the rent to find the owner finance sales price. Mitch says that the basic core belief of the owner finance system in his strategy is that a person would rather pay a $1000 to own than $1000 to rent, and he figures out how to make that happen. By making it affordable and offering owner finance he is giving an opportunity to those who normally wouldn’t be able to buy a home, let alone qualify for one with the traditional banking system.
Mitch also delves into:
- Finding private money
- Types of properties he looks for
- Finding the deals
- The best states to buy in
- Competition
Mitch’s strategy is to buy houses with other people’s money, so why does he say to “stop asking people for money!”
Find out his no ask approach to raising private money and so much more!
[bctt tweet=”Private money is the key between making a good living and being a multi, multi, multi, multi, multi-millionaire.” username=”TheLandGeek”]
This podcast is packed full of so much value, it may have put a little twinkle in Scott’s eye.
Mitch’s books:
- My Life & 1,000 Houses: Failing Forward to Financial Freedom
- My Life & 1,000 Houses: 200 + Ways to Find Bargain Properties
- My Life & 1,000 Houses: The Art of Owner Financing
And, he also hosts the Real Estate Investor Summit Podcast with 25,000 downloads a month!
TIP OF THE WEEK
Scott: Learn more about Mitch at 1000Houses.com. Take his tip, which is to listen to episode 3 podcast and figure out how to raise money. Don’t let money stand in the way of achieving your goals and dreams. Figure out how to leverage it.”
Mitch: Watch episode #3 of the REInvestorSummit.com podcast. It will help you raise money that will make you money.
Isn’t it time to create passive income so you can work where you want, when you want and with whomever you want?