I became successful by OWNER FINANCING houses

[Mitch Stephen]

I became successful by OWNER FINANCING prpoerties. I hated being a landlord. I morphed into owner fianacing...same cash income with way less liabilities (expenses).

-I buy a house using OPM
-I don't fix it
-I owner finance it "AS IS" for double what I have in it (10.55 for 20 yrs)
-I collect a down payment (and put it in my posket)
-The new owner goes to work fixing up MY COLATERAL
-I collect the spread btween what I owe and what I collect
-I never fix toilets or get calls in the middle of the night
-When I collect a payment...it's MY MONEY.

When was the last time you called your mortagae holder to fix your toilet?

From my experience; RENTER tear up your house and leave...owner fix up your house (colateral) and stay. When the new owners fis up the house enough, I can sell my note with NO DSISCOUNT. Great cash flow with a big BANG at the end!

--Mitch Stephen--

[J Scott]

Originally posted by Rob K:

Mitch Stephen I read your book and liked it, but how has the Safe Act impacted your business? Even the largest land contract buyer in my area has stopped buying them and just does hard money loans now.

Yup, it would be illegal for me to owner finance deals in my state (Georgia) based on the SAFE ACT. The only exception would be if I did a very limited number of deals and if they were titled in my personal name (which, for liability reasons, won't happen).

So, this isn't even an option in my state...and I'm guessing others as well...