All Forum Posts by: Mitch Stephen

I had success getting nothing down deals by showing the Seller a concise renovation plan and that I have the funds to complete the renovations.

EXAMPLE: Dear seller, would you consider a nothing down deal if I put $10,000 into the rehab of your run down property? I want to own this property but it's going to take everything I have to get it up to speed. After all, I will be vested and I will be fixing up your collateral.

--Mitch Stephen--

Success and experience is built on your mistakes and failures. So you hit some bumps. Learn from them. move away from what hasn't worked and towards what is working for others. Stay as close to the successful people as you can.

--Mitch Stephen--

Eddie Speed is the best in the business. He's forgotten more about note buying than most people have ever learned about it. I've known Eddie for over 15 years. He's honest as the day is long. May I suggest; if you are going to take Eddies corse (at what ever price he charges)and you don't make your money back... you either have a comprehension problem, bad communication skills or you did not apply yourself. Eddies theories will work if you work them. No one's theories will work if you don't work them. I find that most people are not willing to put in the sudy time and the pure work time to make any course work. It's the 80% / 20% rule at best and probably more like the 90% / 10% rule. I've created and sold my fair share of notes 100's. I've bought my fair share of notes. Eddie is dead on! You want to learn from the very best, Eddie is dedicated, life long professinal. I don't know what else to tell someone.

--Mitch Stephen--

--Mitch Stephen--

I start looking at deals when there's a 25% ROI. I start buying somewhere above that. It does make a difference if I feel like I can turn the prperty around and create a larger spread from something the current owner is not doing or if the current owner is not managing the property right. Can I raise rents? Can a seperate meters on a place that has one meter fore the entire complex? Can I cut expensies?Can I increase the occupancy rate due to my superior marketing savvy? Can I weed out the trash tenants and make the place a better place to live where people will pay more and stay longer?

--Mitch Stephen--

--Mitch Stephen--

Deal with Realtors that understand investors. Don't try to reason with those who are stuck in the blind spot. I once got a call from the board of realtors in my town. They asked me if I was selling real estate without a license. I simply said, "Yes I'm practicing the hell out of it!" They eventually took me to the next level. When their attorney asked were I got the listings on the 50 houses I had for sale I told them that I went to my files and pulled out the deeds. He asked, "You own all of these houses?" I nodded yes. Case closed! Opposing plantiffs completely embarrassed. The attorney looked at them and had to laugh... "Are you people nuts?" he asked.

Wouldn't do it that way again...but I was younger and full of fire.

--Mitch Stephen--

It's seems that the interpretation of the law is wrong in your post but then again I'm from Texas... I do't know your laws California.

--Mitch Stephen--

I know for a fact they appreciate by about 100% when you owner finance them. Terms can increase the value of property and increase the number of people that can afford your property. Just a thought.

I buy a 4'x8' sheet of Yellow and have it slice up into 18"x24" pieces and then write on them in Bold Black magic markers $2 or less in each sign. I've bought hundreds of houses using this method. I once wrote over 10 pages on how to use plastic sings. Email me and I'll send you a copy.
See my contact info under my profile.

I had all but given up on selling notes. All the instaitutions want to give you 65% of the note balance or worse. With the standards note buyers were setting for my payers I could get them a new loan if they had all that gooing for them.

I started holding private meetups in my hometown and teaching people about Self-Directing their IRAs, 401Ks and other retirement funds. I started teaching them how and why buying RE notes made since; how to size up the risks, how to profit from defaults, they importance of dealing with note seller that have integrity, how they are protected (or not protected), how to size up no brainers Vs. marginal deals. 14 people showed up to my first meetup...I sold $568,000 worth of RE Notes! One investor per note.

NEWS FLASH! Sell your notes to individuals that think 10% to 12% is a dang good deal.

I'm in. I have skype...What would you like to talk about? i deal in mostly owner financed properties, Boat & mini Storages and I sell a lot of real estate lien notes. I also function of of Private Money...16 years worth.