Are you looking to dive into the world of real estate investing?
Today on the Raising Private Money With Jay Conner podcast, let us look back to when Mitch Stephen, a seasoned real estate investor with over 25 years of experience, shared his incredible journey, from innovative investment strategies to a life-changing personal transformation.
Plus, the secrets in purchasing over 2,000 houses in San Antonio, Texas!
Here are some highlights from the episode:
- Unique Marketing Approach: Mitch revealed an unconventional strategy of using bandit signs and a Livecom phone number to capture the cell phone numbers of potential homebuyers. He has over 10,000 people interested in seller-financed homes on his distribution list.
- Private Money Authority: With $26 million of private money accumulated over two decades, Mitch discussed how he uses nonrecourse, collateral-only, wrapable loans to finance his real estate deals.
- Property Investment Portfolio: Mitch’s investment portfolio includes not just houses but also land and mobile homes, catering to buyers who seek land without HOA restrictions.
- Lifestyle Transformation: On a personal note, Mitch shared his inspiring journey of quitting smoking and drinking after 40 years and losing over 40-50 pounds, completely transforming his lifestyle.
To learn more about Mitch Stephen’s investment career, publications, and coaching services, make sure to visit his website www.1000houses.com, and grab his ebook about his remarkable lifestyle transformation at www.1000houses.com/enough.
Whether you’re a seasoned investor or a newcomer to the real estate industry, Mitch’s wealth of knowledge and transformative story are sure to inspire and inform!
Timestamp:
0:01 – Raising Private Money Without Asking For It
1:05 – Jay’s New Book: “Where To Get The Money Now” – https://www.jayconner.com/Book
2:01 – Today’s guest: Mitch Stephen
5:37 – Get Mitch Stephen’s ebook here: https://www.1000houses.com/enough
7:25 – How do you fill up your time?
9:14 – Mitch Stephen’s real estate business
15:03 – What makes a good deal?
16:28 – How does a potential owner-financed buyer find out about your deals?
22:15 – Get connected with Mitch Stephen: https://www.1000houses.com
23:34 – Importance of Coach.
23:59 – Mitch Stephen’s current deals.
25:40 – Favorite ways to find sellers.
27:00 – Consistent source of seller lead flow.
Connect With Jay Conner:
Private Money Academy Conference:
https://www.JaysLiveEvent.com
Free Report:
https://www.jayconner.com/MoneyReport
Join the Private Money Academy:
https://www.JayConner.com/trial/
Have you read Jay’s new book: Where to Get The Money Now?
It is available FREE (all you pay is the shipping and handling) at https://www.JayConner.com/Book
What is Private Money? Real Estate Investing with Jay Conner
http://www.JayConner.com/MoneyPodcast
Jay Conner is a proven real estate investment leader. Without using his own money or credit, Jay maximizes creative methods to buy and sell properties with profits averaging $67,000 per deal.
#RealEstate #PrivateMoney #FlipYourHouse #RealEstateInvestor
YouTube Channel:
https://www.youtube.com/c/RealEstateInvestingWithJayConner
Apple Podcast:
https://podcasts.apple.com/us/podcast/private-money-academy-real-estate-investing-with-jay/id1377723034
Facebook:
https://www.facebook.com/jay.conner.marketing
Twitter:
https://twitter.com/JayConner01
Pinterest:
https://www.pinterest.com/JConner_PrivateMoneyAuthority
Inside Real Estate Investing: Mitch Stephen and Jay Conner on Private Funding Strategies
Jay Conner (00:00:02):
If you are a real estate investor, or you want to be a real estate investor and you want to get money and funding as in unlimited money and funding for your real estate deals, don’t go anywhere because I’m getting ready to plug you into the money.
Jay Conner (00:00:27):
Well, hello, and welcome to another episode of real estate investing with Jay Conner. I’m Jay Conner, the Private Money authority, and also the host of the show here today. I wanna give you a special welcome, especially if this is your very first time joining us here on the show on the show, we talk about all things related to real estate. Investing from single-family houses, single-family houses, to commercial, to land, to sell storage to you, name it. And if you’ve been tuning into the show, you know that I’ve had amazing guests here on the show, and today is no exception. But before I introduce my very, very special friend and guest, I’ve got a gift for you for just tuning in here on the podcast. I just recently released my brand new book, which is titled Where to Get the Money Now, where to Get the Money Now, and you can get this book for free.
Jay Conner (00:01:21):
The title of the subtitle of this book is How and Where to Get Money for Your Real Estate Deals Without Relying on Traditional or Hard Money Lenders. This book was just at the top on Amazon, but you don’t have to spend 20 bucks to get this book. I will send you the book for free. I am gonna ask you to spend just a couple of bucks to be transparent about shipping and handling, but you can go to www.JayConner.com/Book. And we will rush you the book right out again. That’s www.JayConner.com/Book. Well, I am so excited today, folks to have with me, a very, very dear friend that I’ve known now for several years, he is a brilliant real estate investor.
Jay Conner (00:02:11):
He has been a self-employed real estate investor now for over 25 years. And he started this career way back at the young age of 23 years old. When he read that way back the famous book called Nothing Down by Robert Allen. Well, my friend, and guess he’s purchased way over 2000 houses now in and around his hometown of San Antonio, Texas, and listen folks. He is a high school graduate, but he never stopped learning. Books and CDs webinars and seminars are and were his classroom after high school. Well, today he specializes and has for years in owner-financed properties and owner-financing properties to people who traditional lending institutions have left behind. And he also gives new life to properties and houses that may scar the neighborhood. And I tell you folks, this is going to be one of the most fascinating guests and experts that you have ever heard here on the show. You are about to learn a lot from my good friend, Mitch Stevens, Mitch, welcome to the show.
Mitch Stephen (00:03:34):
Wow, no pressure here, huh?
Jay Conner (00:03:37):
No pressure, Mitch, no pressure. How are you doing?
Mitch Stephen (00:03:39):
Hey, look, this guy looks like this. Can you just go figure,
Jay Conner (00:03:44):
But Hey, look, I Mitch now you’re looking fantastic. I mean, it’s just been within the last couple of years, you lost like 40 or 50 or more pounds and it’s like, you like transformed your life, right?
Mitch Stephen (00:03:57):
Yeah. I quit smoking and drinking after 40 years on the same day, just decided I’d had enough, by the way., I just was being held back by my vices, quite frankly, that they were occupying a lot of my time and I just had enough. I published my story, how I quit drinking and smoking and took control of my mind, my weight, and my life about 38 pages. If anyone just wants to know how I did it, no patches, no therapists, no doctors, although there might have, should have been because you know, just a little warning. If you’ve been drinking a lot in your whole life, don’t just stop cold turkey, because it could kill you. I didn’t know that until people started sending me emails, but you know, I was just no disaster, no car wreck, no divorce, no tragedy. Just, I had enough.
Mitch Stephen (00:04:50):
And I was, you know, looking at myself in the mirror. I turned 60 this year. And I said, you know, if I keep going the way I’m going, I’m already going downhill or I can make some changes and I can have another good, you know, 10, 15 vigorous years, you know, on, on into my mid-seventies maybe what, what do you wanna do Mitch? And so I opted to have 15 more years of vigor and I, I changed what I was doing and then that led to working out and then that led to, well maybe I ought to change what I eat and then I lost 55 pounds and then, you know, cost me a fortune and close, but you know, from size 30 ways to size 28.
Jay Conner (00:05:35):
Woo mercy. That’s amazing Mitch. But now the ebook that you wrote, tells everybody how they can get that ebook.
Mitch Stephen (00:05:41):
Oh, oh yeah. It’s www.1000houses.com/enough, all lowercase.
Jay Conner (00:05:48):
Mitch Stephen (00:05:57)
Enough. It’s not anywhere. It’s not on my website. It’s just, that it’s all lowercase if you don’t mind. Because I think for some reason, if you put the uppercase E it’s not connecting, so I just did it. I’m not telling anyone what to do. I’m not, I’m not suggesting anything. It’s just if you’re interested in my story and how I did it because one of the things I’ve noticed in this genre, and I’m sure you notice as well Jay, we have a lot of triple personalities, and those triple personalities overdue a lot of things, you know, and some of those things are good for us. And some of those things aren’t so good for us, you know? And so if any of you are at that, crossroads are thinking maybe you need to make a lifestyle change. It would just be interested in my personal story, I’ll tell you for better or for worse what I did how I thought about it, and how I got there. It’s, it’s, it’s scarier than you think at first. I mean, you know, changing, changing how you’ve been all your life is a scary thing. So anyway, I talk about it there, if you’re interested.
Jay Conner (00:07:01):
Well, I appreciate you sharing that, Mitch. I read the book, it’s a fascinating story. And I have got some friends that have gone down that path. One thing I heard them saying is they end up having all this extra time on their hands, particularly if they’re used to blacking out every night. Right. And it’s like, so it’s like, they’ll, you know, I hear ’em saying, what am I gonna do with my time? What am I gonna do with my time? So what did you find doing with your time when you were like totally clean?
Mitch Stephen (00:07:36):
Well, that almost sunk me because I had planned for what I was gonna put in my hand. I had planned to replace some habits, but I didn’t plan for 30 or 40 extra hours a week. I had no idea. I had no idea. You know, I was very highly functional. I didn’t fall when I drank, I didn’t get DWIs. I drank for 40 years almost every day towards the last half of that. Not, you know, not falling over, but just always sipping, always, you know, like you might have a glass of tea in your hand. I had a bourbon and soda and it just got to be too much one day and I decided to make some changes. And so I, I went to the gym, but that only took up about, you know, a few hours of that 40 hours and a week, you know?
Mitch Stephen (00:08:23):
So I started studying diet and how to, you know, really make some progress in the gym. And I thought, well, that’ll, that’s a huge subject. I could jump into that and study some of those keto diets and all that stuff. And I got in there and got interested in, I let that occupy my time, but I also, you know, I’m coming out with my, my, my fourth book now, the art of private lending, you know, and I have a fifth book, that’s about three-quarters of the way done. So, you know, one thing about entrepreneurs, it won’t take, ’em long to figure out how to fill up their time.
Jay Conner (00:09:06):
For sure. Well, I tell you what, there’s one thing we’re not gonna be for very long and that’s boring. Right? Right. Well, I appreciate you sharing that Mitch. So tell everybody, what does your business look like today? You have a long history, you bought thousands of houses, but you know, in today’s economy with what we have going on, what does your business look like now?
Mitch Stephen (00:09:29):
Well, I’ve bought a house about every four to five days for over two decades. And it’s about a hundred houses a year and I want to be clear on something. I, I know right across the street, somebody is doing five times that I out. I mean, there’s always a faster gun. There’s always a, you know, bigger, bigger guy out there. I’m, I’m just saying where I’m at. That’s where I’m at. And I’ve been at that level for a long time. It’s a comfortable place for me. I don’t want to do more than that. It’s a challenge these days to do a hundred houses, you know, in COVID we only did 83, but there was a point in time there. I didn’t know if I was gonna break 40, no one knew what was gonna happen. So I buy houses with OPM, other people’s money, and Private Money.
Mitch Stephen (01:10:19):
One of the things that Jay teaches, I have $26 million of Private Money, and didn’t happen overnight. It happened over a couple of decades. And it’s amazing what happens when you borrow money from people and you pay them back, as you promise, they give you more, and then they give you some more. Then they introduce you to your friends that have more than they had. And then, you know, it just kind of keeps ratcheting up. So I had so much Private Money that I had to start a private hard money loan company to keep it all out. Because, you know, just because you got access to a lot of money, doesn’t mean you go out and start making stupid deals. So, I keep my underwriting the same. And then if I can’t buy enough houses under that underwriting, I loan it out to my competitors who found deals before me that are 50 cents, 60 cents on the dollar and I’ll finance them.
Mitch Stephen (01:11:08):
And I keep that money occupied on the short term, you know, notes so that it’s available for me, if, and when I’m ready and if I’m not ready, it’s out working and I’m helping my private lenders make a return. Their money. The money that I borrow is its, non-recourse collateral only ratable, which means I can buy the house for $50,000 from a private lender. I use the private lender’s money, and then I can sell or finance the house for a hundred thousand, with 10,000 down, and carry the $90,000 balance at 10% for 30 years. And I don’t have to pay the underlying lean off. No that’s hence laughable. I, someone who bought my house owe me 90,000, says they owe me eight 50 a month. And then they send the payment to me. And then I have to send, you know, 350 of that, eight 50 over to my private lender.
Mitch Stephen (01:12:04):
And I get to keep what’s in the middle, but I’m not a landlord. I’m a bank. You know, they’re sending me their mortgage payment. And when the air conditioner breaks, it’s not my air conditioner cuz I sold them the house. And so today, you know, with all the glitz and glam and the TV shows and the flip this and flip that, and everybody’s a house, you know if you notice that everyone’s, everyone’s a home investor, I mean, it’s like must be the most popular side gig on the planet it. in So we’ve had to buckle down and, and hone the fine art of finding distressed and motivated sellers, you know, and also had to, to refine the art of moving quickly, to get to them and also had to open up our wheelhouse. It’s not just houses anymore, could be land owned. You know, we can buy land and owner finance, raw land to people that wanna put something on it, which is what I look for.
Mitch Stephen (01:13:04):
I don’t wanna just a financial bunch of land because in the event, there’s a debacle and I get the land back and maybe it’s tight or economic times that land’s not moving. Then it’s a little hard to make raw land produce an income. So I owner finance my land, only two people who wanna put improvements on it now, you know, and they’re putting their improvements on top of my collateral so that if I ever get the property back, it’s worth a lot more and or I can rent it or put someone in it to make an income because there’s improvements on it. Now, hopefully enough improvements that I can collect some rent and then mobile homes and land. I became very, I’ve always been, I’ve always taken a left into the mobile homes when the recessions hit or when the competition for houses got big.
Mitch Stephen (01:13:55):
So I know mobile homes, very well, and mobile homes and land offer a great opportunity, especially if you’re in a culture, say like the Hispanic culture values an acre or two over a postage size stamp, you know, a residential lot. And of course, these things are outside. The city limits, you know, out, out in the outer parts of the county, if not just outside the county where there are very few restrictions and you can do what you want because a lot of these people that he wants this half acre, three-quarter acre, acre places, they want goats, chickens, sheep, blues, cows, horse, chickens, you know, they, they want all kinds of things and they don’t want some HOA telling them what they can do. So if you drive through my portfolio from house to house to house, it, parts of it look like a third-world country, but Hey, the payments are coming in and these people got stuff to eat. So if you don’t think they have something to eat, just look in their front yard, animals are walking around everywhere.
Jay Conner (01:15:04):
So Mitch, what are your criteria for deciding if a deal is a deal,
Mitch Stephen (01:15:09):
I don’t like to pay over 65% of what I can own or finance a house for. And so the owner finance value and I may have coined this, you know, the OFV, I don’t think I’d ever heard that before. Maybe it was around, but if it was out there, I didn’t know. I called the OFV the owner finance value, just like you have the ARV and the Mayo. Now we have the OFV, the OFV is a value unto itself. It’s based on the rent. We find the rents in the neighborhood and the objection, the object of my seller financing business is to find properties that I can seller finance or owner finance to my buyer. And the P I T I S payment is about equal to whatever they’re paying in rent for a house across the street, the separator being, do you have a down payment of 10% or more? Because I don’t take less than 10% and do I like you? And if those two things line up, then you have a real chance to get into one of my houses for about the same as you’re paying rent. And I average four days on the market. I, I was, I was averaging nine days, and then after COVID now, it’s like I average four days and I put no signs in my yards anymore. I don’t even have to put a sign in the front yard. I, I, I function completely sinless now.
Jay Conner (01:16:29):
So how do potential owner-financed buyers of your homes find out about ’em?
Mitch Stephen (01:16:37):
Well, for a long time, you know, I would put 20 bandit signs around the neighborhood of the house that I had for sale. So I put 20 signs around the neighborhood and then I put a sign in the front yard and then they would call a live com phone number, which I, I have a software company called live com.com, L I V E C omm.com. And you buy phone numbers there that have a text distribution list attached to it. And if anybody calls that phone number from their cell phone number, then their cell phone number is captured by the system and put in the text distribution list. So here I have, you know, 10 or 15 houses for sale. I have 20 signs around the neighborhood and one in the front yard. And when they call through live com you set up a recording that tells ’em everything about the house and trains them, how to buy your house.
Mitch Stephen (01:17:26):
You know, you’re gonna need a $2,000 non-refundable portion of your down payment at the time you fill out the app and it just coaches ’em how to, how we do it, and about that particular house, but we’re capturing all those phone numbers. So right now I have 10,000 people on that list who are interested in a seller-financed home, and they wanna know the next time I have a new house come into inventory coupled with sending text messages to them, telling them to go over to our Facebook business page, where they can see the, you know, the homes to go.net houses and all the inventory that can meet the salesperson. We, again, drill into them what they need to do if they’re gonna buy our houses. And it’s amazing because by the time people come to look at the houses we tell them they gotta go look at the house on their own. And if they’re still interested, you know, walk around the house, look through the windows, check out the neighborhood. And if you have X down and you’re interested in this house from what you’ve seen so far, then call the number in the back window.
Mitch Stephen (01:18:34):
So the only people that call my salesman have followed instructions and have done, you know, they’ve shown that they want a house because I’ve been seller financing people for 30 years. I don’t want customers who might maybe want a house or kind of sorta want a house. I want people that want a house. So show me, you want a house. Do what I say and call that red phone number in the back window. And you know, I, I invented LiveComm because I was getting 50, 60, 70 calls a day on the weekend. And my salespeople were just getting worn out and they were giving out misinformation and they weren’t answering the phone this afternoon. And you know, it was just too much. So now the system delivers all the information about the house tells ’em how to get qualified for the house, and then tells ’em what to do.
Mitch Stephen (01:19:19):
If they want the house, like go look at it, load your family up in the cart and go walk around, look through the windows and check out the neighborhood. And if you still want this house call that number in the backyard. So I got 10,000 people now and about every quarter I’ll send out, you know, I can text these people for 2 cents per person. That’s a direct hit. They’ve already raised their hand and said, I like your product. So for 2 cents, I can say, Hey, I got another house, click on this link and check it out or go over it. Now we drive ’em. Now we drive ’em over to my, my business page, go over to facebook.com/casa D USA. And I only advertise in Spanish, by the way, I have no English ads. Every one of my organization is bilingual, but me and, you know, I text every quarter saying if you’re, if you’re no longer interested in the house, get off this list by, by, you know, sending the word, stop back, texting the word, stop back to me. And I still have 10,000 people. So whenever I have new inventory, I just send out that link to 10,000 people. And within four days I’ve decided on someone and I have a contract.
Jay Conner (02:20:26):
That’s amazing, Mitch. It sounds like you sort of figured that process out the hard way.
Mitch Stephen (02:20:32):
Well, everything’s from necessity. I mean my whole life, I’m not the smartest guy in a room and anybody who knows me will tell you, and I, I don’t score, but I have an aversion to pain and I, and I seek pleasure. So whenever I would do something to my business that hurt me, I would try to figure out how, how to stop that from happening. And then when I found something that felt good in my business, I would try to figure out how to multiply that. You know, how to exaggerate that, how do we make that happen more often? That was fun. That was great. I got a big check or I got a check. So over 27 years, you kind of figure out what you, what you do. And then on top of that, I didn’t invent this stuff by myself. I mean, it’s a lot of conversations with smart people like Jay Conner or Ron LaGrand or somebody we get in rooms.
Mitch Stephen (02:21:25):
And we, we decide how to fix problems, you know, in, in think tanks, you know, if you read my book, my life in a thousand houses, failing forward to financial freedom, you know, there was a day when the phone was $1,800 a month. My cell phone bill was $1,800 a month. Well, we figured out how to beat that. It became the San Antonio Real Estate Investors Association or sir, and it ended up having 830 people. But that group started because we all met one day to try to figure out how to beat our phone bills. We did figure it out, but no one person figured it out. It was a guy at that end of the table who said something that bounced off this guy. And he said, well, what if you did this? And another guy said, yeah, that’s good, but you can’t do it like that. You need to do it like this. And then we morphed our way into a system that cut our phone bills down to $600 a month.
Jay Conner (02:22:14):
I hear you. Well, you just mentioned one of your books. I’ve got your book on finding deals. So how can people get your books, Mitch? I tell you your books are phenomenal for finding deals and everything you’ve written
Mitch Stephen (02:22:29):
Just about everything in my life can be found except that 1000 houses.com/enough. That’s just kind of a private thing I sent out. It doesn’t have anything to do with real estate. But anything about my investment career, my whole life is that 1000 houses.com. You see my podcast, I just opened up a YouTube channel. That’s why I’m putting up 10 minutes’ worth of valuable content every working day for the next year, you can get that at 1000 houses.com/youtube. But all of this stuff can be found on my website. 1000 houses.com it’s it’s there. There’s more about me than you’ll ever wanna know. And there’s tons of free stuff. You know, some of the gurus out there say they lamb me. You say I’m giving away too much. I say, you know, I’ll, I’ll give away., I’ll tell you how to do everything. You’re still gonna be better off getting to coach because you can’t assimilate at all. There’s too much information, but I’ll tell you everything. I know. So if you go there on the homepage and scroll up and down, there are mountains of free stuff. Mountains.
Jay Conner (02:23:33):
Yeah. You mentioned coaching. Have you got a coach Mitch?
Mitch Stephen (02:23:37):
Absolutely. I’m a mastermind and have a coach all the time. You know, I, I, I try to go through life like this. I got a hand down trying to help people to get to my level. Hopefully, they go past my level, but then I gotta hand up cuz I’m trying to get to the next level from wherever I’m at. And as you well know, Jay, there is always another level that isn’t there.
Jay Conner (02:23:58):
Absolutely. Now in today’s economy and business and everything. Are you rehabbing any of these houses or are you selling most of them as is or what?
Mitch Stephen (02:24:10):
It’s a big question because you know, I’m in the self-storage business, in the semi-truck storage business. That’s what I do with the money I make from houses and the house business. People think that I don’t rehab houses, which is a misnomer. I do rehab houses cuz you have to keep a crew busy at all times. So my crew’s always working on one or two houses, but the other 13 houses are for sale as is until my crew can get to them. The greatest to me, the greatest strategy of all time in the real estate investing industry is to buy it. Don’t fix it. Sellers finance it to someone who wants to fix it and watch them go over budget, fixing up your collateral as they make payments every month. It’s the greatest thing in the whole wide world. I mean where’s all the time in a real estate investment? It’s in the rehab. Where’s all the risk in a real estate house, or flipping business? It’s, the risk is all in the re when they do their rehabs, everyone else is a liar. Everything else is lying. If you didn’t raise your hand, you’re lying. I mean, I’ve been doing it for 27 years. I can’t hit a budget to save my butt. The only way it works is if I triple my budget, then I could say I came under,
Jay Conner (02:25:22):
Hey look, Murphy lives in every house in Murphy’s cousins and Murphy’s grandparents and Murphy’s sisters and brothers and aunts and uncles.
Mitch Stephen (02:25:29):
Yeah. I have fed all of them for years. I keep them in the money, man. I keep mur. The Murphys are well, well-kept care of by the Steven family.
Jay Conner (02:25:40):
Oh mercy. Well Mitch, one thing I was so excited about. I had you as an expert guest speaker at one of my recent mastermind meetings of a mastermind that I run. The topic that we talked about was your favorite ways today to find deals and find motivated sellers. I’m assuming most of the houses that you buy are off-market and they’re not in the multiple listing service, is that right?
Mitch Stephen (02:26:06):
Well, they couldn’t be because right now the market’s so hot that if you put if you list something if you have time and you can list something and you can wait for 60 days for closing, you’re getting a top dollar or multiple offers above the asking price. I mean, I just talked to someone the other day, 30,000 over listing price on a, you know, $305,000 house. I mean I’ve heard stories of people getting an extra 70 or a hundred grand. Haven’t seen that myself, but I know it’s out there makes sense. So I have to deal with where there’s chaos. We have to deal where there is no time where people, you know, it’s either now or never it’s today or, or they’re gonna get nothing, you know, or there’s some circumstances or something brewing or something happening. So we just live in the, in the chaos, wherever there’s chaos, there’s opportunity. And we live where there’s chaos.
Jay Conner (02:27:01):
What is your best consistent source of seller lead flow today?
Mitch Stephen (02:27:07):
Well, it’s, it’s the past due property taxes, you know, is, is it because it’s a big list? You know, we live in a town, that’s a little over 2 million people and you know, there’s a lot of people pass due on, on property taxes, which is just the first hint that there might be a problem. And then, once we get that list, we start looking for problems on top of problems. You know what I mean? And start elevating the chances that, the person that we’re looking at is gonna be motivated. You know, there’s behind in taxes and then there’s behind in taxes outta state. I mean behind in taxes, outta county and behind in taxes, outta state, and then behind in taxes out of the country. And then there’s behind in taxes and are getting, you know, property code violation judgments put on ’em, there’s all these filters you can put through and, and less and fewer people fall into the bucket. Every time you add a filter to these lists, the potential of that customer that does fall in the bucket is much higher.
Jay Conner (02:28:08):
Absolutely. Well, listen, folks, this is a broad, no-brainer you want to get on over to www.one a thousand houses. And that’s the number www.one 0 0, 0 houses.com and absorb and digest Mitch’s information. He’s got phenomenal years of experience in doing this business and Mitch, I am sorry to say we’re near the end of the show here. So parting comments, my friend,
Mitch Stephen (02:28:40):
Well, you know, I specialize in, in, in seller financing my buyers and, and, and using Private Money to buy my houses, but I’ve done adverse possession. I’ve done subject twos. I’ve done, I’ve done all of them because you know, you pay money for these leads. And sometimes they’re not the kind of leads you want as it turns out, but you still have to find a way to capitalize. So I’ve done wholesaling and tailing and all that. But I own finance about 70% of my properties. I retail about 27% and I wholesale about 3% of my properties. And, you know, I have like only three different levels of coaching. I’m not a Millhouse. It’s all over there@onethousandhouses.com. You can see what I have to offer. And if you’re the kind of person that’s figured out, you’re gonna pay the street or you’re gonna pay a coach.
Mitch Stephen (02:29:31):
It doesn’t matter how much they, put into the book. It doesn’t matter how much they give away or, you know, they can give you everything they have until they become routine to you. You’re gonna make mistakes if you don’t have a coach with you. And so you’re either gonna pay the street or you’re gonna pay a coach and paying a coach is a lot less stressful and is probably a lot cheaper., I know that my education is from the street, and I like to tell people, that I graduated from Laka, U that’s the street in Spanish. It costs me a freaking fortune more than Harvard. And, and, and it’s, you know, I, it, it still charges me when I make mistakes. So always, always find the right coach when it’s time. And it’ll save you a lot of money.
Jay Conner (03:30:15):
That’s for sure, Mitch, thank you so much for joining me today. I appreciate you so much. My friend, I do.
Mitch Stephen (03:30:21):
All right. I appreciate you having me on Jay as always.
Jay Conner (03:30:24):
All right. Well, there you have it folks. Another episode of real estate investing with Jay Conner, I’m Jay Conner, the Private Money authority wishing you all the best, and here’s to taking your real estate investing business to the next level. I’ll see you on the next show. Real estate investing with Jay Conner.